Credit Card from Intelligent Finance

Card Details
Overall Rating:
Issued By:	Intelligent Finance
Card:	Credit Card
Network:	Visa
Category:	Low Interest
Acceptance:
Insurance:	None
Service:	Online account management. Call centre.
Comments:	Card may be linked to your IF current/savings account to reduce the APR to 0%.
Pitch:	"To make the most of your money and pay less tax, offset your deposits against your credit cards."
APR & Rates
Typical APR:	8.9%
Interest Free Days:	59
Minimum Repayment:	-
Annual Fee:	-
Balance Transfers
APR:	8.9%
Period:	Life
Charges:	2% or minimum £2
Purchases
APR:	8.90%
Period:	Life
Rewards
Type:	No rewards scheme.
Description:	-
Reward Rate:	-
Period:	-
Comments and Reviews
Aimed At:	Individuals interested in finding a new way to manage all of their finances that will lower their tax liability. Also for people just looking for a low-APR card.
Review:	What we like to see here at Fiscus Finance, are companies that are prepared to be innovative. Rather than stick with the norm and offer something plain and unbeneficial to consumers, we like to see financial institutions offer something new, taking a gamble on an exciting new product. Firstly, let’s take a look at the usual features on this card. The Intelligence Finance card offers a very competitive standard APR of 9.8%. This is a great deal considering that you only need an average (clean) credit rating, but not exceptional, unlike for example, the very low interest rate cards offered by Cahoot where only 20% of applicants are accepted. However, Intelligent Finance (IF) let you link up their credit card with IF current accounts and savings products. Let us consider an example, where you have £1000 outstanding on your credit card, and £1500 in a current account. Usually, the only option available to you would be to transfer £1000 from your current account to clear your credit card debt, or be charged a relatively high APR on your credit card debt. However, in the above example, imagine that both products are from IF. In this case, you could forgo £1,000 of current account interest (only earning interest on the remaining £500), and offset this against your credit card interest – paying absolutely no interest on the £1,000 borrowed on your credit card. All you would have to do is ensure you make the minimum monthly payment. This type of financial offering has one distinct advantage; by choosing not to earn interest on your current account then paying off your credit card, you pay less tax overall (as tax is charged on interest earned). This is a great twist on the usual packages offered by many banks, and like the name says, is indeed a very intelligent way to look after your finances.
Verdict:	-
Overall Rating:

 
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