Over 110 UK credit cards independently reviewed by Fiscus Credit Cards
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Credit Card from Scottish Widows
This card was last reviewed on Wednesday, 15 March 2006.
| Overall Rating: |
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| Issued By: |
Scottish Widows |
| Card: |
Credit Card |
| Network: |
Mastercard |
| Category: |
Selector |
| Acceptance: |
 |
| Insurance: |
Free travel accident insurance as well as free purchase protection insurance |
| Service: |
Online account management. Telephone help line |
| Comments: |
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| Pitch: |
"You can control the interest you are charged on your credit card" |
| Typical APR: |
13.9% |
| Interest Free Days: |
56 |
| Minimum Repayment: |
- |
| Annual Fee: |
Annual Fee: £0 - £10 depending on the range of benefits and interest rates you choose. |
| APR: |
0% interest |
| Period: |
6 Months |
| Charges: |
- |
| APR: |
- |
| Period: |
- |
| Type: |
Up to 0.5% Cashback |
| Description: |
- |
| Reward Rate: |
0.50% |
| Period: |
- |
| Aimed At: |
Individuals with short-term debt on their credit card |
| Review: |
Offer Details: Offer balance APR: 0% for balance transfers for 6 months on balances transferred within 6 weeks of account opening. Between 11.4% and 19.9%APR on purchases (typical APR 13.9%). Rewards: Up to 0.5% cash back. Review: Scottish Widows sales pitch with this card it that it puts you in control. You can adapt your card to suit your needs ‘whenever you like'. Its website says: ‘You can adjust your interest rate, your cash back, and even choose to pay a modest annual fee in return for a lower interest rate. From now on, you're in control.' But, as always, there is a catch – you can only change your card details for free three times a year – after that you start paying for this service. So the low down is: You pay £0 - £30 in annual fees or 11.4% - 19.9% APR on your balance and purchases. But this all sounds so confusing! We give Scottish Widows marks for giving the consumer the choice but no points at all when it comes to simplicity. It sounds like you end up paying Scottish Widows either way you look at it: interest or annual fee – your choice! But can you actually win in this arrangement? A Scottish Widows spokesperson says: “It all depends on how you use your card. You can put the interest really high and put the cash back up to the maximum and then if you pay it off in full every month then you don't pay any interest. If, on the other hand, you have stacked up a balance then you go online again to pull the interest rate down.” So there you have it! If you are ‘uber-disciplined' and pay your balance off in full every month then you can win – especially if you get the full 0.5% in cash back on top of that. But if you have a balance on this card you don't really win as you still pay interest, even though at 11.4%APR it can be lower than their average APR of 13.9%. Verdict The final verdict is given by Jo Roberts, director of online financial advisory firm, Needanadviser.com. She says: “They are hoping here that people put the rate right up to 19.9% and then forget to pay it off on time. Unless you know this card inside out you will fall foul of it. But do go for it if you are on top of things and actively manage your credit every month.” The card does have one other benefit – 0% interest for 6 months on balance transfers. Thereafter it reverts to between 11.4%APR and 19.9% APR – again depending on the set up that you choose. Of course, if it were up to us customers – we wouldn't want to pay an interest rate or an annual fees – someone please tell Scottish Widows! |
| Verdict: |
- |
| Overall Rating: |
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