The AA has launched three new credit cards, offering cashback on fuel, a large fee-free balance transfer facility or a low-rate card.
Its FuelSave credit card pays 2% cashback on all fuel, rising to 4% if the user spends more than £500 in a year. It also pays 0.5% cashback on other spending. There’s a £42 annual fee, and the interest rate on purchases is 14.9%.
AA launches top cashback and balance transfer credit cards
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The AA has launched three new credit cards, offering cashback on fuel, a large fee-free balance transfer facility or a low-rate card. Its FuelSave credit card pays 2% cashback on all fuel, rising to 4% if the user spends more than £500 in a year. It also pays 0.5% cashback on other spending. There’s a £42 annual fee, and the interest rate on purchases is 14.9%. Spending £40 on the card a week on fuel will earn £41.20 a year after fees. £80 a week on fuel will generate £124.40 cashback a year. That’s before considering the value of the other benefits. Cardholders who are not AA members will also get a year’s free breakdown cover and annual MOTs while they hold the card. Existing AA members will receive free MOTs while holding the card. Kathryn Thomas, director of AA Financial Services, said: “The AA FuelSave card is, if you like, our ‘hero’ card. It’s an exciting proposition that resonates well with drivers, whether they are already AA members or not. It helps them to get something back from what is – for most people – their biggest expense after their home.” Balance transfers and low rates The AA Balance Transfer Card offers 0% on balance transfers for 22 months for no fee. This is the longest fee-free balance transfer deal on the market, knocking Tesco Bank off the top spot. The card has a 19.9% APR representative. The AA Low Rate Card is 6.9% APR representative, and has no balance transfer fees. Both balance transfer and low rate cardholders can get 40% of European Breakdown Cover with the AA. The Moneywise Verdict These cards compare very favourably to the rest of the market. Despite the £42 annual fee, the FuelSave card is arguably now the best cashback card on the market if you’re a driver. The low rate card is good if you’re looking for a simple product, but even without the transfer fees, if you’re looking to move a balance you’d be better off with a 0% deal. The balance transfer card is the best in its class – you’ll pay no interest for 22 months, providing you make at least the minimum payment each month.
Source Moneywise http://ift.tt/1Q86kAh
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