Could You Save £££ on Your Latest Holiday?
Posted on Sep 01, 2024Have you just returned from a fantastic 2-week holiday in the sun and now the credit card bill is looming over you?
Let’s take a look at how much you can save with a Swap & Save Loan compared to paying through typical credit card payments.
APR price comparison
Let’s compare the cost of a luxury, family friendly, holiday costing £6,600.
- Retail CU Swap & Save Loan – 16.9% APR fixed
- Santander All in One Credit Card – 27.7% APR variable
- HSBC Purchase Plus Credit Card – 23.9% APR variable
- Virgin Money Credit Card – 23.9% APR variable
Above rates taken from Uswitch 2024
Swap & Save Loan
A £6,600 Swap & Save Loan, repaid over 24 months will cost £322.21 a month, total amount repaid £7,733.07, total interest £1,133.07 at just 16.9% APR.
Now let’s compare this to Virgin Moneys Balance Transfer Credit Card at 27.9% variable.
Using Uswitch’s Credit Card Calculator and keeping monthly repayments at £322.21 a month (the same as Retail CU’s Swap & Save Loan), total interest is £2,062 and this would take you another 3 months to repay, compared to borrowing with Retail CU.
Some banks and building societies state “Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you”, so people with bad credit record may pay even more!
Remember, at Retail CU our APR is fixed, meaning the rate you see is the rate you get! By choosing Retail CU’s Swap & Save Loan, you could save yourself nearly £930 in interest AND you’ll have cleared your loan 3 months quicker!
Don’t let your credit card bill get you down! Learn more about our Swap & Save loan here!