Did you cover the cost of Christmas with your credit card?
Posted on Jan 03, 2024
Nearly 20% of us chose to cover the cost of Christmas with our credit card, but did you know credit cards are now one of the most expensive forms of debt? Credit cards rates are up again, with many people paying the highest interest rates since 1995. With variable interest rates too, many people are actually paying much more!
Are you paying the highest interest rate in 30 years? We could help…
Save money with our Swap & Save loan
The cost of Christmas has tripled in the last 30 years and now the typical family spends up to £1,800 on the festivities!
With rising credit card interest rates and the cost of living stretching our wallets to new extremes, our Swap & Save loan could help you tidy up your finances and save you money.
Managing multiple repayments can make your finances complicated. By consolidating your borrowing in one manageable repayment, with a lower interest rate, you could reduce the amount you repay each month. Our Swap & Save loan is already helping members save £11,982.92 every month!
If you’ve got outstanding debts and are juggling multiple payments of credit cards, store cards, car finance and personal loans, our Swap & Save loan could save you money.
Combine your personal debts into:
- One fixed regular payment.
- With one clear interest rate.
- With one clear end date.
- We’ll do the legwork by paying your existing lenders directly. All that is left for you to do is close the account with them once the debt has been cleared.
Click here to learn more about how we’re saving members nearly £12,000 every month!
APR comparison
Retail CU’s Swap & Save loan – 16.9% APR (fixed)
Nectar Credit Card – 37.8% APR (variable)
Let’s take a look at the repayments of our Swap & Save loan at 16.9% vs Nectar’s Credit Card at 37.8%…
A £2,000 Swap & Save loan, repaid over 12 months, will cost £181.18 a month, total amount repaid £2,174.13, and you’ll be paying just £174.13 in interest.
Let’s compare this to Nectar’s Credit Card. Keeping the monthly repayments at £181.18 (the same as Retail CU’s Swap & Save loan), the total amount to repay is £2,418. Save money by choosing Retail CU’s Swap & Save loan! You could save £278 in interest payments and your loan would be repaid 2 months quicker than if you opted for a highest credit card!
Don’t pay more than you need to. By consolidating credit cards, overdrafts, personal loans and other borrowing into one manageable repayment with a lower rate of interest, our Swap and Save loan can help you tidy up your finances and save you money.