Post Office Financial Services Growth
29th May 2007
Post Office Financial Services has gained it's 1 millionth customer, three years after it's launch. The Post Office now sells 1 in 50 of all car insurance policies in the UK and last year issued 1 in every 25 new credit cards.
“Post Office Financial Services entered the market with the aim of challenging what other financial services providers were offering, across all products from car insurance to savings accounts and credit cards. Gaining 1 million customers in approximately 1,000 days confirms that we were right" said Alan Cook, managing director of the Post Office.
The Post Office Credit Card has proved particularly popular with holidaymaker's as it is one of the few credit cards not to charge a fee on non sterling transactions. This means that using the Post Office credit card abroad can be up to 2.75% cheaper than some other credit cards which do charge a foreign currency transaction fee.
The Post Office credit card currently offers 0% for 8 months on balance transfers (2.5% handling fee) and 0% on purchases for 3 months, with a typical 14.9% APR variable.
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