May 10, 2006

By Peter Kenny

GE Money, the largest supplier of store cards in the UK, have just announced a new mainstream credit card called The Transformation Card.

The Transformation card arrives on the UK credit card scene with a bang. With an offer of 0 per cent on all balance transfers for the first 12 months of your account opening and accompanied with 0 per cent on all purchases for the first 12 months means the Transformation card is already a heavy hitter. Usually with such a good introductory offer, a credit card in order to make up some of the losses will have a higher APR, however, the Transformation Card has managed to limit it’s APR to a very competitive rate of just 12.9 per cent.

It should also be noted that the GE Transformation Card also has a balance transfer fee, however, unlike many other the Transformation Card balance transfer fee of 2% will be capped at £50.

As this is a new venture from GE Money it is understandable why they have offered such a strong package. The UK credit card industry is very cutthroat at the moment and consumers are becoming more aware of all the different offers that are currently available. There is no denying that the Transformation Card is a fantastic option for consumers but we feel they could have done a little more in order for consumers to continue using their credit card once the 0 per cent deals are over.

GE Money have strong ties with the retail industry and actually supply store cards to many well known high street brands such as House of Fraser, Debenhams, Topshop, Laura Ashley and Dorothy Perkins. In order to make their credit card a more long term attraction they could have offered their credit card holders some other incentive like redeemable points every time they make a purchase.

Click here for more details on the GE Money Transformation Card