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Amex could scoop former Barclays credit card customers

Wed, 14 Sep 2005

Former Barclaycard customers are likely to opt for the new Nectar credit card offered by American Express.

This is the comment of Richard Mason, director of credit cards at price comparison website Moneysupermarket.

"American Express is likely to scoop up any ex-Barclaycard customers who used their credit card to accrue Nectar points," Mr Mason said.

He added that this is "a sensible move" by American Express, as many credit card users were disappointed when Barclaycard discontinued its Nectar reward scheme alliance in July.

With the new Amex Nectar card, customers could earn four points for every pound spent. If customers apply online for the card through Moneysupermarket, they could earn an additional thousand bonus points for a successful application.

The Amex Nectar card offers 5.9 per cent APR standard rate balance transfer on the life of the balance, 56 days interest free on purchases and 12.9 per cent APR.

But Mr Mason warned customers that do not repay their credit card in full to try not to be drawn in by the free perks.

He said these people should try to find a card that charges as little interest as possible, like a credit card with a zero per cent interest offer for balance transfer, without a transfer fee.

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