New 3 in 1 credit card launched

Mon, 10 Sep 2007

A new credit card was launched in London today by Barclays . The Oyster-style credit card is primarily for transactions under £10 by simply swiping the card over a reader.

The card called the OnePulse combines Oyster, credit and cashless facilities. Money is debited from the user’s bank account or added to their credit card bill .

Users can also use the card for larger purchases with a chip and pin number as well as using it as an Oyster card for travel on the London Underground and buses .

Shashi Verma, director of fares and ticketing for Transport for London said, 'Since its launch in 2003 the Oyster card has proven to be a huge success with over 10 million cards now in circulation. This innovative partnership with Barclaycard is another way that Oyster technology can make life more convenient for Londoners, providing them with not only cheaper, easier and more convenient travel but also the ability to make low cost transactions on everyday items.'

Since OnePulse was unveiled in July over 4,000 people requested more information and will be the first ones to be able to apply.

The card offers 0% interest on purchases for six months and an APR of 14.9%.

Barclays are saying that cardholders will benefit from using the cashless facility in thousands of shops in London over the next few months. So far retailers who have signed up to the new technology are Books Etc, Chop’d, Coffee Republic, EAT, Krispy Kreme, Threshers and YO! Sushi.

Known as tap and go technology, it is growing quickly. Last month Royal Bank of Scotland launched a similar payment card for purchases less than £10. This month Mastercard launched the PayPass card currently available in London only with a view to a UK launch in 2008.
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