Summary
Clydesdale Bank Gold MasterCard Summary
The information contained in this table summarises key product features and is not intended to replace any terms and conditions
APR - Typical 15.9% APR Variable
| Other Interest Rates | Introductory Rate | Monthly Rate | Annual Rate | EAR† |
|---|---|---|---|---|
| Purchases | 0% for 6 months | 1.24% | 8.24% | 15.9% |
| Cash Advances | N/A | 1.873% | 12.59% | 24.9% |
Balance Transfers | 0% for 6 months | 0.945% | 6.25% | 11.9% |
Interest free period
Maximum 59 days for purchases if you pay your balance in full and on time. There is no interest free period on cash advances. Interest free period on balance transfers only applies to the introductory period.
Interest charging information
The periods over which interest is charged are as follows:
| From | Until | |
| Purchases | Transaction date | Statement date |
| Cash withdrawals | Transaction date | Repaid in full* |
| Balance transfers | Date debited to your account | Statement date |
| Credit card cheques | Date debited to your account | Repaid in full* |
*If you pay the balance in full, the interest charge for the period from the statement to the date of full repayment will be debited the following month.
If you default in the Introductory Period your account will go to the Select or Profile Rate of interest.
Allocation of payments
Payments in excess of the minimum are applied to the lowest interest rate bearing balances first, ahead of those that attract a higher rate. See 'Other Financial Information' section of the Agreement.
Minimum repayment
Greater of 3% of outstanding balance or £5 each month. Please refer to 'Key Financial Information' in the Agreement for a more detailed description.
Only ever making the minimum repayment will significantly increase the time taken to clear your balance and cost you more.
Amount of credit
Minimum credit limit of £500, maximum credit limit subject to status.
Fees
No annual fee.
Charges
Balance Transfer Fee -2.5% with a minimum charge of £2.50.
Cash withdrawals - 2.5% with a minimum of £2.50.
Copies of statements - £5 each.
Copies of vouchers - £5 each.
Overseas transactions - 2.75% (including purchase of foreign currency and
travellers' cheques).
Default charges
Late payment fee - £12.
Over credit limit fee - £12.
Administration fee for returned cheques or direct debits - £10.
† Effective Annual Rate, which represents the annualised interest, calculated on a compound basis.
Illustrative Example
The following example highlights the difference between only paying the minimum and a fixed amount each month on your Credit Card.
| For a purchase of £1,000 on your Credit Card | ||
|---|---|---|
| Monthly Payment | Minimum Payment each month | £50 each month |
| Without taking into account any introductory rates, how much interest will you be charged in the first year? | £134.94 | £116.72 |
| How much interest will you be charged in the second year? | £108.55 | £39.70 |
| How long would it take to clear the balance? | 11 years & 11 months | 24 months |
The above example assumes the following:
- Typical rate of 15.9% APR variable.
- It excludes introductory rates.
- The transaction takes place on 1st January and you make no further transactions.
- Your statement is produced on the 1st of each month.
- You always make a payment on the due date.
Information correct as at 1st August 2007.
Find out more about Credit Cards on the APACS website
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