You can have more fun with this than a gerbil.... (Goldfish Credit Card)

Member Name: sue.51

Product:	Goldfish Credit Card
Date:	07/07/01 (1590 review reads)
Rating:

Advantages: Offer a reasonable reward scheme, 4.9% APR on balance transfer

Disadvantages: Do not accumulate Points on balance transfers, Typical APR - 18.9%

The Goldfish credit card is supplied by HFC Bank, who are also responsible for supplying consumer credit to a number of larger stores including Currys and MFI. HFC also supplies the Marbles Credit Card, the logo partly responsible for the internet credit card revolution.

Goldfish is available in either VISA and Mastercard, and can be applied via their secure website at www.goldfish.com or if you prefer, through snail mail if you don't feel the internet is secure enough, bearing in mind the publicity surround the high profile court case of the welsh student who hacked into peoples credit card details, make you wonder.

THE ON-LINE APPLICATION PROCESS
In most instances will get a decision in 60 seconds. The site takes some time to load as it contains a number of erratic graphics and wouldn't be what I would classify as accessible for those with sight problems.

The first step in the application process is to select one of 5 designs in shades of blue, orange and white, each one sporting, surprise, surprise, a Goldfish.

MASTERCARD
If you decide on a Mastercard, you will be able to chose from all 5 designs, one of which has a number of goldfish displayed in the shape of a heart and doubles up as an organ donor card.

VISA
If you opt for VISA, you will be restricted to a choice of 2 designs, although I am not really clear as to why there should be a difference.

These days, home or abroad, there is little to chose between the two, as where credit cards are accepted it is probably that you will be able to use either, for those shops not displayed the Mastercard sign, providing there is an Access Card sign (whatever happened to that not so 'flexible friend'?) you will be able to pay with your Mastercard.

I digress, the process
You will need to hand your address history for the last three years, employment details, salary, employers contact details (including address), ban
k account no, sort code and address and must be over 21 years of age with an income of no less than £10,000.

The process takes about 10 minutes if you have all these details to hand, so settle down with a coffee and begin. On pressing that submit button you should be given an answer as to whether you have been accepted or not.

I can't vouch for how this works, as I was issued with a reference number and asked to return to the site in a few days for a decision. A few days later I logged back in, and found, zero, zilch, nothing. I then received a phone call at work from Goldfish asking me to confirm who I was, 5 days later I received confirmation that I was being issued with a card.

10 days after this, and still no card, I received a phone call from Goldfish confirming that I was being issued with a card (I already knew this - where is it?), asking me if my credit limit was enough (ooohh the temptation), and would I like to transfer any balances.

Goldfish are currently offering 4.9% APR on transferred balances for a period of 6 months; interests starts to accumulate from the day the balance if transferred and unlike some other credit cards allows no interest free credit period on these balances.

If your application is successful, an pre-printed application form will be sent to your home for you to sign and return in a pre-paid envelope, digital signatures have not yet gained popularity and acceptance in the competitive world of on on-line finance, although scarily I wouldn't be surprised if it is only a matter of time.

Purchases from the outset are charged at 18.9%, and cash advances - 20.7% which includes a 1.5% handling fee (minimum £2.50) plus interest from the day the money is withdrawn.

What impressed me about Goldfish was that despite being part of the same company as Marbles, they were quite happy to transfer my outstanding balance to this card, despite the fact that they were gaining
no extra business and would also lose money for a 6 month period.

I qualmed somewhat over the 18.9APR if any balance is outstanding, but in reality, 3% spread over a 12 month period does not make a substantial difference to the overall interest charged, although be sensible and try and pay off the entire balance every month if possible, much cheaper and safer. There is no annual fee for this card.

If you applied for the card over the internet, when you receive your card, it will also include an Internet ID, your password will be sent under separate cover for obvious reasons, you will also receive a good few balance cheques, although every reasonable function can be carried out on-line, including checking your last 6 months statements, paying by debitcard, transfer balances, view transactions since last statement, view the number of Goldfish points you have (if you want to register for this scheme remember to sign the relevant box on the application form).

WHAT OTHER BENEFITS CAN YOU GET FROM A GOLDFISH ?
Someone has already tried the bowl quip and I couldn't think of anything else witty to say, so I will stick to the facts.

The company has links with travel, insurance and wine companies to allow you to take advantage of card-holder offers.

GOLDFISH POINTS
Every time you use your Goldfish card you accumulate points which can be used to obtain money off vouchers to be used to obtain money off:
* AA membership, Options 100, 200 & 300, or
* British Gas Bill, or
* TV licence.

You can also apply for these vouchers to use in the High Street at:
* Asda
* Boots
* Halfords
* Dixons, Currys and PC World
* John Lewis & Waitrose
* Primus and Phones4U
and last but certainly not least
* Marks and Spencers

You earn 1 point for every £1 spent online and on the High Street.

READ THE SMALL PRINT: you do not accumulate points on balance tr
ansfers.

SUMMARY
If you claim the maximum allowance of £75 back over the course of a year, then it is equivalent to reducing your monthly bills by a little over £5 a month, the impact this has on the overall APR would depend on the outstanding balance, and how you use and pay off your card.

Each point is worth 1p, which means that you will have to spend £7,500 on your card during a year to gain this, pretty hefty unless you use your card regularly for business and claim it back. I have also been advised that sometimes points are worth less, for example, some vouchers you require 1,250 points for a £10 voucher.

An attractive looking card from a reputable company that offers the convenience of full internet banking, and an anti-fraud guarantee for on-line use.

APR
The APR is 4.9% for balance transfers (fixed for 6 months), and 18.9% APR for all purchases from the beginning, not as competitive as many other cards on the market, and 3% more expensive than its sister card Marbles.

If you pay your card off monthly and are looking for a card that gives you something back, then you could do a lot worse than a Goldfish, well how much fun could could you have with a gerbil? (clean only please)

Sue

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