Cater Allen announces innovative Visa deferred-debit card

Cater Allen, one of the UK’s oldest and most prestigious private banks, announces the availability of its VISA Deferred-Debit Card.

The VISA Deferred-Debit Card is a different? concept in debit cards. Clients will continue to earn interest on the balance in their account until their statement date, even on their spending using their Card. When clients use their card, the account balance shows the card transactions as pending so that the true account balance can be calculated. However, for interest purposes card transactions are not applied to the account until the statement date, allowing clients to continue to earn interest. Clients could earn potentially up to 30 days interest on funds which they have already spent using their Card.

To qualify, clients need to hold an average account balance of £5,000 (or a euro or US Dollar equivalent) for the six months preceding the application. The VISA deferral does not apply to cash withdrawals. Deferred–debit cards are also treated as credit cards under the VISA transaction system and therefore some retailers/ service providers may charge a levy on transactions.

Further benefits

If at least 50 per cent of the cost of a holiday is paid using the Visa Deferred-Debit Card, Cater Allen offers free personal accident cover up to £250,000 when travelling abroad, through International SOS(2).

The Deferred-Debit Card is available as a US Dollar denominated card and a euro denominated card, for those who regularly transact in either US Dollars or Euros. In order to qualify for these cards, clients need to set up a US Dollar or Euro Private Bank Account, or Reserve. Clients need to hold an average balance of $10,000 or €10,000 respectively in these accounts for six months preceding the application.

Excellent service at low minimum balance

Cater Allen clients enjoy the excellent customer service associated with a private bank, but with a low minimum entry level of £5,000 deposits (or $10,000/€10,000). Customers benefit from Cater Allen’s dedicated team of UK based telephone bankers and Cater Allen’s accounts online.

Richard Dunn, Managing Director at Cater Allen, said: “Cater Allen is committed to offering its clients a superior level of service. The VISA Deferred-Debit card is a common sense approach to rewarding our valued clients, many of whom hold significant balances with Cater Allen.

“Most clients join Cater Allen to benefit from our dedicated UK-based client service teams, who offer a service level you would expect from a traditional bank. With Cater Allen’s low minimum investment level, this is available to increasingly more discerning customers.”