Football credit cards may not be the best financial tactic

Football fans attracted by their team’s affinity credit card offerings this season should defend their financial position by checking out the alternative borrowing deals on the market before signing up, advises data comparison site Moneynet.co.uk.

As the Premier League fixtures are announced for the 2008/2009 season, the clubs’ marketing departments will be limbering up to encourage fans to buy their products, but do their affinity credit cards represent deft financial footwork for borrowers - or an own goal?

With more than 40 football teams offering their own branded credit cards, the benefit of this marketing tool to the clubs is clearly worthwhile. As well as generating income for themselves via donations from the card provider every time the card is used, the reward schemes they offer encourage fans to buy club merchandise and cardholders can demonstrate their loyalty to their chosen team every time the card is handed over.

But with inflation rocketing and the spectre of interest rate rises on the horizon, is allegiance to a favourite football team a winning financial move or a costly indulgence?

“These cards, provided by MBNA, compare well against other current competitive offerings,” says Moneynet.co.uk’s Richard Brown. “All cards offer the same APR of 15.9%, 0% on balance transfers for 12 months and 0% on purchases for three months.

“The majority have a shopping rewards programme and some, including Arsenal and Chelsea, also have a points scheme as well.

“But unless you’re going to really make the most of the rewards scheme these cards may not be champions in the league of personal finance top performers.”

For those looking for 0% intro offers and a low APR the Capital One Platinum card is a very good deal. This card offers 0% for both balance transfers and purchases until September 2009 and a low typical APR of 12.9%.

Or, for long-term savings on a balance transfer, look at the Citi Platinum MasterCard which is offering a lifetime APR of 5.8%, with a 2.5%/£5 minimum fee.

But for those who are determined to cheer up their credit card borrowing with a football-related kick-back, Premier League sponsor Barclaycard has an attractive package.

The Football card offers 0% interest on football season ticket purchases over £250, 0% on balance transfers for 12 months, an APR of 14.9% plus a rewards scheme for football merchandise, exclusive football offers and the chance to win match tickets.

“The inducement of prize draws to win rewards “that money can’t buy” may seem enticing to die-hard football fans but realistically, a card with a lower rate is more likely to win the game when it comes to managing your money,” says Brown.