Kick off this season with 'premier' deals
With the football season upon us, many fans throughout the UK will be looking forward to donning their team's colours and many will be tempted into opening club branded credit card or savings accounts in order to help their teams. However, moneysupermarket.com is warning fans that by taking out one of these products, they will be sacrificing getting the best deals for the love of their club. Most clubs receive a contribution when fans use these products, which is generally used for youth and club development - so for many fans this is worthwhile. However, anyone looking for a decent return on their savings or the longest credit card promotional offers should probably look elsewhere.
Credit cards
The majority of club credit cards are available through two providers, MBNA and Creation Financial Services. MBNA provide cards to the majority of the top Premiership clubs and any supporters choosing to carry their club colours in their wallet will receive a reasonable, but not market leading, zero per cent balance transfer offer of twelve months and three months on purchases, as well as the chance to earn reward points which can be redeemed for club merchandise. In addition most cards make a financial contribution to the club when the card is used. Fans of Everton, Fulham and West Bromwich Albion will receive 0 per cent for six months on season tickets sales while Wolves fans get a more generous nine months. There are no promotional offers on balance transfers or purchases on these cards.
The rates offered on these cards are behind some of the market leading deals such as the NatWest's platinum card, offering zero per cent balance transfer periods of sixteen months, or the leading purchase card from Tesco offering zero per cent for thirteen months, so fans are advised to do their homework before choosing their card.
Kevin Mountford, head of banking at moneysupermarket.com, said: "Football Club credit cards have become a popular way for fans to express their support for their teams and clubs in turn are clearly embracing the move into providing financial services for their fans. Supporters enjoy being able to use a card which carries the logo of their chosen team and support their clubs every time they spend money, as the club receives a financial contribution, which in many cases is used to invest in the club's future. Anyone looking to take out one of these cards can feel good about helping their club, but being loyal does mean you would be missing out on some of the best deals on the market."
Football savings accounts
There are a number of clubs who offer affiliated savings accounts whereby fans can make a financial contribution to their clubs as they save. The majority of savings accounts for football clubs are provided through Britannia, who offer a range of savings accounts for adults and juniors as well as ISAs. Rates start at 0.10 per cent on the adult Save and Support account, rising to 0.12 per cent for balances over £100. Junior account holders fair slightly better with the account paying 0.25 per cent. The current market leading easy access account is from the AA which offers 2.8 per cent AER. The majority of these accounts allow account holders to enter free prize draws for tickets and memorabilia, and Stoke City fans will benefit from discount in the club shop. Each club receives up to 1 per cent contribution on the average daily balance on accounts. West Bromwich Albion savers will receive 0.05 per cent with the club getting 0.5 per cent contribution based on the average balances held on account.
Kevin Mountford added: "Football supporters need to balance out their loyalty to their clubs against their own financial needs. Clearly being able to make a financial contribution to their club is a positive for many fans, however, you are sacrificing your own returns as a result. With club contribution varying from 0.5 to 1 per cent, you will be passing any benefit straight to your club.
"For many fans, supporting your club is far more important that getting the best deal but for others making the most of your money is a priority. Club branded products can be a hassle free way of helping clubs, but the savvier fan could contribute more if they shop around for the best deals and make a donation from the extra interest earned."