Address: Northern Rock Plc
Northern Rock House
Newcastle upon Tyne
NE3 4PL
DX 60350 Gosforth 2
Northern Rock is currently the 7th largest UK quoted bank (by market capitalisation), the largest financial institution based in the North East of England and one of the most cost efficient UK mortgage lenders based on key performance ratios.
Northern Rock Building Society was formed on 1 July 1965 as a result of the merger of Northern Counties Permanent Building Society (established in 1850) and Rock Building Society (established in 1865). Northern Rock Building Society then merged with a number of small local building societies and, prior to its conversion to a public limited company in October 1997, was an amalgamation of 53 societies.
The Northern Rock Base Rate Tracker Credit Card offers the Bank of England base rate for the first six months with a rate guarantee after that. They charge no annual fee and up to 59 days interest free credit on purchases. Their services are open 24/7 and balance transfers as well as instant decisions on applications can be made over the phone.
The introductory rate is variable for 6 months from the date of account opening, after which it reverts to a higher APR
Northern Rock is a UK Top 10 mortgage lender offering fixed rate, flexible and buy to let mortgages. The majority of Northern Rock flexible products now come with an unsecured cash reserve which will take your total borrowing up to 100%.
Customers can manage their accounts in-branch, or by post, telephone and internet banking.
One of the lowest personal loan APR's in the UK.
Source: www.moneyfacts.co.uk 29/08/06:
£5k over 36 months without payment protection insurance
APR
Monthly Repayment
Total Amount Payable
Saving with Northern Rock
Northern Rock
5.8%
£151.43
£5,451.48
Royal Bank of Scotland
7.9%
£155.93
£5,613.48
£162.00
Natwest
8.0%
£156.13
£5,620.68
£169.20
Lloyds TSB
8.9%
£158.07
£5,690.52
£239.04
Halifax
9.2%
£170.81
£6,149.16
£697.68
BarclayLoan
14.9%
£171.13
£6,160.68
£709.20
Source: www.moneyfacts.co.uk 29/08/06
Northern Rock is not endorsed by or associated with the Good Finance Guide. All trademarks remain the property of their respective companies.
how interest is calculated
Depending on the credit card, interest is calculated either from the date of the transactions you make or from the statement date.
A credit card that charges interest from the transaction date may be worthwhile if you do not intend to pay off the balance at the end of the month and the interest rate offered is low. Holding the card may also entitle you to a particular benefit that outweighs the additional interest charges.
Credit cards which calculate interest from the statement date and only impose the interest if you do not settle the statement in full are preferable. In practice, this means you can get a maximum of 56 days interest free credit; the transaction can be up to 31 days before the statement and the card issuers usually allow a further 25 days for payment to be made.
credit limit
When your application for a credit card is accepted you will be told what credit limit you have been given. You can make purchases up to this credit limit. Trying to make further purchases once you have reached your limit will result in the transaction being refused.
sweeper deals
Some banks are now offering 'sweeper deals' meaning that credit card debt can be offset against any savings before interest is calculated.
Thus, if your savings are equal to or greater than your credit card debt you will pay no interest on your credit card at the end of the month. If your savings are less that your credit card debt you will still benefit as the interest charged will be calculated on you credit card balance less your savings balance.
As the interest charged for borrowing is greater that the interest gained through saving, you will be better off.
