![]() I am extremely enthusiastic about this acquisition and what it represents for our customers, clients, employees, and the communities in which we operate.” ![]() “Ally is complementary to all of our existing consumer finance business lines, including our credit card and recreational lending businesses, as well as our merchant acquiring, third-party loan servicing, and recovery businesses. “The combination of CardWorks and Ally presents a tremendous opportunity for innovation, while we maintain a strong focus on our mission – which is to delight our clients and customers” said CardWorks Founder, Chairman and Chief Executive Officer Don Berman. Under the terms of the agreement, Merrick Bank, a wholly-owned subsidiary of CardWorks, Inc., will merge into Ally Bank. merchant acquirer, the roadmap includes expanding Ally’s product offerings in the non-prime segment, as well as enhancing their direct bank deposit and consumer product platform, and third-party servicing and recovery capabilities. As a leading non-prime credit card and consumer finance provider with servicing capabilities across the credit spectrum, a top-20 U.S. This combination will provide customers with a comprehensive suite of compelling secured and unsecured banking products.ĬardWorks is a privately held company headquartered in Woodbury, NY with facilities in Florida, Pennsylvania and Utah. The closing will bring together two customer-obsessed companies that are focused on “Doing it Right”, with a shared common vision and aligned cultural values. Read More: Voyager Digital Completes Acquisition of Registered Broker-Dealer in a transaction valued in excess of $2.65 billion, subject to final closing equity and other adjustments. (“CardWorks”), a leading non-prime credit card and consumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capabilities, announced that it has signed a definitive agreement to be acquired by Ally Financial Inc. Any remaining balance on the balance transfer at the end of the fixed interest rate term will attract the standard purchase interest rate.īy allocating payments this way, it helps you to continue using your ASB credit card for your everyday purchases (note the standard purchase interest rate and cash advance rate will apply).Cardholder Management Services, Inc. Any extra payments could help reduce the balance transfer, so when the fixed interest rate term ends you may have less or no balance remaining. When making repayments ASB applies your payment to the expenses that might attract a higher interest rate before expenses on a lower interest rate – cash advances and purchases (other than Smart Rate purchases for Visa Light) are paid before balance transfers and Smart Rate purchases. How we apply payments can also save you money. You can 'balance transfer' up to 90% of your available ASB credit card limit. This may save you money if the interest rate applied to the amount transferred is lower than the purchase interest rate you would have paid on your other card. After the initial six month period the standard purchase interest rate will be applied.īy doing this, you are effectively using funds available from your ASB credit card to pay off what could be more expensive debt from another bank's credit card, or selected store card. The advantage to you is that the balance transferred to an ASB credit card could be at a reduced interest rate for a set period of time let's say, for example, 8.95% p.a. How a balance transfer worksĪ balance transfer involves transferring your credit card debt (a balance) from another bank credit card or selected store card, to an ASB credit card. A balance transfer to an ASB credit card could be a great way to save interest and make your money management easier.
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