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Credit card helps fund college fees

Affinity marketing group iPledge is in talks with IFA networks over the distribution of a credit card that puts a 0.8 per cent cash rebate into a savings account to pay for children&#39s university fees.

iPledge is promising cash to IFAs who distribute the Lloyds TSB Accucard credit card, which has a 15.9 per cent variable headline interest rate.

Rebated funds are channelled into a Bank of Scotland deposit account administered by Children&#39s Mutual, which pays 4.07 per cent interest.

The credit card is the first in a series of loyalty products that iPledge is planning for its affinity marketing project, which is based around long-term savings for university fees.

iPledge also intends to unveil mortgage and insurance products that will rebate into the university savings fund account.

The company is also in talks with eight of the UK&#39s top 10 companies on a project to offer cash rebates into the savings account instead of reward points.

Research from iPledge shows 39 per cent of parents believe that Government grants will pay for the whole of their children&#39s university education.

iPledge chairman Chris Davies says: “This product is very simple to sell and the basic message is rather than accrue reward points, why not save real money into an account for university fees?”


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