The over 50s with a Saga credit card face an uncertain future after the provider announced the closure of its popular Platinum credit card.
The account, which offered no fees for foreign transactions and a low interest rate, is being withdrawn as Saga has terminated its agreement with Allied Irish Bank ( AIB), who operated the map on his behalf.
Customers will have to repay the entire balance or transfer it to another provider before the end of March.
However, people over the age of 50 may have trouble signing up for a replacement card, especially if their financial situation has changed since opening a Platinum account. The range of benefits offered by the Saga card will also be difficult to match.
Saga was not able to confirm what would happen to customers unable to pay off their credit card debt or transfer it elsewhere.
AIB can take care of customers or transfer outstanding debts to a third party. This means that customers could be hit by a higher interest rate on debt.
Saga said that customers unable to pay their balance by the end of March would be contacted by AIB in due course. A spokesperson said: "We strive to ensure that all customers with outstanding balances are protected and do not find themselves in a more difficult financial situation."
Andrew Hagger of Moneycomms, a personal finance researcher, said: "This Saga announcement will upset many loyal customers who benefit from Saga vacation discounts and enjoy free purchases outside the UK."
Mr. Hagger suggested that Barclaycard Platinum and Halifax Clarity cards would be a good replacement for people who regularly travel abroad.
He added, "These cards do not offer discount on travel, but the fact that someone is over 50 does not mean that he will not be eligible for a credit card." traditional – as long as he has a good credit score and income. "
Saga said he hoped to launch a new credit card in the future.
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