The card has been launched in conjunction with Acorn Advantage, the innovative points-based loyalty scheme, itself launched in October 1994. Acorn Advantage allows purchasers of Acorn equipment to accumulate points which are transferred to nominated schools and then redeemed for a wide range of cross-curriculum equipment. Acorn Visa cardholders automatically accumulate similar points which are allocated to nominated schools, whenever the card is used to make any purchase.
Mike O'Riordan, Sales and Marketing Director at Acorn Computers, comments:
"The launch of this card forms part of our long-held view that if we can provide effective services to British education and our customers in general, we will strive to bring them to market as soon as possible. This card enables holders, at a stroke, to reduce their monthly outgoings and to ensure that their children receive the very best in cross-curriculum equipment. It offers a real advantage over other cards as it combines no annual fee, extremely low rates of interest and the ability to invest in your children's future."The card, offered in association with MBNA International Bank, carries no annual fee and affords users substantially lower rates of interest than most high-street cards. The variable rate for the Acorn Visa card is just 17.9% APR compared to 22.0% APR for the Royal Bank of Scotland plc standard Visa card and 22.4% APR for the equivalent card from National Westminster Bank plc. As an introductory offer, card-holders can also save money by transferring the balances from other credit cards at 13.9% APR, fixed for six months from the date the account is opened, after which it reverts to the normal variable amount. This lower rate also applies to cash advances.
Unlike most other credit cards, the Acorn Visa Card offers 24-hour Freephone service support and credit limits are set individually rather than by a more generalised "computer credit scoring" system.
Cardholders who earn more than £20,000 a year will be offered the Acorn Visa Gold Card. The Gold Card provides a higher credit limit and an increased package of travel-related insurances. All the benefits accruing to the normal cardholders also apply to Gold Cardholders.
Founded in 1978, with 1993 revenues of £54.3m, Acorn Computers is the premier supplier of IT solutions to UK education and has been the world's first supplier of low cost 32-bit RISC based personal computers since 1987. Acorn works closely with a strong community of industry partners, users and software developers to provide innovative technology solutions for the education, consumer, publishing and international markets.
Acorn Computer Group plc is the holding company for Acorn Computers Limited, Acorn Australia, Acorn New Zealand, Acorn GmbH and Online Media. Acorn Computer Group owns 43% of Advanced RISC Machines Ltd. Online Media, a division of the Acorn Computer Group, was launched in 1994 with the mission to design world class, interactive multimedia products.