Burberrys issues Visa credit card

BURBERRYS, the raincoat maker beloved by Japanese and American tourists, is launching the first Visa credit card to be issued by a British retailer, with an APR of 17.9 per cent, significantly below most similar cards.

The launch is a big step for Great Universal Stores, the conservative property, finance and retail group that owns Burberrys. The offer will be open to all UK residents and will enable them to buy goods at any Visa retailer worldwide.

Burberrys is ignoring criteria used by many other Visa issuers for applicants. Applicants will not have to own their own home or earn over pounds 30,000 a year, for instance. But other normal credit-rating techniques for selecting customers will be used, a Burberrys spokesman said.

The company is offering the card with a special introductory reduced interest rate of 13.9 per cent.