Farming News - Barclaycard & AGCO Parts announce co-branded credit card for British farming businesses

Barclaycard & AGCO Parts announce co-branded credit card for British farming businesses

24 May 2019
Finance / Machinery

Barclaycard, which has been helping make businesses successful for more than 50 years, has announced a partnership with AGCO, a worldwide manufacturer and distributor of agricultural equipment and solutions, to launch a new credit card for British farming businesses.

The AGCO Parts credit card, a co-branded card issued by Barclaycard on the Mastercard network, has been launched through the AGCO Parts operation, which supplies parts and after-sales services for AGCO’s leading farm machinery brands including Fendt, Massey Ferguson, Valtra and Challenger.

The no-fee credit card enables cardholders to enjoy an extended interest-free credit period of up to 116 days when used for purchases at any participating AGCO dealer, provided the statement balance is paid in full and on time*. This is 60 days longer than a typical business credit card.

Purchases can be made in-store or via the AGCO dealer’s website and cover all products and services available from the dealership, not just AGCO brands. Cardholders will also benefit from up to 56 days’ interest-free credit on purchases made anywhere a Mastercard commercial card is accepted**.

Ian Reid, Director of Small Business at Barclaycard, said: “Agriculture continues to be a key focus area for us and we have been supporting farmers for many years, developing a deep and unique insight into the industry and the challenges that it has faced. While cash flow management is crucial for any growing business, seasonal fluctuations and volatile market conditions make it all the more challenging in this sector. That’s why we are delighted to be partnering with AGCO to provide farmers with even greater flexibility when it comes to maintaining a healthy cash flow, whilst helping them to grow and diversify.”

Pete Winterbottom, AGCO Manager of European Parts Marketing, said: “We continue to work ever-closer with our dealers to provide customers with high-quality support and innovative new ways to help run their farm and agricultural contracting businesses more smoothly. Customers often want longer to pay and the AGCO Parts credit card gives them extended interest-free credit facilities of up to 116 days. In effect that’s giving cardholders until the end of the third month after the purchase month with AGCO dealers to settle their bill.

“Our research into the potential for a credit card in the farm machinery market revealed keen demand from our dealers and end-users. We know that farmers use credit cards to buy immediately and pay back later – now it can be much later.”