Barclaycard is launching a credit card in partnership with AGCO Parts.
The AGCO Parts credit card, issued by Barclaycard will support UK farming businesses.
The AGCO Parts operation supplies parts and after-sales services for AGCO’s leading farm machinery brands. These include Fendt, Massey Ferguson, Valtra and Challenger.
The no-fee credit card gives cardholders an extended interest-free credit period of up to 116 days when used at any participating AGCO dealer. Furthermore, this is 60 days longer than a typical business credit card.
Director of Small Business at Barclaycard, Ian Reid, said: “Agriculture continues to be a key focus area for us. 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.”
AGCO Parts credit card
Customers can make purchases in-store or via the AGCO dealer’s website. It also covers all products and services available from the dealership, not just AGCO brands.
In addition, cardholders have up to 56 days interest-free credit on purchases made anywhere a Mastercard commercial card is accepted.
AGCO Manager of European Parts Marketing, Pete Winterbottom, commented: “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. 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.”