Fans thinking of buying tickets to London 2012 may be left disappointed on 15 March — you can only buy tickets with a Visa card.
On top of restrictions to buying tickets to get there, those watching the Olympic Games live will only be able to make payments or withdraw cash on site using a Visa credit card, Visa debit card or prepaid card.
Why? Well, Visa has been an official sponsor of the Olympic Games since 1988 and has recently extended its sponsorship through 2020.
This means that Visa will be the only card accepted at the Olympic Games through the conclusion of the summer games in 2020.
While to many this could prove rather inconvenient, it could also prove rather useful. Because if you know where to look there are some fantastic cards out there using the Visa system and still time to apply for one before the tickets go on sale.
Some cards let you earn reward points when you buy tickets (or anything else you buy with them for that matter) while others mean you can spread the payment of tickets into 2012 without paying interest.
And since you can only use one type of payment system, you might as well maximise the benefits of some of these cards.
How the system works
Applications for tickets are accepted between 15 March and 26 April 2011 and payments for the events will be taken from the successful applicants between 10 May and 10 June of this year.
When you fill in an application you enter a ballot and you are agreeing to pay for every ticket you have applied for.
So basically, ensure that you do not bid for tickets you can't afford - if you apply for 20 and you get 20, you will pay for all of them.
Get paid to buy tickets
If you are going to be forced to use a Visa card, you might as well get paid for it.
The Visa Egg credit card offers an attractive 0% interest-free period until April 2012 as well as up to 15% cashback when you buy from 1,900 selected online retailers — including Boots, Tesco and M&S.
The card comes with a 17.9% APR but you can avoid this interest if you pay off your purchases by April 2012.
The AA also offers a credit card that allows you to earn rewards from your spending - which doubles in the case of fuel, motoring costs and AA products.
The rewards are even more attractive for AA members, as they earn double points - two points for every pound spent on motoring and one point for every pound on other purchases.
The card also comes with reasonably attractive 0% offers - 12 months on balance transfers and 10 months on purchases.
Once the 0% offer has expired, you should ensure you clear your balance in full each month or you will start paying interest on your debt at 16.9% APR.
With both of these cards, if you don't pay off your purchases in time, interest payments may outweigh any benefits you earn on the card.
Don't pay interest until 2012
If you were to take out a Visa credit card with a long interest free-period on purchases and balance transfers, you could avoid paying interest until 2012.
If you have an existing debt you could transfer your balance from another card. Nationwide have just released a new card with a balance transfer period of 17 months with an APR of 15.9%.
The card also comes with a 0% period on purchases for three months, which gives you time to pay off your Olympic tickets before incurring interest.
Apply for the Nationwide Visa card
The Barclaycard Platinum Credit Card with Balance Transfer people acted fast and now offers a market-leading 18 months interest-free on balance transfers as well and three months of 0% on purchases with a 16.9% APR. If you transfer a balance of more than £3,000 before 28 February, you will get £20 off your balance transfer fee.
This card also allows you to use contactless payment terminals and earn rewards with the Barclaycard Freedom scheme.
Alternatively, if you want an extended interest-free purchase period, the Barclaycard Platinum Credit Card with Purchase offers 0% for 12 months on both balance transfer and purchases — as well as the contactless payment system and Barclaycard Freedom rewards scheme.
Apply for the Barclaycard 18-months 0% balance transfer card
Apply for the Barclaycard 12-month 0% purchase card
Pre Pay for Olympic tickets
In the wake of wide-spread criticism of the sponsorship agreement which limits the sale of tickets to Visa cardholders, Visa has confirmed that prepaid cards are available.
This means non-visa debit and credit card holders wanting to purchase tickets can do so by paying in advance.
Prepaid Visa cards are available at a number of different outlets and can be topped up with cash and used anywhere that accepts a Visa card.
Virgin offers a pre-pay Visa card for £9.95, which can either be bought on a pay-as-you-go basis or on a pay-monthly one. With the pay-as-you-go option, however, card transactions incur a 2.95% fee.
If you do decide to get a prepaid card, you may want to hold onto it. Once the Games begin, Visa will be the only form of payment other than cash that will be accepted at Olympic venues.
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