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MyCommute4Less in action

London commuters benefit from annual Travelcard savings –
without having to find cash up-front
MyCommute4Less provides monthly payment option for annual Travelcards – commuters could save over £220 per year[1]

London, 3rd December 2014 – Tackling the costs of travel in London, MyCommute4Less is an innovative new service which enables commuters to benefit from an annual Travelcard without having to find 12 months money up-front. MyCommute4Less, brought to London by Premium Credit[2], enables commuters to save compared to monthly or weekly Travelcard costs. And with a TFL fare rise of up to 2.5%[3] expected for 1st January 2015, commuters ordering their annual Travelcard through MyCommute4Less to start before the end of 2014 will make even greater savings.

According to recent research[4], London is the most expensive city to live and work in, not just in Europe but globally. The capital has leapfrogged New York and Hong Kong, with house prices and travel costs undoubtedly playing a part in pushing up the cost of living. With MyCommute4Less, London workers can make their money go further by giving them access to the benefits of an annual Travelcard, without having to find the cash up-front.

The cheapest way to travel in the London zoning network, on tubes and buses, is to pay for an annual Travelcard up-front. It gives 12 months for the cost of 10.4 months. But for many London commuters finding the cost of an annual Travelcard in one lump sum is out of reach.

MyCommute4Less provides an easy to use and fair solution for commuters by financing the cost of an annual Travelcard which is paid for over 10 months – in effect giving them two months of non-payment at the end of the year. Plus the cost is much less than buying 12 monthly Travelcards[5]. In fact, depending on the zones the Travelcard covers, London commuters could save over £220 on their annual travel costs[6].

“Annual Travelcards can save commuters hundreds of pounds”, explained Roger Brown of MyCommute4Less. “They give 52 weeks of tube, rail and bus travel for the equivalent cost of buying just forty weekly Travelcards, and not much more than 10 monthly cards. But it’s a lot of cash to find in one go for many commuters. MyCommute4Less lets London workers spread the cost – to make the most of the savings - as well as get access to all the additional benefits that come with an Annual Travelcard, such as discounted rail fares and other travel offers.”

Working with, a commuter’s annual Travelcard is loaded onto a new Oyster card when they sign up with MyCommute4Less. The customer makes ten manageable monthly payments. MyCommute4Less charges a Transaction Fee of 5% on the cost of an annual Travelcard (equivalent to an APR of 9.5%) which is more cost-effective than most bank loans[7]. Even with the MyCommute4Less Transaction Fee, commuters will still be saving compared to buying a weekly or monthly Travelcard.

There’s also no cancellation charge in respect of the credit if the commuter changes their mind. They can cancel the Travelcard at any time and, as long as the payments have been kept up to date there will usually be nothing more to pay in respect of the credit facility provided by MyCommute4Less[8].

“MyCommute4Less is a straightforward and transparent initiative which potentially offers London rail, tube and bus users considerable savings over monthly, weekly or daily costs – without having to find the cash up-front”, continued Roger Brown. “It also means that commuters can benefit from holding a season ticket – no standing in a queue with the risk of missing their connection. All they have to do is complete our simple application process and, if successful[9], they can sign an agreement and advise of their bank details on line. It’s a simple and transparent process.”

Please click on the link to see the image of MyCommute4Less in action.


For further information please contact the MyCommute4Less Press Office: HSL – Wendy Harrison, Hannah Talbot or Laura Welsh: or 0208 977 9132

Notes to Editors

• MyCommute4Less is a trading name of Premium Credit Limited, which has been in business for 25 years and is the leading insurance premium finance company in the UK and Ireland. Premium Credit has two million customers and in 2013 it lent a total of £3.7 billion, processing 25 million Direct Debits.
• You must be over 18 to apply for credit from MyCommute4Less.
• Concessionary discounts from a student or apprentice card cannot be applied by MyCommute4Less
• Customers can voluntarily cancel by phone, then return their Oyster card. Once MyCommute4Less receives it, the Credit Agreement will be cancelled and any refund will be calculated based on the last day of travel using TfL's refund formula. The customer only pays for what they’ve used plus’s £10 cancellation fee.
• However, if cancellation is as a result of default on the monthly payments and the refund is not sufficient to repay the credit owed to MyCommute4Less then the customer will be liable for the shortfall. Conversely, the customer will be entitled to any surplus funds, if any, once the credit has been repaid.

[1] Example for a Zone 1 – 4 Annual Travelcard starting 1 November 2014
Annual Travelcard - £1,800
Transaction Fee charged by Premium Credit - £90
Total Annual Travelcard with MyCommute4Less - £1,890
Cost of purchasing monthly tickets starting 1 November 2014:
2 months at 2014 TfL price of £172.80 per month - £345.60
10 months at 2015 estimated price £178.85 per month - £1,767.70 – based on assumption of 2.3% price rise for 2015
Total cost if 12 monthly tickets bought – Nov 2014-Oct 2015 - £2,113.30
Savings by paying monthly for Annual Travelcard through MyCommute4Less - £223.30 – based on assumption of 2.3% price rise for 2015

2 MyCommute4Less is a trading name of Premium Credit Limited, which has been in business for 25 years and is the leading insurance premium finance company in the UK and Ireland. Premium Credit has two million customers and in 2013 it lent a total of £3.7 billion, processing 25 million Direct Debits.


4 Savills 12 Cities Report -

5 Cost of 12 monthly Travelcards Nov 2014-Oct 2015: £2113.30 (as at 12th November 2014)

6 See footnote 1

7 HSBC – personal loan for £1,800 over 12 months – 21.9% APR – total amount payable £2,000.57 (12th November 2014)

8 will charge their usual £10 cancellation fee.

9 Subject to credit and affordability checks.

This press release was distributed by ResponseSource Press Release Wire on behalf of Harrison Sadler in the following categories: Personal Finance, Business & Finance, Travel, for more information visit