Support your team, but don't take out their credit card!

The deals on offer from sports teams may promise `great' bonus features, but they don't make up for just how mediocre the products are

There was a time when having the latest replica shirt was a sign of true support for your sports team. However, in the modern age, no 'real' fan is without their club branded credit card or savings account. That's what the clubs claim anyway.

My own club, West Ham United, have a lovely banner on the club's website, promoting its credit card, which is issued by credit card provider MBNA.

To be fair, it's not the worst card in the world - it offers 12 months at 0% interest on balance transfers, and three months 0% interest on purchases. But when you consider that with another MBNA card, the Virgin credit card, you get 16 months at 0% interest on balance transfers, there must be some other brilliant selling point that makes it a must for Hammers fans, right?

Well, each time you spend on the card, MBNA will make a contribution to the club. So in theory, whenever I spend on the card, irrespective of where I do that shopping, I might be helping West Ham build up some badly needed transfer funds.

You also get one point for each pound you spend, which can be used to snap up West Ham merchandise (once you have sufficient points of course).

MBNA running the show

West Ham are far from the only Premier League club operating a club branded credit card.

Arsenal, Aston Villa, Chelsea, Liverpool, Manchester City, Manchester United, Sunderland and Tottenham Hotspur all offer club plastic, with one common theme - they are all funded by MBNA. Unsurprisingly, they each offer identical deals to the West Ham card.

MBNA also offer the official card of the English national team, while if you are from north of the border, you can even get your hands on a Celtic or Rangers credit card. Again, you'll get the same benefits you would with the West Ham card.

But beware: the problem with going for an MBNA card is that you cannot transfer over a balance from another MBNA card.

So, if for example you have come to the end of your 0% period on your Virgin credit card, but have not managed to pay off the full balance as yet, you won't be able to move the remaining debt onto your West Ham branded credit card.

However, other clubs do offer credit cards that aren't funded by MBNA, though their attraction lies entirely in the extras you get thrown in. Take the Portsmouth credit card, issued by Sygma Bank. You only get 50 days of 0% interest on purchases, but you do get a free tour of Fratton Park and 10% off merchandise, so long as you shop online.

Introducing Manchester United Insurance...

The financial products on offer don't stop with credit cards - you can also get insurance!

If you are a Manchester United fan, and in need of car or home insurance, you can combine the two by taking out Manchester United Insurance, believe it or not. 

And guess what? If you are one of the first 100 customers, you'll get a pennant signed by members of the 2008/9 squad.

How could you resist?

The eagle-eyed among you will be aware that Manchester United's principal sponsor is the American insurance giant AIG (who have been bailed out more than once by the US Government). Manchester United Insurance is really just another trading name for their services in the UK.

Now, there's nothing wrong in principle of signing up with AIG under the banner of Manchester United. But it's vital to shop around first, and compare what Manchester United is offering vis-a-vis other insurers. If their offer isn't very competitive, do you seriously think it's worth paying more on the off chance of getting a pennant signed by Wes Brown or Nani?

Didn't think so.

That's the season ticket sorted - now for the mortgage...

Now I can cope with the idea of a club themed credit card, and just about get my head round a club branded insurance package. But a mortgage?!

A host of clubs, including Liverpool, Tottenham and Chelsea, have partnered with building society Britannia to offer a collection of financial products, from mortgages to saving products.

So how do the mortgages measure up? Below I've put together a table comparing some of the football club mortgages with the market leading deals.

Not great is it? OK, so Britannia and the clubs deserve credit for offering a range of mortgages at 90% loan-to-value, but you will end up paying an awful lot more in the long run just for going with your club's mortgage.

And the £40 voucher you get to use in the club shop isn't much compensation is it?

Great save!

All of the savings accounts from football clubs partnered with Britannia are also pretty rubbish: they all offer an instant access account paying just 0.12% on sums over £100. 

Considering top instant access savings accounts are paying over 3.2%, this offer looks pathetic.

Having said that, the Liverpool version will pay a 1% bonus should Liverpool manage to win the Premier League, FA Cup or Champions League. Well, that's ok then!

Meanwhile, Wolves fans putting their hard earned cash into the Wolves Gold Account will get just 0.75% for their money - down from more than 5% at the start of last season.

To be fair, Portsmouth's Soccersaver account with Scottish Widows is far better, paying 2.2% gross interest on sums over £100. It also includes invitations to a series of exclusive events and a 5% discount on the online store.

So should you go for it?

Whichever club you support, what is clear is that whether it's a credit card, mortgage or savings account that you are after, your club's offering will NOT be the best option around.

And frankly, no pitiful discount in the club shop or tour round the ground will make up for the money I would lose out on from using one of their financial products.

I may be a West Ham fan.... but money still comes first with me!

More: The big Premier League rip-off |The credit card you'll never pay off