Barclays has formed a new partnership with an agricultural equipment manufacturer to launch a new credit card just for farming businesses.
The bank's partnership with manufacturer AGCO means cardholders will be able to benefit from extended interest-free credit on purchases at participating dealers.
This period has been increased up to 116 days - which is 60 days longer than a typical business credit card - when used for purchases at any participating AGCO dealer.
The AGCO Parts credit card is a co-branded card issued by Barclaycard on the Mastercard network. It can also be used anywhere Mastercard commercial cards are accepted.
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 the partnership provides farmers with 'greater flexibility' when it comes to maintaining a healthy cash flow.
“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,” he said.
The announcement is the latest in a series of Barclaycard co-branded credit card partnerships, which began with builders' merchants Travis Perkins and Toolstation last year.