Today sees the start of a new scheme devised by Transport For London in association with Barclays
. We have already seem over 10,000 people register for this cycle hire scheme and it looks set to be a revolution in transport around London.
How cost effective is the scheme though? On face value, it seems pretty reasonable - an Access Fee of 1 for 24hrs, 5 for seven days with an annual membership of 45. Let's have a look more closely at the charges that are not so widely publicised but can be found on the TFL website www.tfl.gov.uk
You will also have to pay a Usage charge (time between picking up and returning a cycle)as follows:
Up to 30 minutes FREE
Up to an hour 1
Up to one and a half hours 4
Up to two hours 6
Up to two and a half hours 10
Up to four hours 15
Up to six hours 35
Up to 24 hours (maximum) 50
On top of that, we have the "Other charges"
Membership key - 3 each to release the cycles easily and quickly. You will need to pay the 3 Membership key fee for each key you request (up to 4 keys)
Late return charge - 150 if you have the cycle for more than 24 hours or the access period runs out
Damage charge - Up to 300
Non return charge - 300
This all seems a bit steep and if you work out the figures, it would be cheaper to buy a bicycle from Halfods for a week as 7 days would cost you 250 + other charges, membership and key!