Consumers can enjoy benefits of Abbey credit card
With the global credit crunch still taking its toll in the UK money markets, and with household finances still very strained, many consumers may be looking for a more affordable credit card deal.
The Abbey has now launched a new credit card that offers borrowers a host of money saving benefits, which could help those looking to cut back on interest and charges on their credit card spending, and could even help those looking to go abroad and use their credit card.
The new Zero card from Abbey offers six months interest free credit on both balance transfers and purchases, which could help consumers to save money on interest. Unlike many other balance transfer cards the Zero card will not charge a balance transfer fee, which could also save consumers money, as this fee is usually between 2-3 percent of the total amount being transferred.
In addition to this the card will not charge for cash advances, and will not charge foreign exchange fees, enabling borrowers to save even more money.
Officials from the bank have claimed that this is the first credit card to get rid of all of these fees at the same time. An Abbey official said: “We promised the market that we would continue to innovate and that is exactly what we’ve done.”
One industry official added: “The launch of this card is fantastic news for consumers. Not only will those looking for a short-term balance transfer deal benefit but also those who are about to embark on their summer holiday. In a world where rates and charges are increasing on credit cards its good to see a lender bucking the trend and removing some of these charges.”
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