Abbey launched innovative credit card : Credit Card Guide

Abbey launched innovative credit card

This week marks the launch of a new credit card from high street bank, Abbey, which will enable cardholders to save a small fortune when it comes to fees, charges, and interest. The new Zero card will enable cardholder to enjoy six months of interest free credit on both balance transfers and purchases, but also offers a range of other money saving benefits that could see a lot of consumer interest in this credit card.

For the first six months cardholders will not be charged any cash advance fees, which is good news for those that tend to use their cards to take money from the cash point. In addition to this there will be no foreign exchange fees, which means that consumers heading abroad on their holidays over the coming weeks will be able to enjoy using their credit card without being hit with mounting fees and charges for using the cards abroad.

An official from Abbey said that this card was the first to have eliminated all of these different fees in one go.

He said: "We promised the market that we would continue to innovate and that is exactly what we've done."

The foreign exchange fee normally charged by Abbey is 2.75% and there is normally a balance transfer fee of 2.5%. However, customers of the new Zero card will not have to pay a balance transfer fee either, which will save them even more money.

One industry official stated: "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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