Anyone that is looking to save money on their credit card spending and balance transfers may be interested in a new credit card being launched this week by the Abbey. The Zero card could attract a lot of interest from borrowers who are looking to avoid paying interest on their credit card spending, wish to transfer balances from high interest credit cards, and even those that are looking to head off on their holidays armed with a credit card.
The new Zero card will offer a host of benefits of borrowers, and according to officials from the Abbey it is an innovative card that breaks the mould in terms of fees and charges. The card offers six months interest free credit on both balance transfers and purchases, and unlike most other it does not charge a balance transfer fee, which could cost two or three percent of the balance being transferred with some other balance transfer cards.
However, this isn't all that the card offering. Customers that tend to withdraw cash using their credit cards will find that there is not cash advance fee charged on the card, and those heading abroad on their holidays will be able to enjoy , so all in all consumers could save a small fortune in fees and charges using this card.
According to officials from the Abbey this is the first time that a credit card has eliminated all of these fees at the same time. An official from Abbey said: "We promised the market that we would continue to innovate and that is exactly what we've done."
The card has also been welcomed by other industry officials, with one stating: "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."
However, customers should bear in mind that at the end of the six month period the standard variable rate that will apply on the card is 18.9% and cash advances will then be charged at 25.9%. It may therefore be a good idea for customers to start looking around and for another suitable alternative as the introductory six month period draws to an end.
