UK Money News
29th April 2008
Abbey launches Zero card
Abbey has launched a new card which claims to be the only product on the market with no fees for balance transfers, foreign exchange and cash advances.
The Zero card offers holders an interest-free period of six months on purchases as well as on the balance transferred.
After this time, the card reverts to an interest rate of 18.9 per cent on purchases and a rate of 25.9 per cent on cash advances.
The launch comes amid predictions that lenders will seek to phase out zero per cent terms and make cards which afford users this benefit increasingly harder to obtain.
Roger Lovering, managing director of Abbey Credit Cards, said: "With no balance transfer fee and six months interest free, it's the perfect card to transfer a debt you want to pay off quickly and has clear advantages for the summer too.
"No foreign exchange fee makes holiday spending less expensive and Zero also has no cash advance fee for those rare times you might need cash in an emergency."
David Kuo, head of personal finance at Fool.co.uk, welcomed the Zero card on the grounds that it will give "consumers welcome breathing space from the credit crunch".
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