New Abbey credit card cleans up on balance transfers
by Gill Montia
Abbey has launched a new credit card, which it claims is a market leader.
The new card is available from branches of the Spanish-owned bank, by telephone and via the Internet.
It offers a rate of 0% on balance transfers for 15 months, with zero interest also applied to purchases made during the first three months of signing up for an account.
The ongoing APR currently stands at 15.9% and the balance transfer fee is 3%, or a minimum of £5.
The lender’s managing director of credit cards, Roger Lovering, says the new offering is designed to help people who want to take more control of their finances during the recession.
He explains that feedback from Abbey customers shows “current priorities are very much about good financial management”, adding that “the simplicity of our new card reflects this and also enables us to offer the best deal on the high street”.
The launch should leave the bank well placed for the Best New Credit Card Product of the Year award.
Last month it scooped the accolade for its Zero card, which came onto the market in April of last year.
According to research, around three million consumers are proposing to transfer over £7 billion between credit cards over the coming months.