With lenders pulling their card products off the shelf it seems some lenders are braving the credit crunch storm, Abbey has launched a new credit card.

The new card known as the zero card offers customers six months interest free credit on balance transfers and new purchases, from the date they sign up.

Abbey have also said there will be no balance transfer fees and no cash advance fee for the first six months. This is a major plus point many providers charge 2-3% for each balance transfer.

An official from the Abbey described the card as innovative, stating: “We promised the market that we would continue to innovate and that is exactly what we’ve done.”

A financial expert has commented because the new card offers no balance transfer fees this will help those looking to rearrange their finances and avoid unnecessary interest charges.

The Zero card appears to be popular amongst industry insiders, many commenting it is a step in the right direction, it shows Abbey are considering their borrowers and scrapping charges.  Will this lead to other lenders following suit? Time will tell.