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Credit Cards -
Abbey launches new zero rate credit card - 28/04/2008
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Abbey National is launching an innovative credit card aimed at holiday goers with a love for the plastic.
The Abbey zero credit card will not charge the user for withdrawing money in foreign countries or put charges on any foreign purchases.
There is also no fee for balance transfers, as the bank's normal fees; foreign exchange fee and balance transfer of 2.75 per cent and 2.5 per cent, respectively, have been waived.
Abbey will also celebrate the launch, by waiving all foreign transaction fees for all its credit card customers this summer.
However, once the six-month interest free period is over, the card will have relatively high rates of interest; of 18.9 per cent on any purchases and balance transfer amounts.
Sean Gardner, a spokesperson for MoneyExpert.com, said: “Abbey's Zero card isn't a best buy on purchases or balance transfers. So if you're one of many looking for a lengthy balance transfer or you're about to make a big purchase then you're probably best to steer clear, despite the lack of fees.”
He also added: “Around 80 per cent of credit cards offer a lower standard APR, compared to Abbey's Zero card. Its standard balance transfer rate of 18.9 per cent is among the highest go-to rates on the market.”
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