New Abbey card makes debt management easy
New Abbey card makes debt management easy
Monday 11th May 2009
Recent figures from consumer website uSwitch.com show that approximately 7.3 million credit card holders buy goods on their cards around five times a year, but end up incurring up to £161 million in interest charges alone.
However, Abbey's new Zero credit card, which has just been introduced in time for the summer holiday getaway, intends to make these charges a thing of the past and it makes good debt management to think of such a product.
Abbey Zero has returned to the market offering zero per cent on balance transfers for 12 months and overseas purchases for three months and is the only product currently offering no foreign exchange fee and no cash advance fee.
The card is designed to help "make holiday spending less expensive because unlike other cards, it doesn't charge a percentage fee on transactions made in a foreign currency", explained Abbey Credit Cards managing director Roger Lovering.
Several personal finance experts have recommended taking advantage of the card, with moneysupermarket.com head of credit cards Kevin Mountford saying the return of the card is "good news for holidaymakers".
"The lack of charge for use abroad is a key feature, especially as Nationwide, which was the key player in this market, recently began levying charges for transactions outside the Visa Europe region," he said.
Michelle Slade of Moneyfacts said the lack of additional charges "coupled with a long balance transfer deal" will make the card appealing to many.
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