Related Credit Card Article

"Watch out for catch with new Abbey offer"

By admin | January 2nd, 2008 | Balance Transfers

New and existing customers of the Abbey credit card may have been delighted to hear recently that Abbey is offering a generous thirteen months of interest free credit on balance transfers to cardholders. The offer was launched at the start of this month, and means that customers that transfer their balances from other high interest credit cards can look forward to thirteen months in which to repay the transferred balances without being charged any interest.

However, customers will have to pay a 2.5% transfer fee based on the amount being transferred, which is usual procedure with balance transfer credit cards. In addition to the thirteen months interest free offer, the Abbey card is also offering a very generous 5% cash back deal on purchases made with the card at participating major supermarkets, which means that customers can earn back 50p for every £10 that they spend on the card subject to terms and conditions.

There is a catch to look out for, however. If you are using the card for just balance transfers or for just purchases at major supermarkets then you can benefit from one of the two offers. However, consumers are warned to steer clear of transferring a balance and making purchases on the card. This is because the balance from any purchases made on the card will be trapped behind the transferred balance, and although you will earn cash back on your purchases it will come nowhere near making up for the amount of interest that will be paid on the trapped purchase balance.

In order to benefit from the cash back deal consumers are advised to look at an alternative 0% balance transfer card, such as the Barclaycard Platinum, which offers fourteen months interest free credit, or the Virgin Money card, which offers fifteen months of interest free credit.

Tags: purchases, cash back credit cards, Balance Transfers

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