Spanish owned High Street bank, the Abbey, has recently launched a new credit card that could prove to be of interest to a number of people looking to save money on their credit card spending. The card eliminates a wide range of fees for a fixed period of time, and could prove valuable to those wishing to transfer balances from more expensive credit cards, those heading on their holidays, and those that tend to make cash withdrawals on their credit cards.

The new card, called the Zero card, offers six months of interest free credit on both new purchases and on balance transfers, so consumers can save a fair amount of cash in interest payments. In addition to this those transferring their balances will not be charged a balance transfer fee, which is usually between 2-3% of the total amount being transferred, saving them even more money. On top of this there will be no cash advance charges for the first six months, and customers will not be charged foreign exchange fees.

Officials from the Abbey claim that the Zero card is the first one to have eliminated all of these various charges at the same time, and the bank described the card as innovative. One Abbey official said: “We promised the market that we would continue to innovate and that is exactly what we’ve done.” It is likely that many will try and snap up the card given the expense of borrowing at present, although eligibility criteria will still apply.

Some industry officials have welcomed the card, with one stating: “The launch of this card is fantastic news for consumers. Not only will those looking for a short-term balance transfer deal benefit but also those who are about to embark on their summer holiday. In a world where rates and charges are increasing on credit cards its good to see a lender bucking the trend and removing some of these charges.”