Related Credit Card Article

"Zero card will benefit some people but not all"

By admin | June 10th, 2008 | Balance Transfers, Credit Cards

A financial industry professional has commented on the recently launched Zero credit card from high street bank, Abbey, stating that whilst the card offers a range of valuable benefits and money saving features, and will certainly benefit many consumers, there are other consumers that may find that an alternative card is more suitable despite the lack of fees on the Zero card.

Mr Gardner from MoneyExpert.com said: “With the credit card market so competitive these days, when a new product comes along you have to ask what makes it stand out. In this case the best that can be said is that this is the only card, which won’t penalise you for taking out cash abroad, so your best bet is to use it for summer spending. The interest free credit on purchases will also mean you can stave off the interest bills until Christmas if you splash out while on holiday.”

He also said: “If you are looking for a fee-free card then Capital One and Norwich & Peterborough both match Abbey’s six months interest free on balance transfers with no charge. But with no fees on foreign exchange Abbey’s looks like the best option with summer approaching. 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 added: “Around 80 per cent of credit cards offer a lower standard APR on purchases compared to Abbey’s Zero card. And its standard balance transfer rate of 18.9 per cent is among the highest go-to rates on the market – only thirteen cards have a higher rate of interest if you choose to transfer a balance after the introductory rate expires.”

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Tags: Balance Transfers, Credit Cards, zero card

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