Related Credit Card Article

"New 0% balance transfer card launched by Abbey"

By admin | March 23rd, 2009 | Balance Transfers

Earlier this month the Spanish owned High Street bank, Abbey, launched a new balance transfer credit card that could benefit many consumers.

The credit card that was launched by Abbey offers consumers 0 percent interest on balance transfers for the first fifteen months, enabling those that transfer their existing credit card debts onto the card to enjoy fifteen months of interest free credit within which to repay the balance.

The new credit card also offers three months’ interest free credit on purchases made on the card, and after the initial three month period the interest is charged at 15.9 percent.

However, industry experts warn that when cards offer a shorter interest free period on purchases compared to balance transfers consumers should stick to using the card just for balance transfers and not for purchases, as any debt from purchases will be pushed to the back in terms of repayments which means that it will quickly start accruing interest whilst repayments are all allocated towards the interest free transferred balance on the card.

The balance transfer fee on the credit card stands at 3 percent of the total amount that is being transferred onto the card.

According to officials from Abbey credit cards there are around three million people in the UK that are planning to transfer credit card debt to the tune of around seven billion pounds over the coming months, as many want to try and take advantage of introductory rates and long interest free periods to help them to weather the ongoing financial crisis through saving a small fortune on interest. There are several cards that are now offering generous repayment periods on balance transfers, although most will only be available to consumers with a decent credit rating.

Tags: abbey credit card, Balance Transfers

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