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HSBC launches new credit card

Wed, 08 Jun 2005

High street bank HSBC has announced the launch of a new credit card.

The new credit card offers zero per cent interest on balance transfers and purchases for up to six months.

Offering a rate of 13.9 per cent APR, the bank claims the new credit card offers one of the cheapest typical rates on the high street.

Credit card holders are offered a unique combination of features to help keep credit card balances down, including interest free cash withdrawals and purchases.

HSBC is the only major card provider to treat cash withdrawals like purchases by offering the same interest-free period of up to 56 days for both.

This means that credit cardholders that repay their full credit card balance every month never need to pay interest, even after the expiry of the introductory.

The most expensive debts charged to the credit card get paid first, ensuring that credit card debt is reduced faster.

Linda Wyles, HSBC's head of dredit cards, said there has been a fall in credit card debt for the first time since May 1994, as credit cardholders try to repay more than they spend on their credit cards.

"At HSBC we want to help our credit cardholders pay down their debt more efficiently by avoiding 'back door' charges - such as balance transfer fees - maintaining our interest free period for both purchases and cash advances and continuing to allocate payments to the most expensive debt first," she said.

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