HSBC doubles interest-free on balance transfer cards

Tue, 15 Aug 2006

HSBC has doubled the interest-free period on its balance transfer cards, stating that it now offers the one of the market-leading 0% credit cards.

The credit card features 0% interest on balance transfers for 12 months and 0% interest on purchases for three months.

A typical APR of 15.9 per cent is available with the 0% credit cards, while the minimum repayment is three per cent.

Spencer May, HSBC head of consumer cards, commented: "At HSBC we continually look for ways in which we can help borrowers better manage their debt and we recognise that people are becoming more careful with their credit card borrowing.

"This is evidenced by recent reports which show UK credit card borrowing falling in four out of the last six months."

Mr May continues that the new credit card could help customers to reduce their existing credit card more rapidly and save hundreds of pounds in interest.

Recent figures from the Bank of England showed little rise in credit card lending in June, although total consumer debt rose by £9 billion.


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