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Intelligent credit card offer

Thu, 23 Feb 2006

Financial services provider Intelligent Finance has launched a new credit card, which it claims could save those transferring their balance to the new offering an average of £226.85.

This saving could be made if a credit card holder shifts an average credit card balance of £1,700 to the new Intelligent Finance product, the credit card firm claims.

The new credit card offers a lifetime balance transfer interest rate of 4.9 per cent, which has been described as "market leading" by the managing director of the credit card firm, Nick Robinson.

He claims this interest rate will help credit card holders "manage their finances more intelligently" while helping them save "hundreds of pounds over several years".

For the first eight months, credit card purchases will have a 0% interest rate, while all the items charged on the credit card will have an interest-free period of 59 days.

Meanwhile, a number of credit card firms have been withdrawing their 0% interest credit cards from the market.

According to Andrew Hagger, the head of news and press at financial website Moneyfacts, credit card firms never planned for 0% interest credit card deals to be a long-term offering.

However, as many savvy consumers started using these deals to switch credit card balances, "everything spiralled out of control", Mr Hagger states.

He says no credit card firm wanted to be the first to announce that it is withdrawing its 0% interest credit card.

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