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New credit card from Abbey

Tue, 29 Apr 2008

Financial services company Abbey National have launched an innovative new credit card that should equip travellers with a functional tool for withdrawing money .

The new Abbey zero credit card boasts special features, such as no charge for taking out money or buying using the card when abroad. The credit card also has no fee for balance transfers, meaning standard transfer and foreign exchange fees have been waived.

Abbey are expected to celebrate the launch by also waiving foreign transaction fees for all credit card holders this summer. The card is interest free for a six-month period, but once this period ends credit will cost 18.9 per cent on any purchases or balance transfers.

Commenting on the credit cards, spokesman for MoneyExpert.com Sean Gardner was reported as saying: "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. Around 80 per cent of credit cards offer a lower standard APR, compared to Abbey's Zero card. Its standard balance transfer rate of 18.9 per cent is among the highest go-to rates on the market."
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