New HSBC credit card launched

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New HSBC credit card launched

Wed 8th Jun 2005

A new HSBC credit card has been launched with what the company says is a unique combination of features to help cardholders manage their balances.

It features zero per cent interest on balance transfers and purchases for up to six months and at 13.9 per cent APR boasts one of the cheapest typical rates available.

The HSBC credit card also features allocation of payments to the most expensive debt first, ensuring that payments reduce the cardholder's debt more quickly, as well as requiring no balance or transfer fees.

HSBC's head of cards, Linda Wyles, said: "Recent figures have shown a fall in credit card debt for the first time since May 1994, as cardholders try to repay more than they spend on their cards.

"At HSBC we want to help our 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."

HSBC believes that the benefits offered by its credit card could in combination save one customer as much as £153 over 12 months.

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