Abbey credit card 'good for holidaymakers'

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Abbey credit card 'good for holidaymakers'

Mon 28th Apr 2008

Abbey's new Zero credit card, launched today, has been described by MoneyExpert.com as the best bet for holidaymakers this summer, as it does not charge customers for taking money out abroad.

However Sean Gardner, chief executive at the website, said that its high balance transfer and purchase fees after the initial six-month interest free period means "the card won't hold its own amongst the more serious rate tarts".

Abbey has waived its normal foreign exchange, balance transfer and cash advance fees for customers signing up to the Zero card, in addition to the zero per cent period.

Following the first six months, customers will be charged 18.9 per cent APR on all purchases and 25.9 per cent APR on cash advances.

According to MoneyExpert.com's research, the average zero percent introductory offer on purchases lasts 4.4 months and 9.8 months for balance transfers.

In addition, the average introductory balance transfer fee is 2.08 per cent, while the number of credit cards with no such fee is 63.

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