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Abbey drops fees on new credit card

By Sarah Engle, Mon 28 Apr 2008 - Published in Credit Cards

A new credit card that has no fees for cash, foreign exchange or balance transfers has been launched by Abbey Bank.

The new Zero card from the bank is the first card ever to offer no fees in all of these areas. The bank normally charges a foreign exchange fee of some 2.75 per cent and has a balance transfer and cash advance fee of 2.5 per cent, or a minimum of £3.

But the bank has dropped these charges for people that take out the Zero credit card. Further to this, a six-month interest free period on purchases and balance transfers.

"With no balance transfer fee and six months interest free, it's the perfect card to transfer a debt you want to pay off quickly and has clear advantages for the summer too," said managing director of Abbey Credit Cards Roger Lovering.

He added that customers already banking with Abbey will be able to benefit from some of the offers, as the firm will be lifting all foreign exchange fees for the summer holiday period, from June 1st through to the end of August.

Earlier this month, Abbey found that money and exams are the biggest worries for kids, with some nine per cent believing they will not be able to afford a house when they are older.