New credit card deals come onto the market

Most consumers are always on the lookout for a good deal on a credit card, particularly in the current financial climate, when the cost of borrowing is high.

There are many different credit cards on the market these days, and lenders often bring out new deals in order to entice customers and stay a step ahead of the competition.

Of course, credit conditions are difficult at the moment, and those with poor credit and those on low incomes are likely to find it difficult to get an affordable deal on a credit card. However, those with decent credit and income levels can still enjoy plenty of choice, and a couple of new cards that have recently come onto the market could attract attention from a number of consumers.

The Halifax All in One credit card

One recent credit card offer that has been launched is from the Halifax, and this card offers a great deal for those looking for a card that offers interest free credit on both balance transfers and purchases.

The card enables customers to enjoy interest free credit on both purchases and balance transfer for the same amount of time. The card offers ten months of interest free credit on balance transfers and purchases, whereas many other cards that offer an equal interest free period on purchases and balance transfers often offer a far shorter period, such as six months.

Commenting on the new credit card offer one industry official stated: “Halifax’s All-in-One card looks like a pretty generous offer in a market where as many as five million of us are struggling to make repayments and some credit card companies are either looking to dump customers or reduce the credit limits of certain customers.”

He also said that there were other options available to those looking for longer periods on balance transfer cards without an equal interest free purchase period, adding: “Savvy consumers with a strong credit record can do better however if they’re after a balance transfer card. Halifax’s 10 month balance transfer period looks pretty small when compared to the Virgin Money 15 month offer and the 14 months Barclaycard are offering on two of their cards. Similarly, if you’re looking for the longest possible introductory purchase rate, then you can expect a full 12 months with the HSBC MasterCard.”

However, he also went on to say: “Having said this, the combination of the generous balance transfer period and purchase period will be attractive to anyone looking to make purchases without fear of racking up interest charges on their spending and existing balance. Barclaycard’s 14 month balance transfer card for example comes with an introductory purchase period of just 3 months.”

The Abbey Zero card

Another credit card that has enjoyed a lot of attention in the financial news recently is the Abbey Zero card, which was launched this week.

Officials from Abbey have described the card as innovative, and state that consumers can benefit in many ways with this credit card, which could save some card users a small fortune in interest, fees, and charges.

Like the Halifax card, the Abbey Zero card offers an equal interest free period length on both balance transfers and purchases, although this is a shorter period of six months.

However, the card also offers a range of other valuable benefits. For example, for the first six months cardholders will not be charged cash advance fees when taking money from a cash point with the card. After the first six months the rate for cash advances will be 25.9%.

Cardholders will also not be charged any foreign exchange fees, so this card could really appeal to those intending to head off abroad in the coming weeks or months. Customers can also avoid paying a balance transfer fee on the card when transferring a balance, saving them even more money.

Abbey officials state that this is the first card to have eliminated all of these fees at the same time.

An official from Abbey said: “We promised the market that we would continue to innovate and that is exactly what we’ve done.”

Another industry official said: “The launch of this card is fantastic news for consumers. Not only will those looking for a short-term balance transfer deal benefit but also those who are about to embark on their summer holiday. In a world where rates and charges are increasing on credit cards its good to see a lender bucking the trend and removing some of these charges.”