HSBC launches new zero per cent credit card

A new credit card has been launched by HSBC which offers zero per cent interest on balance transfers for 12 months and purchases for three months.

With this card, which has a typical APR of 15.9 per cent, the bank claims that it is one of the few providers to offer zero per cent interest on balance transfers for 12 months.

According to HSBC, a borrower with a balance of £3,000 on their existing card, which is being repaid at £150 per month, could save over £330 over 12 months by transferring to the HSBC card.

The product also offers a price promise insurance facility to holders of an HSBC current account, into which their salary or retirement income is regularly paid, which will refund the difference on certain purchased products if the same item can be found more than £10 cheaper elsewhere.

Spencer May, HSBC head of consumer cards, said: “At HSBC we continually look for ways in which we can help borrowers better manage their debt and we recognise that people are becoming more careful with their credit card borrowing.

“It is for this reason that we have decided to extend our latest interest free offer on balance transfers.”