8 June 2005
HSBC has launched its new credit card, which it hopes will help rejuvenate the retail sector
The card will offer zero per cent interest on balance transfers and purchases for the first six months, showing that there is still a market for such offers.
In addition, customers need pay no interest on cash withdrawals, just as they do with purchases, provided the full account is paid off every month.
Another benefit of the card is the allocation of the payments to the highest debt first, ensuring a more rapid reduction of the debt.
The bank's head of cards, Linda Wyles said: "Recent figures have shown a fall in credit card debt for the first time since May 19941, 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."
Which is the right credit card for you? Find out now by comparing cards with uSwitch.com's free and impartial comparison service.
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