New 'best buy' credit card from GE Money
11/05/2006
New kid on the block, GE Money has announced its entrance into the UK credit card market with a "refreshing" offer, according to Moneysupermarket.com.
The comparison site's head of credit cards, Robert Kenley, called the Transformation Credit Card offer a "great double act" of zero percent rates on balance transfers and purchases for the first 12 months, which makes GE Money's new deal a "bold move".
"GE Money is a new entrant on the market," he said. "Launching this new card with such a strong proposition will ensure the brand is quickly noticed in the consumer credit card market."
Mr Kenley did have reservations, however: "I can see no built-in retention mechanism in the…card offer so there is a risk for them of losing customers once the offer comes to an end."
Zero percent interest rates are being phased out in the current market so companies can claw back losses following the Office of Fair Trading investigation into penalty charges. With that in mind, the GE Money offer is sure to attract customers.
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