Credit Card News New Credit Card Launched By HSBC 8701087
New credit card launched by HSBC
09 June 2005
One of these features, interest-free cash withdrawals, makes HSBC the only major card provider to treat withdrawals in the same way as purchases, offering the same 56-day interest-free period on both.
The new card also helps cardholders to clear their debt quickly by allocating payments to the most expensive debt first, thus ensuring that payments work to reduce the customer’s debt as quickly as possible.
HSBC’s new card also offers zero per cent interest on balance transfers and purchases for up to six months, and one of the cheapest typical rates on the high street, at just 13.9 per cent APR.
“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,” said Linda Wyles, head of cards at HSBC.
The bank believes that the typical cardholder could save between £33 and £78 per month with these features – adding up to a spectacular £153 over 12 months.
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