The new card offers 8.9 per cent APR on everything from purchases to cash withdrawals and balance transfers.

Managing Director of Intelligent Finance, Nick Robinson, said: “Our new card is designed for people who want a clear, simple and transparent card with a competitively low flat rate.

“There is a growing trend towards standard rate credit cards, and we are responding to that demand.”

Intelligent Finance has launched to new credit after research has increasingly shown that consumers want credit cards with flat rates.

A recent survey by financial comparison website moneysupermarket.com revealed that there has been a 25 per cent increase in demand for lower standard APR credit cards in the last year.

It is available to new and existing customers and risk-based pricing applies.

The credit card is only available online or by telephone.

In 2004 UK consumers were charged £1.3 billion in penalty charges, which could have been avoided if they had budgeted better and kept track of plastic spending, according to financial experts.

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