UK banking group HBOS is launching a new credit card, the One Card, claiming that it will lead the market with an offer of 0% interest on purchases and balance transfers for nine months, as well as a typical rate of 9.9% APR.
The group will market the card through its Halifax and Bank of Scotland branches, as well as online. The group claims that the combination of offering 0% on balance transfers as well as purchases makes it the best on the high street.
The card also features no annual fee, up to 59 days of interest-free credit on all purchases for customers that pay off their balances every month and cover against online fraud. HBOS claims that the card could save an average credit card user, with a balance of GBP1,880, GBP261 over the first 12 months.
Ian Larkin, head of Bank of Scotland credit cards, said: Many providers will offer 0% on either balance transfers or purchases. We’re offering customers both, coupled with a market leading typical APR. No other high street provider has such a strong overall offer.
HBOS has an overall credit card account market share of 10% and acquired one million new customers in 2005.