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Tuesday, 10 February 2009 12:00

Abbey has scooped an award for its Zero Credit card which it is hailing a "simple" and "transparent" product.

The card was named the Best New Credit Card Product of the Year at the annual Card Awards, hosted by journalist and broadcaster, John Humphrys.

The card, launched in April, offers zero per cent interest on balance transfers and purchases for the first six months. It also charges zero per cent on balance transfer fees, which are usually three per cent.

Cash withdrawals are also charged at zero per cent as are fees on foreign purchases. There's no annual fee and the ongoing interest rate is 18.9 per cent.

Roger Lovering, managing director of credit cards at Abbey attributed the card's success to creative marketing strategies and the fact it had a customer-focussed rewards programme.

He added: "The award category had some impressive entries and was well represented. Therefore I am particularly pleased that Abbey Zero has been recognised by the industry."