Abbey Zero, Changes to conditions

knightstyle

I have just received a list of changes to my Abbey Zero credit card...We may charge you if you do not use your card for 6 months. Charge for balance transfers.. etc.
Is this card still a best buy?

NickX

There has been some discussion over this on the thread below :

http://forums.moneysavingexpert.com/showthread.html?t=1134707

Gwynnie7

knightstyle wrote: »

I have just received a list of changes to my Abbey Zero credit card...We may charge you if you do not use your card for 6 months. Charge for balance transfers.. etc.
Is this card still a best buy?

My advice is be very wary of this card.I went abroad for 3 weeks and cleared the amount in full immediatly when I recieved my statement,the rate of exchange was not as good as my husbands who withdrew cash from his normal debit account on the same day.I was appalled in Sept to see that a rolling interest rate had been applied to the amount withdrawn(common for credit cards I was assured) .I paid this amount also immediatly under duress.I have also heard reports that Abbey charge a fee for non use.
Based on thisI tried to close it today and they say I still owe 9p!!!
They insisted that when the next statement arrives I will owe nothing ansd close my account - I have my doubts though

NickX

Gwynnie7 wrote: »

I went abroad for 3 weeks and cleared the amount in full immediatly when I recieved my statement,the rate of exchange was not as good as my husbands who withdrew cash from his normal debit account on the same day.I was appalled in Sept to see that a rolling interest rate had been applied to the amount withdrawn(common for credit cards I was assured) .I paid this amount also immediatly under duress.I have also heard reports that Abbey charge a fee for non use.

I'm afraid this is normal for most Credit Cards.

Abbey Zero offers 6 months of interest free Balance Transfers and Purchases. It also offers fee-free foreign currency transactions.

It does NOT offer any interest free period on cash withdrawals. So your cash withdrawals will incur interest from the date of the withdrawal. You will not have been charged commision as most other cards do though.

The additional amount of interest that you were charged is "Residual Interest" and again is pretty standard for all cards.

General advice is not to make any cash withdrawals on Credit Cards unless you have money to burn.

The dormancy charge has just been introduced and comes into effect from early October.

exel1966

Gwynnie7 wrote: »

My advice is be very wary of this card.I went abroad for 3 weeks and cleared the amount in full immediatly when I recieved my statement,the rate of exchange was not as good as my husbands who withdrew cash from his normal debit account on the same day.I was appalled in Sept to see that a rolling interest rate had been applied to the amount withdrawn(common for credit cards I was assured) .I paid this amount also immediatly under duress.I have also heard reports that Abbey charge a fee for non use.
Based on thisI tried to close it today and they say I still owe 9p!!!
They insisted that when the next statement arrives I will owe nothing ansd close my account - I have my doubts though

Believe me I'm no fan of ShAbbey, but everything you mention is pefectly normal amongst most credit cards and perfectly legitimate.

The card doesn't offer interest free periods on ANY cash withdrawls and never has so you'll pay interest from moment of withdrawl and you're continue paying interest on interest until you have a 0.00 balance for 2 consective months. Again, the norm.

Richard019

knightstyle wrote: »

I have just received a list of changes to my Abbey Zero credit card...We may charge you if you do not use your card for 6 months. Charge for balance transfers.. etc.
Is this card still a best buy?

I would say yes. The "best buy" status is already based on paying it off in full every month. All the new term means is that if you've nothing else on the card then once every 5 months (to be on the safe side) you need to make 1 purchase on it. Personally I'd set up the direct debit and then just use it for one Xmas present, one Easter egg, and then my holiday spending in the summer.