Intelligent Finance has launched a credit card that charges the flat rate of 8.9 per cent annual percentage rate (APR) variable for all transactions.
Transactions covered by the flat rate include cash withdrawals, balance transfers and purchases.
There is also a 59-day grace period for credit card bill payments which Intelligent Finance claims is the longest time on offer in the credit card market.
Nick Robinson, managing director of Intelligent Finance, commented: “There is a growing trend towards standard rate credit cards and we are responding to that demand.
“Like all our products, it has been designed to help people manage their finances more intelligently.”
The card comes with no annual fee and is equipped with chip and pin technology.
Credit card providers are moving away from zero per cent rate offers and instead offering more competitive fixed rates after suffering financial losses.
There is also pressure on the industry to encourage responsible borrowing rather than short-lived deals.
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