New credit card from Sygma takes the plaudits - Credit cards - News - Moneyfacts

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New credit card from Sygma takes the plaudits

New credit card from Sygma takes the plaudits

Category: Credit cards

Updated: 04/04/2011
First Published: 06/07/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Sygma Bank UK has burst onto the bustling credit card market with a product that sits just below the market leader in its field.

The Creation Credit Card MasterCard offers introductory purchases at 0% for three months and introductory balance transfers of 0% for 15 months.

A balance fee of 2.98% (minimum £3.00) is payable on all balances transferred during the introductory period.

It also charges 1.316% per month, 16.9% APR on standard purchases and 1.74% per month, 22.9% per annum on cash advances.

While the standard purchase rate is roughly in line with the market average and the introductory purchase deal is relatively short, the card does benefit from a very generous term for balance, which is just one month shy of the market leading term of 16 months.

Anyone transferring a balance onto the card should be wary of additional spending, as due to the card's negative payment hierarchy, this will negate the benefit of the debt transfer.

Four out of five Moneyfacts stars have been awarded.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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