A credit card has been launched by the Internet giant amazon.co.uk.

What does it offer?

A nine-month interest-free period for purchases and 0% on balance transfers for 12 months is being offered by Amazon credit card.

You will be given £15 credit

After that the rate would be 16.9% APR and £15 credit would be given to you if you would use the card within 180 days plus loyalty points to spend on Amazon.

The card could be used by savvy shoppers in order to spread the cost of Christmas over nine months, with no interest.

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On Tuesday rules have been proposed by the Federal Reserve to end banks’ ability to apply credit card payments to balances having lowest interest rates first, implementing legislation Congress passed in May.

The Fed also proposed that before charging fees for transactions that exceed credit limits creditors obtain consumers’ consent. The Fed said in a statement that restrictions on lending to people under the age of 21 and subprime credit card fees were also included.

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