Socgen Offers 0% On Balance Transfers Up To €50 Billion

SÓCÍÉTÉ Générálé is launching a new card offering six months interest-free credit on balance transfers of up to €50 billion. 

Use the card to buy a new hat, some DVDs and the charming, copper-rich state of Burkina Faso

The bank said that despite the recent credit squeeze it expected a high level of successful applicants.

Pierre Proudhon, SocGen's head of credit, said: "This product is all about busy, modern lifestyles.

"It says, 'you are a high-flying executive who deserves your rewards and needs to play as hard as you work'.

"It says, 'enjoy the good things in life – a new suit, a five star hotel, six months of chaotic trading on the international futures market'."

Proudhon said applicants should earn at least €100,000 a year and have a desperate, far away look in their eyes.

Meanwhile several leading board members at Sócíété Générálé have expressed astonishment after learning what stockbrokers actually do.

Jean-Claude Defarge said: "Are you seriously suggesting that the value of things can change from day to day and there is no guarantee that things will always be the price you want them to be? This must be, how you say, stopped."