Advanzia Bank, a Luxembourg based online direct bank, has partnered with Mastercard to introduce a new credit card for the Spanish market.

The newly launched credit card, known as Tarjeta YOU, offers multiple benefits to users including annual fee exemption, no bank change requirement, and exemption from ATM withdrawal fee worldwide.

The credit card comes with no foreign exchange commission and offers cardholders free travel insurance and purchase insurance.

Furthermore, the card gives users split payment option using which they can choose how much they want to pay immediately and how much to defer until later.

Advanzia CEO Roland Ludwig said: “Tarjeta YOU is based on the same product that we have already successfully rolled out in other European markets, and delivers significant benefits to Spanish consumers. These include an application process that is one of the quickest and simplest in the market, and no fees for withdrawing cash from ATMs worldwide, a feature that is unique in Spain.

“By consistently delivering the same core product values of ease-of-use and no annual fees wherever we operate, Advanzia has experienced impressive growth over the past few years.”

Mastercard Spain business development director Alejandro Banegas said: “We are very pleased to partner with Advanzia in Spain, as this give us the opportunity to strengthen our commitment towards providing innovative payment methods, offering great benefits to our users in combination with absolute payment security.”

The bank has over 1.4 million credit card customers and has achieved a turnover of turnover of €2.9bn last year.

Last year, Catella Bank reached an agreement to sell its card issuing operations to Advanzia Bank for a total consideration of up to SEK360m ($39.74m).

Apart from Luxembourg, the bank also has presence in Germany, Austria, France and Spain. It provides Advanzia co-branded credit cards to over 160 companies and financial institutions.