You are here: Home - Credit Cards & Loans -

Balance transfer market heats up

0
Written by:
16/06/2008

The 0% balance transfer credit card market is surging ahead, in spite of the credit crunch, with 40 cards now offering such deals.

Data from price comparison site Moneysupermarket has revealed there are now 40 credit cards offering 0% balance transfers of 12 months or longer.

Virgin, Capital One and Barclaycard have long been regarded as the fore-runners in the balance transfer market, according to Steve Willey, head of credit cards at Moneysupermarket, and they are still leading the pack, with 15 and 14 month 0% deals. However, both impose balance transfer fees of around 3%.

Willey continued: “Already, this month we have seen Capital One launch a 14 month balance transfer and purchase offer. This week sees Barclaycard launch a 17 month 1.9% balance transfer offer with a slightly lower fee of 2.5%.

“All of this is great news for consumers looking for a new credit card to transfer a balance. However, the recent tightening of lending criteria by many lenders means all but those with the most gleaming credit profiles are accepted. As a result, the battle for the ‘best’ customers means that credit card providers are having to work harder to attract and retain them.”

Related Posts

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Current account rates rising

The average in-credit interest rate on a current account is rising, but too many consumers are still receiving “pitiable rates”,...

Close