Borrowers looking to transfer existing debts to a credit card with a 0% interest offer will find there are less suitable cards than pre-Covid-19 – and those that are available come with shorter 0% interest periods.

Research by Moneycomms found that Barclaycard has taken the biggest step back and cut its longest 0% balance transfer term from 27 months to just 18 months. Halifax and Virgin Money have both chopped their 29-month offers back to 22 months.

MBNA, Sainsbury’s Bank and Tesco Bank were all offering 29 months interest-free on balance transfers in March, but all of these deals have now been dropped to 26 months.

Andrew Hagger, founder of Moneycomms, said: “The coronavirus pandemic has changed the credit landscape almost overnight, with lenders wary of a deep recession and a surge in unemployment in the months ahead.

“Card companies will be ultra-cautious knowing there will be a wave of defaults and bad debts on the horizon once the furlough scheme winds down and the repayment holidays come to an end.

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“For borrowers who have been shifting balances from card to card over the last few years, the choice of new deals and length of deals are dwindling on a weekly basis and many may struggle to switch again when their current 0% deal expires. Those heady days when you could get 43 months interest free are long gone.

“The longest 0% BT deals still available are from NatWest, TSB and M&S Bank, all currently offering interest free card switching for 28 months, however the way the market is moving, these deals could well be trimmed back in the coming weeks.”