Credit card holders struck with high interest rates after 0% balance transfer deal ends

11/06/2008

Credit card holders whose 0% balance transfer deals have expired need to keep an eye on their interest payments which might be raised, the financial services website MoneyExpert.com explains further.

Towards the start of 2008, the average standard APR on balance transfers had risen to almost 0.75 per cent, from 15.35 per cent to the current 16.1 per cent.

Over 23 credit cards charged 18.9 per cent, Northern Bank's Platinum Credit Card charges rounded at much as 39.6 per cent, soon as the zero per cent balance transfer deal had finished.

The UK market holds 180 zero per cent balance transfer credit card deals. MoneyExpert.com advises consumers to watch out on their credit card deals and repay any outstanding balances before the deal expires.

Sean Gardner, director of MoneyExpert.com commented: "Credit card companies continue to offer good, lengthy 0 per cent card deals on balance transfers, and customers should continue to take advantage of them."

"Paying off the credit card is more difficult which means you'll have to rely on the standard APR of your credit card provider."