Many more 0% credit cards compared to last year

05/09/2008

According to data from Moneyfacts.co.uk, there are more credit cards available offering 0% balance transfers compared to last year.

At present, almost half of the credit cards on the market; forty-seven per-cent, are offering for a twelve month period to balance transfer at 0%. The figures were lower in August last year where only thirty-six per-cent offered 0% on balance transfers.

This will come as good news for those credit card users who like to switch from card to card to benefit from the zero per-cent deals as consumers will have a longer period of time to pay off their credit card debts.

Analyst Michelle Slade from Moneyfacts.co.uk said "This is great news for consumers as they can have longer to reduce their debt and as a result less marks on their credit file as they wont need to switch as frequently.

"Balance transfer deals are a fantastic way to reduce outgoings as well as reducing the overall interest paid and cutting the time it takes to repay the debt."