Related Credit Card Article

"Consumers will struggle to get interest free credit card deals"

By admin | October 21st, 2008 | Credit Cards

Recent reports have indicated that consumers these days will have a hard time trying for find interest free deals on credit cards as a result of the global credit crunch and the difficulties that have arisen from the credit squeeze. Whereas in the past many consumers with fairly decent credit could switch cards on a regular basis in order to keep an interest free period going for as long as possible, this will no longer be an option for many due to the lack of availability and accessibility on all types of finances, including credit cards.

It is thought that many credit card holders are due to see their interest free periods on their credit cards expire soon, with around five million people thought to have transferred their credit card balances onto a 0% card between April and November of last year. When their interest free period comes to an end many of these people will find it impossible to get another interest free credit card deal in the current financial climate, particularly if they have any blemishes on their credit files.

One industry expert stated: ‘The market is fracturing into the haves and the have-nots. Those with a good credit history and whose income is keeping pace with their spending can still get attractive, interest free deals, but those who have any signs of distress on their credit record will struggle.’

Another official added: ‘There are still some great interest free balance transfer deals available but not everyone is going to get them.’

One official also said: ‘In the past, some people who have found a zero per cent deal have treated the card as a place to park their debt and forget about it. Now, like it or not, we’re moving into an era where you will need to chip away at your debt to stay on top of it.’

Tags: interest free credit cards

Related Articles:

• Borrowers with interest free credit cards urged to repay balance early

  Industry officials have said that it has become increasingly important for those with interest free credit cards to ensure that they repay the balance on their cards in full within the interest free period, and this is because of a sting in the tail that has been highlighted in a recent report. There are many different...

• Number of balance transfer deals halved in four years

  It has been claimed in a recent report that the number of balance transfer deals available in the UK has halved. Balance transfer deals became very popular over the years, as they enabled those with high interest existing credit card debt to transfer the high interest balances onto a 0 percent credit card, which would...

• Credit card customers urged to make note of when deal ends

  Credit card customers in the UK are being urged to bear in mind when any special deals come to an end so that they do not get caught out with high interest payments. This is especially important for those that have taken out interest free purchase credit cards or interest free balance transfer cards, as...

• Increase in availability of interest free credit cards

  A recent report has claimed that the number of interest free balance transfer credit cards is on the increase, with lenders now competing to help consumers to clear their debts as cheaply as possible. Figures have shown that many customers are struggling with their existing credit card debts, and this means that a rising number...

• Consumers told they could benefit from transferring balances

  Industry experts have stated that many consumers could benefit from transferring their balances from high interest credit cards onto 0% balance transfer credit cards in the run up to Christmas, which could potentially save them a small fortune in interest at a time when finances may be tight. According to officials from APACS, the payment...

Other Recent Articles

Use of credit cards declines whilst payday loans increase

It seems that many consumers may have switching from spending on credit card that can sometimes come with high rates...

By Reno | February 10, 2012 | Read More

Useful Tips for Credit Card Holders

Modern technology offers comfort and convenience that is often helpful for people in a fast paced everyday living. With just...

By admin | February 7, 2012 | Read More

Credit card decision by Lloyds could have serious effect on charities

For many years now, a range of leading and well known charities have been able to boost the levels of...

By Reno | January 28, 2012 | Read More

Many have to rely on credit cards to make ends meet

There was a time when people had credit cards to enable them to pay for occasional larger, more expensive items...

By Reno | January 26, 2012 | Read More

Brits increasingly dissatisfied with credit card providers

According to recent reports, Brits are becoming increasingly dissatisfied with their credit card providers, particularly in the case of the...

By Reno | January 20, 2012 | Read More