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"Increase in availability of interest free credit cards"

By admin | March 13th, 2010 | Balance Transfers

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 of consumers may soon be hunting out the best deals on interest free balance transfer cards so that they can better handle their credit card debt.

According to one financial website, moneysavingexpert.com, there are now seven credit cards that are offering interest free balance transfers for a period of fifteen months or more, and this compares to just one that was listed a year ago.

A number of banks have now started offering long term interest free balance transfer cards, and many will be keen to net as many people as possible out of those that will be looking to transfer balances over the coming months.

For those that are looking to transfer their balances from a high interest credit card to an interest free balance transfer credit card there are a number of things to look at in order to ensure the best deal. This includes the balance transfer fee that the credit card provider charges for transferring a balance, the length of the interest free period being offered, and the eligibility for applying for the credit card.

An official from the website said that last year there was only the Virgin balance transfer credit card that was offering this sort of interest free period, but that the number of cards had now soared.

He said: “In the past, Virgin completely dominated the zero per cent balance transfer market but now there are plenty of other alternatives.”

Tags: Personal finance, credit card, Credit card balance transfer, Credit Cards, debt, moneysavingexpert.com

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