Related Credit Card Article

"Impressive credit card offers seen in July"

By Reno | August 5th, 2010 | General

According to a financial industry website there were some great introductory offers on credit cards in the UK for the month of July, with interest free introductory offers on credit cards for the month said to be better than ever. The claim was made by officials from financial website Moneysupermarket.com, with officials stating that renewed competition in the market has resulted in more competitive deals being launched.

The news is good for the many consumers who may have struggled to find a competitive credit card deal over the past couple of years, where the global financial crisis and difficult economic climate has resulted in restricted access to financial deals and packages.

Moneysupermarket.com reports that the increased competition within the credit card sector has seen the average interest free period on balance transfer credit cards increase to 15.4 months, and this is close to three months longer than the average interest free period seen in July of 2007, which was before the global financial crisis really took a hold.

There has also been an increase in the average interest free period on purchase credit cards, with the average period increasing to 12.2 months, whereas three years ago the average period was just 10.8 months. However, whilst the financial group said that these deals would come as good news to many it also said that consumers should watch out for higher standard interest rates.

Moneysupermarket’s Kevin Mountford said:”This is clearly great news and consumers should jump at the chance to get the longest 0% deal available.” He added: “When it comes to borrowing money either through a balance transfer or purchase card, consumers must therefore be extremely disciplined about payments and realistically plan their budget for repaying the debts they owe.”

Tags: Credit Cards, Balance transfer, purchase, interest

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