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0% interest offered by credit card providers 'so people will use their services'

Credit card providers offer 0% interest on cards so people will use their services, it has been suggested.

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26 August 2009

0% interest offered by credit card providers 'so people will use their services'”

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The credit card providers hope after the 0% interest period is over, people will stay with them, according to The Mirror.

An offer of 0% interest "is fantastic and it is the best deal going", the paper said and so should be looked at in context.

For credit card holders who use their card wisely and make constant repayments, the cards can be useful and worth considering.

However, the paper warned credit card providers do not offer the rate so that card holders can enjoy themselves; the card providers also want to make money.

The Tesco Clubcard credit card is currently one such card which offers 0% interest on all purchases for 12 months from the date on which the account is opened.

Card holders also receive 0% on balance transfers for six months from the account opening date, with a 2% fee on all balances transferred in the first four months.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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