Excellent credit histories needed to get leading cards in 2009
Great credit histories are going to be a requirement for people looking to get their hands on top credit cards next year, it has been suggested.
Peter Harrison, head of credit cards at moneysupermarket.com, states with fewer providers offering zero per cent introductory offers, there is likely to be a greater focus on acquiring clients over a lengthier period of time.
He explains there has recently been an announcement about card providers sharing information relating to usage behaviour as part of efforts to promote responsible lending, adding this will make it harder for people who have been able to transfer their balances at zero per cent in the past.
"I believe interest rates for credit cards will remain the same next year despite the lower base rate and we will also see an increase in balance transfer fees," the industry expert concludes.
The Bank of England is due to make its next decision on the base rate on January 8th 2009.
It currently stands at two per cent.
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