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More providers offering 0% balance transfer offers

Credit card users looking to chase the best deals now have a bigger choice of 0% balance transfer offers, a survey has found.

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3 March 2009

More providers offering 0% balance transfer offers”

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MoneyExpert.com discovered the number of credit card providers offering a period of zero interest to consumers has increased from 165 to 179 in the past year, the Press Association reports.

However, the period that offers are valid for has fallen, with only 13 cards currently offering a 0% balance transfer deal for 12 months or more.

The average interest-free period is now nine months, down from 10.4 months in March 2008.

Sean Gardner, director of MoneyExpert.com, said: "The number of long term balance transfer deals is dwindling and overstretched borrowers need to consider their repayment options instead of their next balance transfer."

It is the second warning for credit card holders this week after a survey by GfK for Credit.com revealed more than 66% of respondents were ignorant of changes card companies had recently made to their accounts.

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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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