MoneyExpert: Balance transfer borrowers facing clampdown

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MoneyExpert: Balance transfer borrowers facing clampdown

Credit card firms are starting to clamp down on borrowers seeking to capitalise on balance transfer offers, according to MoneyExpert.

The finance website found that the overall number of zero per cent balance transfer deals has been reduced over the past year.

While 82 per cent of companies offered them in October 2007, just 75 do so now.

A year ago there were 103 cards with balance transfer periods of ten months or more, but the figure today is 97.

Overall, the average introductionary period has gone from 10.1 months to 9.5, MoneyExpert said.

It predicts the market to become even smaller as more card firms withdraw offers and become more careful about borrowers and conditions of lending.

Earlier this week, MoneyExpert praised a new credit card by Abbey which offers benefits on "essentials".

Sean Gardner of MoneyExpert said the card's cashback was "one of the stronger offers" available and could bring a lot of benefits in rewards for holders whose lifestyles make use of them.

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