Natwest, RBS and Capital One scrap 0% balance transfer deals

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Natwest, RBS and Capital One scrap 0% balance transfer deals

Wed 12th Nov 2008

Natwest, the Royal Bank of Scotland and Capital One are among the big name banks which have changed the conditions of the zero per cent balance transfer deals they offer to credit card holders.

The three, along with MINT, have completely withdrawn their zero balance transfer deals, meaning that customers now have to pay back their credit card debt immediately to avoid incurring interest.

Figures released today by Moneyfacts reveal that various other big name providers, including Abbey, Halifax, Sainsbury's Finance and Sky have reduced the time period during which consumers pay no interest on their purchases.

Michelle Slade, an analyst at Moneyfacts, counselled consumers to search for deals elsewhere, but warned that many other banks may soon follow suit.

She said: "These deals are starting to reduce fast and consumers could find they have no where left to switch their debt too and will have no choice but to pay the higher APR."

This latest move to tighten up lending terms by banks comes after research by Abbey revealed that Brits' disposable income had dropped by nearly 30 per cent in three years.

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