Moneynet says zero per cent balance transfers have fallen
www.moneynews.co.uk > Credit cards > Moneynet says zero per cent balance transfers have fallen
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Moneynet says zero per cent balance transfers have fallen
Thu 3rd Sep 2009
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Andrew Hagger from the comparison site noted that there are now 24 of this type of credit card deal around, whereas a year ago there were 39.
He claimed that this is because people are defaulting on their credit cards, which is affecting the profit margins that the lenders want to enjoy.
"It's not just the total number of zero per cent balance transfer cards that have fallen away, but we've also seen the number of longer-term offers chopped too," he added.
Mr Hagger warned that lenders have started to become more cautious when handing out the most competitive deals, so having a good credit record is a real positive right now.
Last month, he predicted that fixed-rate savings interest rated would continue to increase, but he recommended splitting your money between several separate accounts.
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