Moneyfacts.co.uk notes renewed credit card competition

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Moneyfacts.co.uk notes renewed credit card competition

Wed 9th Jun 2010

Consumers with credit card debt can find some attractive deals on the market, according to Moneyfacts.co.uk.

Michelle Slade, spokesperson for the website, claimed competition has returned to the credit card industry after a difficult period during the recession.

She highlighted the results of an Office of Fair Trading study as a landmark, since it led to credit card providers having to reverse their negative payment order by the end of the year.

Ms Slade accepted that this may push up interest rates in the future, as companies look to other revenue sources.

But she added: "Customers looking to make new purchases can find cards offering no interest for a year. Customers needing to repay existing debt can find deals charging no interest for 16 months."

Last month, Moneyfacts.co.uk noted rising levels of inflation in the UK are not helping savers to increase return from their capital and suggested it could lead to an increase in the central base rate.

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