MoneyExpert.com: Credit Card applications up

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MoneyExpert.com: Credit Card applications up

Tue 9th Dec 2008

Research conducted by MoneyExpert.com has shown that the numbers of applications for interest-free credit cards rose significantly in November.

MoneyExpert.com reported a 22 per cent increase in the number of applications from October, which represents a 15.6 per cent rise over the same period last year.

According to the independent financial comparison site this could be because shoppers are seeking to make their Christmas present purchases on credit cards, taking advantage of the interest-free introductory offers.

Sean Gardner, director of MoneyExpert.com, said: "It can make financial sense to cash in by taking out interest-free cards and then paying them off."

However, he added: "The fear must be that people are having one last turn on the credit card merry-go-round before it comes grinding to a halt."

Recently, Sainsbury's Bank reported that people were spending more money at an earlier stage in the Christmas period, suggesting that some people may be budgeting better by spreading their spending out.

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