Consider the long-term rate
The number of credit cards offering a standard long-term APR – cards that offer a lower rate over the long term without any introductory 0% offers – has fallen by 35% over the past five years, according to new research from Sainsburys Credit Cards.
The findings show that card providers have continually increased the length of their longest 0% balance transfer or purchase deals during the past five years, whilst reducing the number of standard long-term options available. Five years ago there were 62 cards available (44.0% of those on the market at the time) that offered long-term rates on purchases with no introductory offer. Now there are just 41 cards available with only a long-term rate on purchases (34.8% of those on the market).
Sainsburys Credit Cards is encouraging people to remember that while there are some very attractive introductory offers available, often people forget that when their rate runs out, their remaining balance will move to the go-to rate on the card.