Moneysavingexpert.com reveals rise in balance transfer credit cards
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www.creditcards.co.uk Monday, 8 Feb 2010, 4:49pm 
The website says that there are currently seven cards available with a zero per cent period.
The number of interest-free balance transfer credit card deals has increased as more banks offer to clear debt at cheap rates, according to moneysavingexpert.com.
The website has listed seven cards with a 15-month or more zero per cent period, while there was only one such card available this time last year.
In fact, Virgin Money’s 16-month zero per cent rate with a 2.98 per cent fee was the only deal in place in 2009.
In the last few months, however, Barclaycard, First Direct, HSBC, Natwest, Royal Bank of Scotland and Santander have also begun selling credit deals at 15 months.
The website states that irrespective of the fee, balance transfer offers still work out far cheaper than borrowing at standard rates.
Dan Plant, money analyst at moneyexpert.com, explained that consumers are currently able to choose from a number of different offers from banks offering zero per cent deals.
“In the past, Virgin completely dominated the zero per cent balance transfer market but now there are plenty of other alternatives,” he said.
In spite of this, the website emphasised that the present situation is distinctly different from the mid-noughties, when zero per cent deals were often fee-free and available to those with turbulent credit pasts.
Meanwhile, a personal finance expert recently advised Britons to consider taking out the new balance transfer credit card from Barclays.
Jane Baker of lovemoney.com claimed that the bank’s zero per cent balance transfer credit card could help consumers to ease their debt problems.
Posted by Rosie May
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