UK Money News
14th February 2008
Lenders more cautious over 0% balance transfers
Lenders are becoming increasingly cautious over taking on customers for zero per cent balance transfers, a price comparison site has claimed.
According to Samantha Owens, head of personal finance at Moneyfacts.co.uk, ostensibly customers have more choice over zero per cent balance transfers than ever, with the time period over which the zero per cent rate is offered in many cases having been extended.
However, attempting to secure these deals has become harder recently as a result of credit card providers tightening their lending criteria, she said.
"Whilst this increase in the length of balance transfer offer appears good news for financially stretched consumers, the reality is somewhat different than a few years ago.
"The downside is that balance transfer fees have increased with many being uncapped, lenders have tightened up their credit scoring criteria, so you need an almost spotless credit history to get your hands on one of these deals," she said.
Lenders are also charging higher charges for balance transfers, many of which are uncapped, Ms Owens added.
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