UK Money News
16th June 2008
Credit card firms sweetening terms to attract customers
Borrowers are being offered increasingly attractive terms on credit cards, a price comparison site has claimed.
A survey of the credit card market conducted by moneysupermarket.com found that there are now 40 credit cards offering zero per cent balance transfers of 12 months or longer.
Of these Virgin, Capital One and Barclaycard are the forerunners, with features such as 14-15 month zero per cent balance deals and balance transfer fees of three per cent.
However, consumers should not expect to qualify for the best deals, unless their credit ratings are blemish-free, warned Steve Willey, head of credit cards at the site.
He commented: "All of this is great news for consumers looking for a new credit card to transfer a balance. However, the recent tightening of lending criteria by many lenders means all but those with the most gleaming credit profiles are accepted.
"As a result, the battle for the 'best' customers means that credit card providers are having to work harder to attract and retain them."
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