Zero per cent credit card offers ‘on the decrease’

The amount of credit cards available with zero per cent balance transfers is reducing, one personal finance website has claimed.

According to MoneyExpert.com, there has been a seven per cent reduction in the number of firms offering cards with such deals, with 75 per cent of companies having zero per cent balance transer deals available, compared to 82 per cent this time last year.

The news means customers who have been managing their credit card debt by moving the balance between accounts may not be able to do so for much longer.

And the introductory period for zero per cent transfer deals that are still on the market is also dropping, with 9.5 months now being the average amount customers can expect to receive.

“In the coming months it’s going to become increasingly difficult to refinance your debt at zero per cent interest,” MoneyExpert.com director Sean Gardner warned.

Abbey recently announced a new “essential items” credit card, offering customers three per cent cashback on items such as fuel and groceries.

By Tom Musk