0% credit card transfer deals
Could now be a good time to consider a 0% balance transfer cards?
These cards enable people to cut the cost of borrowing by moving existing card debt on to another card which charges at a low rate or no interest at all for a specified period.
And at the moment, credit card customers looking to shift debt to a new provider are being offered interest-free balance transfer terms averaging a record length of 590 days
According to figures from Moneyfacts.co.uk, across the credit card market, the average 0% interest introductory balance transfer term has increased from 468 days a year ago, up to the 590 days now.
This average is the highest Moneyfacts has recorded in its data going back to 2006.
This means balance transfer customers can get a 590-day period when they will not be charged interest on debt they have transferred onto a new card from elsewhere.