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Longest ever 0% balance transfer deal launched
Barclaycard has increased the length of its 0% balance transfer deal to 17 months, making it the longest 0% balance transfer deal ever offered.
On a £1,000 balance at the average rate of 18.8% APR, a customer would pay £220* in interest over 17 months.
*Assuming minimum repayment made of 2.5%, minimum £5.
The number of longer term 0% balance transfer deals fell when the credit crisis hit, but over the last year the number and length of the balance transfer deals has steadily increased.
|
Number of 0% balance transfer cards |
Total |
|||||
12 months |
13 months |
14 months |
15 months |
16 months |
17 months |
||
December 2010 |
51 |
8 |
0 |
6 |
8 |
1 |
74 |
December 2009 |
50 |
7 |
1 |
6 |
1 |
0 |
65 |
December 2008 |
44 |
6 |
5 |
1 |
1 |
0 |
57 |
December 2007 |
57 |
14 |
13 |
2 |
0 |
0 |
86 |
Source: Moneyfacts.co.uk 30.12.10 |
|||||||
Michelle Slade, spokesperson for Moneyfacts.co.uk, commented:
“The launch of the longest ever 0% balance transfer deal will be welcome news for customers who may have overspent on their cards at Christmas.
“The average rate charged on a credit card is 18.8%, making it the one of the most expensive ways to borrow.
“The average credit card rate has continued to rise in recent years, despite bank base rate being at an all time low.
“When household budgets are stretched, the first thing customers forgo is unsecured borrowing and this increased risk is passed on through higher rates.
“Competition has returned to the credit card market, bringing with it competitive deals for customers.
“A third more 0% balance transfer deals of 12 months and upwards, are on the market today compared with two years ago.
“While and increased number of deals are on the market, credit card companies remain risk adverse and only applicants with exemplary credit files are likely to be accepted.”Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
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