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Credit card customers should stay aware of rates

Tue, 10 Jun 2008

According to financial services website MoneyExpert.com, UK consumers with credit cards need to pay attention when their zero per cent balance transfer deal comes to an end, or they could end up paying more than expected.

Average APRs on balance transfers have surged across the board, with some credit cards charging extortionate interest rates . Research by MoneyExpert found that the credit card market provides almost 200 different zero per cent balance transfer credit card offers, most lasting some 10 months.

The website advises consumers to make sure they pay off outstanding balances before the deal expire. Sean Gardner of MoneyExpert was reported as commenting: " Credit card companies continue to offer good, lengthy 0 per cent card deals on balance transfers, and customers should continue to take advantage of them. However part of the consideration process should be the go-to rate, particularly as more and more people will not be in a position to clear their balance in full once their deal expires. As money is tight, paying off the credit card is more difficult and that means you'll have to rely on the standard APR of your credit card provider, or of course switch again."
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