Financial Services > Credit Cards > Credit Cards News

Credit card firms tightening lending

Thu, 20 Nov 2008

Only people who have been good at dealing with their finances in the past will be able to get a zero per cent credit card now, one expert has warned.

According to Peter Harrison, head of cards and payments at Moneysupermarket.com, credit card providers are tightening their lending criteria, making it harder for consumers to access the cheapest deals.

He stated the move in the credit card market is a sign of a trickle down effect from the wider economy.

"We always said that the loans market is first hit then the mortgage market and now the credit card market is also being hit," Mr Harrison said.

The key area for credit card firms at the moment is profitability, he added.

Recent research by Moneyexpert.com revealed that in October 75 per cent of firms offered zero per cent balance transfer credit cards, compared to 82 per cent at the same time last year.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Choose a credit card

Choose the perfect card

Choose the right credit card for you and apply with confidence.

Choose a credit card