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Credit card rivals could capitalise on move, expert states

Mon, 10 Nov 2008

The fact that Capital One has decided to move away from offering long-term zero per cent credit card deals could present an opportunity for its rivals, according to one expert.

According to Peter Harrison, credit card expert at Moneysupermarket.com, Barclaycard, first direct and Virgin could all profit from the situation.

He explained that both Barclaycard and first direct have credit cards which offer zero per cent purchase deals that last for a year, while Virgin offers has a zero per cent balance transfer deal which lasts 16 months.

"Those who do take advantage of the Virgin balance transfer offer should avoid making any purchases on the card though, or they will face a nasty interest shock," Mr Harrison said.

Last week, a study by MoneyExpert.com revealed that credit card firms are reducing the number and length of balance transfer deals they offer.

Now, 75 per cent of credit card companies offer a zero per cent transfer deal, compared with 82 per cent at the same time last year.
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