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Credit card 0 per cent balance transfers to get competitive

Mon, 15 Sep 2008

In the wake of Barclays cutting their transfer fees, it appears that this area of the market will be the new credit card battleground to secure customers. With 0 per cent balance transfer deals saturating credit card markets, transfer fees could be the next are in which credit card companies make cuts.

Sean Gardner, the director of MoneyExpert.com, reportedly said: "The best-buy tables have been dominated over the last couple of years by cards offering lengthy 0% balance transfer deals, but there inevitably comes a point when trumping the pack becomes impossible. Deals of around 15 months, from the likes of Virgin Money and Capital One, currently top the table, and it’ll prove very difficult for other providers to better that. What’s far more likely is for cards, such as the OnePulse, to start offering other incentives such as lower fees or cash back options."

According to recent research, the credit card market currently has approximately 182 products with a 0 per cent introductory balance transfer deal on the market. Consumers looking to switch should consider all aspects of a credit card before making a shift.
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