Britons could find that they save a collective £8.5 billion by taking advantage of 0% credit cards, it has been claimed.
Price comparison company moneysupermarket.com said the 0% credit cards for purchases are popular in the marketplace and could be used to a consumer's advantage.
According to the company, nine of the 50 credit card providers that offer 0% credit cards for purchases do so for a 12-month period - compared with the average of three to six months - potentially saving money in the process.
Rob Kenley, head of credit cards at moneysupermarket.com, said: "Using a credit card with a 0% purchase offer and investing the equivalent amount of money in a savings or current account is an extreme case of banks paying us for our business."
He added that an additional benefit is the absence of fees from 0% credit cards, both those for purchases and balance transfer cards.
The phenomenon of 0% credit cards for balance transfer that sprung up in the industry led to the rise of rate-tarts - where consumers would switch between products - and led to some providers scrapping their balance transfer cards.
News Side
0 per cent credit cards could save cash, expert claims
Tue, 17 Jul 2007
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