Some recently launched 0% credit cards may not provide consumers with as good a deal as they think they will get, one website has warned.
According to price comparison site uSwitch.com, the 13-month 0% credit card deals offered by Mint NatWest and the Royal Bank of Scotland (RBS) are no exception to a trend which has seen providers ensure that consumers incur interest on purchases made at the end of the three month new purchase period.
Mike Naylor, personal finance expert at uSwitch.com, said: "Whilst any deal that offers consumers 0% on balance transfers for 13 months should be commended, these deals do need to be treated with caution for anyone considering using them for purchases."
However, he added that Mint's deal offered one of the longest interest-free periods on both facilities and coupled with a reduced balance transfer fee, amounts to a "pretty good deal".
NatWest and RBS are offering a low transfer rate and an annual percentage rate cheaper than that offered by Mint, but consumers should consider whether it is worth opting for the cost of holding a packaged account, Mr Naylor cautioned.
Earlier this month, HSBC launched two 0% credit cards, one available over the phone and the other offered online.
News Side
Consumer caution urged for 0 per cent credit card offers
Wed, 23 May 2007
Recommended links
Find the best credit card rates in the UKCompare today's top credit card deals
0% credit card deals
Balance transfer cards
Credit card search and comparison tool
HSBC 0 per cent credit cards assessed
Credit card provider pledges GBP1m green donation
news content
Search
