Interest-free credit cards more popular, figures show

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Interest-free credit cards more popular, figures show

Wed, 10 Dec 2008

There has been a surge in applications for interest-free credit cards as people prepare for Christmas, new figures show.

Data released by MoneyExpert indicates that there was a 15.6 per cent rise in the number of people applying for such credit cards in November when compared to the same time last year.

According to Sean Gardner, director of MoneyExpert.com, the figures show that people are keen to take advantage of interest-free credit cards while doing their Christmas shopping .

"It can make financial sense to cash in by taking out interest-free cards and then paying them off. But Christmas tends not to be a time for sensible financial planning," he said.

There is a fear that people are taking one last go on the "credit card merry-go-round" before it stops.

Last week, Ed Bowsher, financial expert at Fool.co.uk, warned people against using credit card cheques, pointing out that the products often have high fees attached to them.