Credit card market still competitive, says expert

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Credit card market still competitive, says expert

Mon, 16 Jun 2008

Although the mortgage market may appear to be becoming less accessible, one expert has suggested that credit card providers are still offering good deals.

Steve Wiley, head of credit cards at moneysupermarket.com, said that Virgin, Capital One and Barclaycard continue to offer balance transfer deals.

The expert said that the availability of new offers is "great news" for consumers seeking a new balance transfer deal on their credit card .

"However, the recent tightening of lending criteria by many lenders means all but those with the most gleaming credit profiles are accepted," he explained.

Consequently, credit card providers are "having to work harder" to attract the most suitable customers, he added.

Last month, David Kuo, head of personal finance at Fool.co.uk, said that credit card companies do want to offer credit but "only have so much money to lend."

As a result, providers are now having to compare people to decide who they ought to lend to.

Research from MoneyExpert.com in April revealed that 1.8 million people had their credit card limit reduced in the preceding six months.