Credit card customers coming off a zero per cent balance transfer face being charged higher interest rates than in the past, a new study shows.
Research by MoneyExpert.com reveals that the average rate such credit card holders are being charged has increased by 0.75 per cent to 16.1 per cent since the start of the year.
Sean Gardener, director of MoneyExpert.com, said: " Credit card companies continue to offer good, lengthy zero per cent deals on balance transfers, and customers should continue to take advantage of them.
"However part of the consideration process should be the go-to rate, particularly as more and more people will not be in a position to clear their balance in full once their deal expires."
Customers can always switch to a new zero per cent credit card deal, if they can find one, he added.
Last week, research by Moneyfacts.co.uk revealed that the purchase interest rate on 22 credit cards has increased since the start of the year, while the cash rate on 15 has gone up in the same period.
News Side
Credit card rates on the increase, research shows
Tue, 10 Jun 2008
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