The credit card market has seen a resurgence in recent months, it has been claimed.
Moneyfacts, the independent provider of personal finance information, has revealed that in the last year the number of cards charging no interest on new purchases for at least ten months has increased by a staggering 450 per cent.
Furthermore, in the same period, the number of cards offering zero per cent on balance transfers for at least ten months has climbed by 20 per cent.
In spite of this, interest rates charged on cards continue to increase, with the average credit card rate today standing at 18.7 per cent APR.
Michelle Slade, spokesperson for Moneyfacts.co.uk, commented: " Credit card companies have taken time to assess the market and now feel comfortable with doing business in the current economic environment.
"Competition has returned to the credit card market and card providers are actively trying to attract new business."
Egg recently launched a new rewards credit card which gives consumers a typical ten per cent cash-back on purchases from over 1,500 retailers.
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UK credit card market has witnessed a resurgence
Wed, 09 Jun 2010
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