After a year of unattractive credit card deals, competition in the UK market is increasing once again, it has been claimed.
Writing for Money Week, Ruth Jackson explained that Britons with small debts they are keen to pay down fast should take comfort in the fact that several new zero per cent balance transfer deals have climbed to the top of the best-buy charts.
"It means they can shift them on to a zero per cent transfer credit card and then pay it off in manageable chunks each month - interest free," Ms Jackson said.
Meanwhile, consumers with large debts that they are unable to pay off quickly are advised to opt for the "longest zero per cent deal " they can find.
They should start with the Clydesdale and Yorkshire bank credit cards because these offer zero per cent interest on balance transfers for 16 months, she said.
However, Britons who know they will not be able to clear their debt in 16 months should consider a 'life-of-balance' deal instead, according to Ms Jackson.
The latest data from Barclaycard Global Payment Acceptance claimed recently that spending on debit and credit cards in April was broadly flat.
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Competition in UK credit card market is rising
Wed, 19 May 2010
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