The recession looks to be drawing to a close as credit card providers fight for customers with the introduction of the longest ever 0% deals.
0% interest on debt deals were very common before the big dip, but during the recession, credit card providers cut the length of time offered, as they too felt the pinch.
But now the economy is slowly returning to normal, these firms are back out with their long deals, with one company offering a 20 month deal on the cards.
Financial groups are urging customers to be careful, and not to be fooled by the long lengths of 0% on offer, if the interest rate the other end, or the fee’s involved are high.
The average 0% period on the top five cards has now reached an astonishing 17.8 months, almost a year and a half, and Moneyspuremarket.com say this is the longest ever recorded.
Kevin Mountford from the site warned, “This competition is welcome news for those consumers who are in a position to take advantage of this price war and consolidate any existing credit card balances on to cheaper deals,” he said.
“However, consumers need to be aware that most lenders are giving these deals to customers who have excellent or good credit histories.
“If you fall outside of this category then you may find your options are more limited. Before applying for a credit card, consumers need to check their credit profile and make sure there is no adverse information that would jeopardise their chances of being accepted.”