Interest-free credit card transfers at a record low
Credit card borrowers who rely on shifting their debt from one interest-free deal to another could face a tougher struggle, as the number of balance transfer offers with this feature has fallen to a record low, according to a website.
The findings from Moneyfacts.co.uk could spell higher costs for people in persistent debt - many of whom may be used to jumping from one 0% deal to another when their initial interest-free period ends.
Moneyfacts, whose credit card data goes back to 2006, said the number of balance transfer deals on the market which have an introductory zero-interest period has fallen to its lowest level, standing at 87 in September, down from 101 in June.
Interest-free balance transfers are a way to make the cost of debts cheaper. They allow people to move old debts to a new card, with 0% interest for a set period.
This helps to keep the cost of the debt down, although any fees for transferring the balance need to be weighed up.