'Improved competition' in credit cards market
Wednesday, 12 January 2011 05:06
Those seeking a credit card this month could be set to benefit from improved competition in the market with the length of promotional rates on balance transfers and purchases at a record high.
According to research by Moneysupermarket.com, the average period of time such offers are available for is 16.2 months, an increase of a month in comparison to January 2010.
However, it also indicated the average standard rate on credit cards has risen by 0.85 per cent in the same period while the rate for cash advances has increased by 1.27 per cent.
"Anyone transferring a debt on to a balance transfer card should aim to pay off that debt before the promotional rate expires," advised Kevin Mountford, head of banking at the price comparison website.
Use the <a href="http://www.myfinances.co.uk/loans-and-credit/loans/compare/">myfinances.co.uk comparison site</a> to find the best deal on a credit card.
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