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Credit card customers 'can find longer balance transfer deals'

By Sarah Engle, Thu 4 Sep 2008 - Published in Credit Cards

People with credit cards looking for a balance transfer deal are "in luck", Moneyfacts has said.

According to the finance information provider, the longest zero per cent deals for terms of 12 months or more on a credit card have increased by 11.4 per cent since August last year.

The length of zero per cent deals for five months or less have also increased by 0.7 per cent.

But for credit card deals between six and eight months, or nine to 11, there have been respective decreases of 4.1 per cent and eight per cent.

A spokesperson for Moneyfacts said it was "great news for consumers" as they have more time to reduce their debt and therefore fewer stains on their credit history.

But the spokesperson also warned that it was not known how many people are accepted for the deals and that interest rates may be higher once the deal ends.

Meanwhile, research from uSwitch.com found that 3.4 million credit card customers could take up to 31 years to repay their average balance of £1,384.