Credit card market 'starting to improve'

By Sarah Engle, Tue 8 Jun 2010 - Published in Credit Cards

The credit card market has shown signs of resurgence over the past few months, a new report has claimed.

Figures from Moneyfacts.co.uk revealed that the number of credit cards with introductory deals offering no interest chargeable on new purchases has risen by 450 per cent in the last year.

The number of introductory offers has jumped from just two 12 months ago to 11 today, the report showed.

In addition, the availability of cards with balance transfer offers has from increased from 60 in 2009 to 72 at the moment, which is a rise of 20 per cent,

Michelle Slade, spokesperson for Moneyfacts.co.uk, commented: "Credit card companies have taken time to assess the market and now feel comfortable with doing business in the current economic environment."

Last week, Moneynet.co.uk spokesperson Andrew Hagger said that taking out a balance transfer card is the cheapest way people can reduce their credit card debt, even if it attracts a one-off transfer fee.

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