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Genuine 0% credit cards 'dwindling'
29 February 2008
The number of credit cards offering nought per cent balance-transfer deals has halved over the past year, according to one financial website.
Last year there were more than 200 credit cards offering the deal, but the number has drastically shrunk.
And of those, there are only about 25 that genuinely offer what they say, claimed Fool.co.uk.
To count as genuine, the cards must offer the deals for at least ten months if they charge a joining fee.
Of those that the site considered genuine, the lowest fee was 2.5 per cent which both the Royal Bank of Scotland and Abbey offer for 13 months.
David Kuo, head of personal finance at Fool.co.uk, says: "One area of lending that is still going strong is the nought per cent balance-transfer credit card. There are plenty of deals available, though not all deals are always what they appear to be.
"Consumers who intend to use nought per cent balance-transfer cards need to be aware that while there may be a plethora of cards, there are effectively only nine genuine cards that will do what they say on the tin.
"As always there are no free lunches in finance, and what appear to be free lunches normally come with strings attached."
