Record number of zero-interest credit card deals on the market

June 1, 2011

By Liz Parks

There are currently a record number of credit card deals on the market that offer 0 per cent interest for a year or more.

Analysis shows that there are now 54 credit card deals available which offer zero interest for 12 months or longer, up from 39 in 2010 and 24 in 2009.

The longest zero-interest credit card deal is being offered by Barclaycard with its Platinum card, whilst MBNA, Virgin and NatWest are all offering cards with 0 per cent interest for 18 months.

Andrew Hagger, from Moneynet.co.uk, commented to the Daily Mirror, "Card firms can afford these record-breaking deals because borrowing costs are low, they can be selective and offer smaller credit limits to keep costs to a minimum.

"But offering long-term 0 per cent deals generates massive free advertising exposure via the best-buy tables."

The best way to use 0 per cent interest credit cards is widely agreed to be to pay off debt at a cheaper rate, rather than to run further debts up on. Users are also advised to make sure they pay on time each month, as just one late or missed payment could result in the zero-interest deal being withdrawn altogether.