0 percent credit card deals may disappear

Published on 1 January 1970 by Raffick Marday

New reforms in the credit card industry could mean that credit cards offering zero per cent interest deals on balance transfers may disappear.

The deals have long been used by card companies to attract new business, but changes to the way that interest is paid off means that the deals are now less useful for the banks.

As part of a voluntary deal card companies now use repayments to pay back the most expensive debt first, potentially saving consumers 300 million pounds a year.

The changes mean that instead of using zero per cent transfer offers, it's likely that banks will now switch to alternative methods of attracting new customers.

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