Credit cards offer more 0% deals

A RECORD number of credit cards are offering interest-free deals of 12 months or more, according to new research.

There are now 54 credit cards with an interest free balance transfer term of at least a year, Moneynet.co.uk figures show.

The average term of a 0 per cent balance transfer deal is now 12.16 months, up from 9.87 months this time last year.

The surge in balance transfer offers is due largely to new consumer credit rules under which lenders only have to offer their best deals to 51 per cent of applicants, down from the previous threshold of 66 per cent of customers, enabling them to be more selective in the availability of their most competitive rates.