Competition in the credit card market is stretched out

Competition in the credit card market is stretched out

credit cardsInterest rates on credit cards can stress credit card users out, but what if there was interest free for 36 months?  Would this change the way users view credit cards.  In the U.K. there is a new transfer deal of a zero per cent interest rate on plastic for almost 3 years.

Owing simply the principal balance on a credit card and no additional interest fees for the first 36 months is a huge weight lifted off user’s shoulders.

Australian Securities and Investments Commission’s MoneySmart suggests

“Check the conditions of the balance transfer deal to see what rate applies once the balance transfer period is over to avoid any nasty surprises,’’ she said.

“Make sure you have a plan in place to pay off your credit card before the balance transfer period is over.’’

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Picture by oehlerlaw.net

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