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Zero per cent credit card deals are not always what they seem

13th January 2014 Print

Credit card wars have seen zero per cent balance transfer offers soar to as long as 30 months – but applicants do not always get exactly what they ask for, according to new findings from Consumer Intelligence.
Its study shows that one in ten (10%) of customers applying for zero per cent balance transfers in the past two years have been offered a shorter introductory period than they expected. That equates to 1.12 million people.
And of those successful with applications 11% have not been allowed to transfer the full amount they requested.
The cut in length of balance transfer periods highlights how, while card firms are legally obliged to offer their advertised APR to at least half of all successful applicants, they are not obliged to offer the full length of the 0% deal to every successful applicant. Indeed many card firms specifically advertise different lengths of zero per cent balance transfer periods.
David Black of Consumer Intelligence said: “The balance transfer wars between credit card providers with card firms competing on length of zero per cent offers and even balance transfer fees has been great news for borrowers.
“However, applicants need to be aware before applying that the best deals are only available to those with good credit histories and that they may not receive precisely what they are applying for.”