New 0% deals from HSBC

Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “New cards from HSBC combine market leading 0% purchase or balance transfer deals, with either a lifetime balance transfer deal or a limited 3-month 0% purchase deal. Offering 12 months 0% on purchases for phone or branch applications leads the market, followed closely by 10-month deals from Sky and Sainsbury’s Bank. While the online card offering 12 months 0% on balance transfers enters at number three in the Moneyfacts.co.uk best buy charts.

“It has been some time since we have seen the moneyfacts.co.uk best buy charts dominated by 0% balance transfer deals of 12 months or longer – the competition for this market has really intensified since the start of 2007.

“However this level of competition has not been reflected for introductory rate purchase deals, while there are still some great deals available, including the new 12 month offer from HSBC, the market is far less buoyant than for balance transfers.

“When choosing 0% credit card ensure you get one that matches your needs, to make the most of your deal don’t mix your spending, keep separate cards for your purchases and balance transfers, and if you travel abroad regularly, perhaps look at a third card that gives you a good deal for foreign transactions.”