Clydesdale and Yorkshire Banks' Gold Mastercard

Commenting on the launch of Clydesdale and Yorkshire Banks' Gold Mastercard which offers 0 per cent for 16 months on balance transfers, Peter Harrison, credit cards expert at moneysupermarket.com, said: "Yorkshire and Clydesdale banks have not traditionally been proactive players in the credit card best buy tables, so to see them make such a bold move is very pleasing. There has been concern that forthcoming changes to the credit card market would have a negative impact on the balance transfer market with some of the leading players reducing their offers recently. This product launch is a good sign that providers remain keen to compete strongly in the credit cards arena. This new offer takes Clydesdale and Yorkshire Banks straight to the top of the best buys for balance transfer cards, pipping NatWest's Platinum card by one month.

"Sixteen months interest free on balance transfers should enable a good number of credit card users to clear their credit card debt without having to face steep interest rates. Consumers should work out the exact repayments required to clear their debt in 16 months and consider if those repayments can fit within their budget, if you can make the repayments a card like this offers a fantastic opportunity to get back on an even keel."