22 June 2006
New research has revealed that introductory interest free offers on credit cards vary hugely.
Of the 66 cards offering 0% interest deals, only six credit cards were found to have an opening 0% APR period of ten months or more.
The study, commissioned by Sainsbury's Bank, also found that the average 0% opening deal was around six and a half months.
"There is a huge choice of cards offering interest-free periods on purchases, but the length of these varies a great deal," said Donald Macleod, credit cards manager at Sainsbury's Bank.
"By offering some of the longest periods available, we are giving our customers greater flexibility in how they manage their purchases, enabling them to spread the cost of larger items such as holidays or furniture for the home."
The bank said that customers also had to be wary of charges that are sometimes imposed when switching cards. Its research found that four out of ten cards now require a fee for those transferring their balance of up to 3% of the amount transferred.
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