May Madness as new credit card deals break?

15th May 2011  

The commentary in our esteemed ‘quality’ newspapers this week has been a repetitive moaning and groaning about steadily increasing credit card interest rates so it’s great that Cardchoices can be the first to bring you news that from today there are 3 sparkling new credit card offers on the UK market. You won’t find these deals listed on other credit card comparison websites today, but I expect they’ll catch up later in the week.

Tesco Bank has stretched its 0% on purchases offer even further from today, offering a chunky 0% for 15 months on new purchases, matching its High Street rival Marks and Spencer’s 0% on purchases deal. But as ever Tesco has gone that bit further as with the Tesco Clubcard Credit Card which still offers an excellent 0% balance transfer (BT) deal of 0% for 9 months (with a 2.9% fee) which the M&S card can’t match. Both offer brand reward points based on your spend.

NatWest has really rolled its sleeves up to go head to head with the big boys in the BT market by drawing out its best balance transfer deal to 18 months on its Platinum Card from today. That alone promotes it straight into a top 3 position, but they’ve also reduced the BT fee by 1% moving it up to number 2 position in our BT tables. More good news, they’ve also increased the period of their simultaneous ‘0% on purchases’ offer to 6 (from 3 months).

This reflects the fact that consumers carrying balances on their cards are currently highly focused on hunting around for the best BT deal due to bad news about interest rates recovering and the effect that will have on all forms of borrowing where variable rates apply.

NatWest’s owners, Royal Bank of Scotland, have brought their Platinum Card offer into line with the NatWest deal.

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