0% Credit Cards Live On

The death of the 0% offers from credit card companies, for balance transfers and purchases for periods of up to 12 months, has been greatly exaggerated, no matter where you read or see otherwise, how many of you are still receiving these offers in your mail or seeing them in leaflets in the daily papers?

Well no doubt many are nodding in agreement right now and to back up what I have just written, I received 2 invites from different credit cards only this morning through the letter box to add to the others that I have received over the last few months.

You may be thinking then that there must be something in the stories that we are seeing in the press, there is to a certain extent and the papers are not telling you any lies, they are only going on the information that is being put out by companies regarding surveys and any reports.

Though when you look at the people who are carrying out the report in the first place, then you will see who the surveys are done by and basically though the numbers maybe genuine, the way that the credit card company who have carried it out, displays the information gathered, seems to show that the results give the impression that the death knell of the 0% deals are imminent.

Credit card companies are in this to make money, we all know that, but they know that they shot themselves in the foot with the introduction of the 0% balance transfer deals, because they didn’t bargain for the savvy of the customers to turn the tide and use credit cards to their gain, rather than the one way street that has been a way of credit card life up until that point.

Most of the time the argument from the credit card companies has been that, with the 0% deals they were loosing up to a billion pounds a year by offering those deals, but turn it on them and ask yourself, Why don’t they tell you how much they are making from them? Again it is a one way street, it’s poor us we are not making the same amount of profit, so we have to take it back off of you now that we have your custom. Everything that they seem to do is for them and not for the people who they tell you are valued, the customer.

The fact of the matter is that the 0% deals are still out there to be had and some companies are still introducing them to the market as we speak, such as Marks and Spencer, who are just put out a credit card with 0% for 9 months, with no balance transfer fee, so the apparent demise of the 0% credit card deals seems to be a little premature.