More credit cards offer zero per cent deals

The market for zero per cent balance transfer credit cards does not seem to have been affected by the credit crunch, a new report has claimed.

Data released by moneysupermarket.com showed that a total of 40 different credit cards now offer zero per cent balance transfer deals that last more than 12 months.

Steve Willey, head of credit cards at moneysupermarket.com, explained that some lenders are currently offering deals that last as long as 17 months, offering opportunities for consumers worried by the tightening financial markets.

"All of this is great news for consumers looking for a new credit card to transfer a balance," he added.

"However, the recent tightening of lending criteria by many lenders means all but those with the most gleaming credit profiles are accepted.

"As a result, the battle for the ''best'' customers means that credit card providers are having to work harder to attract and retain them."

Recent research from AXA found that nearly half (44 per cent) of teenagers in the UK plan to take out credit cards when they are able to.