Credit card firms ‘work harder at marketing’

Credit card marketers are having to work harder to retain customers during the credit crunch by offering better and more exclusive deals, one expert has suggested.

According to research by moneysupermarket.com, there are a total of 40 credit cards offering 0 per cent balance transfers for 12 months or more.

Steve Willey, head of credit cards at the price comparison website, observes that Capital One recently stepped up its online marketing campaign by offering an exclusive deal through moneysupermarket.com.

He said Capital One had further strengthened its “position with a 15 month 0 per cent BT offer, although this is only available via moneysupermarket.com”.

Mr Willey added: “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.”

Meanwhile, research by the Motley Foolrecently found that despite new legislation from the Competition Commission, consumers are still being charged up to 50 per cent more interest on store cards compared to credit cards.