The case for having more than one credit card

24 May 2007
Mint, NatWest and the Royal Bank of Scotland have all announced the introduction of new credit card deals offering zero per cent APR on balance transfers for 13 months.

The Mint card, which also offers zero per cent APR on new purchases until January 1st 2008, twins a long interest-free balance transfer period with a lengthy interest-free period on new purchases, commented uSwitch.com's personal finance expert Mike Naylor.

The NatWest and RBS cards, meanwhile, offer only three months interest-free on new purchases, although their typical APR is just 13.9 per cent compared to Mint's 14.9 per cent.

A customer could cancel out their savings on zero per cent balance transfers with new purchase APRs, Mike Naylor remarked.

The best deal for customers may be to "use two cards", he stressed, "one for balance transfers and one for new purchases".

His advice comes as credit card industry spokesperson Andrew Greenyer, vice president of international marketing at Group 1 Software, commented that the credit card industry was in good health.

It is "entirely right that credit card users should have access to a highly competitive market" in which they have maximum choice, he wrote in a letter to the Financial Times.

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