Zero per cent credit cards are getting more popular

It seems that the recent credit crunch did not affect the market for balance transfer credit cards with zero per cent interest, as mentioned by a new report.

Moneysupermarket.com released some ambiguous data indicating that a total of 40 different credit cards now offer zero per cent balance transfer deals that last more than 12 months.

Steve Willey, the head of credit cards at moneysupermarket.com, explained that some lenders are currently offering 17months deals and opportunities for consumers who are troubled by the slowing down of 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."

A recent study from AXA came to the conclusion that almost half (44 per cent) of teenagers in the UK plan to take out credit cards when they are able to.