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Brits advised to read the small print on 0% credit

Published: 26/04/2011

Moneynet.co.uk has advised Britons to check the small print of credit cards offering zero per cent deals. 

Andrew Hagger from the financial website reminded credit card holders that once the introductory rate finishes, interest rates on these cards can be high.

"If you're just applying for a standard credit card then I think the interest rate would be one of the things you would look at," he remarked.

"With the interest free deals people tend to try and find the longest deal they can, so it can be 17, 18 or 20 months perhaps and they don't really pay attention to when it finishes."

Indeed, according to a survey by MyVoucherCodes.co.uk, over half (52 per cent) of people in the UK who have borrowed money in the past year have said they were not aware of the interest rate attached to it.

Mr Hagger added that if a credit card has a higher than average rate, this can make life harder for people trying to stay out of debt when making repayments.

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Last Updated: 11-02-2012