July 28, 2006

A new breed of credit cards with lifetime balance transfer deals are to be welcomed, a financial expert has said.

Andy Britchford, analyst at moneyfacts.co.uk, made his comments as Barclaycard's Flexi Rate credit card with a lifetime balance deal is introduced, along with deals from GE Money.

The news comes as providers such as American Express announce that it is to end its balance transfer deal.

However, Mr Britchford said that others are offering deals: "Despite many credit card providers suffering due to an increase in levels of bad debt, still we see competitive deals entering the market."

Yet he still urged consumers to check the small print, with many balance transfer deals requiring new holders to spend a minimum amount.

But for those who shop around and read the small print, the new breed of lifetime balance transfer deals can give good offers to many.