Credit card customers should act fast if they want to switch to a ‘zero per cent’ card deal 

Interest-free deals are disappearing fast for credit card customers seeking breathing space to pay off debt.

The ‘balance transfer’ trick is a popular way of paying off money borrowed. 

It allows customers to move debt to a different credit card for a fee, but then pay no interest for months or even years – giving more time to clear any overspending at Christmas.

January is the biggest month for debt shifting activity – and more than £1.5billion is likely to be transferred from one credit card deal to an alternative over the next few weeks. 

But experts say borrowers should move fast.

The longest balance transfer deal has been cut by more than a fifth since early last year, from 43 to 33 months, according to website TotallyMoney. 

Alastair Douglas, chief executive of the comparison website and credit report provider, says: ‘At the start of last year there were ten major credit card providers offering zero per cent interest of 40 months or more. 

‘Now the market has contracted and there are just two lenders with deals over 30 months – MBNA and the Post Office.’

Borrowers should get a free copy of their credit report to review the financial records lenders base their decisions on. 

Then check their personal eligibility for credit card deals using tools available on websites such as TotallyMoney, MoneySuperMarket and ClearScore.