Borrowers struggle to secure best credit card deals

Borrowers always like to take advantage of the best deal out there, but if the new juicy deal is offered by the same lender as your currrent credit card then you may not qualify.

Many borrowers are constantly moving their debt from one card to another in order to take advantage of 0% periods. Expert Michelle Slade of Moneyfacts.co.uk, said: 'A number of credit cards are issued from the same provider and customers may find they are unable to take advantage of a competitive deal because they already have a credit card with another provider that's part of the same group. Customers should check they don't already have a card from the same parent group as if they are rejected, the negative mark on their credit file could affect them getting another card elsewhere.'

Last week Virgin Money launched a new credit card offering a 0% balance transfer for 19 months and a 2.49% transfer fee. Hot on its heals was MBNA, with a similar 0% offer for 19 months with a 2.5% transfer fee.

But as both come from the same provider, if you already have a card from Virgin Money you would not be eligible for the MBNA offer, or vice versa.

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