Customers that are looking to transfer balances from high interest credit cards onto a balance transfer card, either now or in the near future, are being warned that the choice of cards and the accessibility to balance transfer deals is continuing to fall, which could make it very difficult for them to transfer their balance when the time comes. Many people have relied on balance transfer credit cards to save money on interest over recent years, but many could now face unprecedented difficulties when it comes to this process.

The global credit crunch has impacted on all areas of the money markets, including the credit card industry. Many credit cards providers have really clamped down on lending over recent months, and some have taken a number of credit card deals off the market. Others have raised interest rates, charges, and transfer fees, making it more difficult and expensive for consumers to transfer their balances. This will all affect the chances of consumers when it comes to transferring balances in order to save money.

Industry experts are concerned that these difficulties in getting cheaper deals on credit card debt could result in many consumers falling back on other repayments, such as mortgage and bills, as a result of stretched affordability. One industry professional stated: "If people can’t afford their non-priority debts anymore sometimes they’ll stop paying their mortgage as well. It’s definitely having a knock-on effect." She added, however, that those with a good credit rating and repayment history may find that the choices are not quite as limited as those with tarnished credit.

In a recent report it was claimed that credit card firms are turning down around eighteen thousand credit card applications a week, reflecting the ever-increasing stringency that these lenders are exercising.