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PPI: Credit cards increasingly restricted to existing customers

Credit cards companies are offering a growing range of their products to their existing customers, according to new research.

Independent financial research company Defaqto has revealed that there are now 45 cards on the market which are not available to new customers – a 462 per cent increase compared to three years ago.

Kevin Bray, insight analyst for banking at Defaqto, claimed it was a growing trend for lenders to restrict access to their cards.

She said: "For instance, it is no longer unusual to see credit cards restricted to a provider's current account customers and some of these are differentiated from their generally available cards by offering a preferential deal such as a longer 0% introductory offer."

Mr Bray added that the best deals are generally only offered to consumers with excellent credit ratings, while those with poor ratings will find it difficult to obtain new credit.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800077659-ADNFCR

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