The idea of a balance transfer deal was introduced to the UK in the year 2000 by innovative online bank Egg plc, who offered customers a bait of 0% interest for six months on balances they transferred from another credit card.
The feature was an instant hit, and more and more card issuers began to offer similar deals as competition for customers grew more intense. Before long, it seemed that every card available had 0% deals of ever-increasing lengths.
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