There is no doubt that the global credit crunch that has seized the UK over the past year has had a profound effect on the financial markets, and getting any sort of finance has become increasingly difficult even for those with pretty decent credit in some cases. All areas of the finance markets have been affected, such as loans, mortgages, and credit cards.

This has put many people into something of a catch 22 situation. Due to rising living costs, soaring bills, and higher borrowing costs many people are looking to switch their existing credit card balances to a 0% balance transfer credit card.

However, due to the global credit crunch getting a credit card has become far more difficult, leaving many people without any other option but to continue making repayments on their high interest cards.

Basically, industry officials are now saying that whilst those with perfect credit are unlikely to experience problems when it comes to getting a balance transfer credit card people who have a bad credit history and low credit rating may find it very hard to get one of these cards. Worse still, if you apply for one of these cards and you are rejected your credit rating will take a further knock, making it even more difficult to get finance in the future.

Although you can save a lot of money in interest by switching to a balance transfer credit card you may find that it can prove helpful to check your credit rating first before you make an application and risk rejection. There are now actually more balance transfer credit cards on the market than there were a couple of years ago, but getting hold of one has become more difficult.

If you have an inkling that you may not have a perfect credit rating then it is worth while getting a copy of your credit report from one of the credit reference agencies, such as Experian, CallCredit, or Equifax. You can do this easily and quickly online, and you can get to see your credit score and what this means.

This will enable you to make a more informed decision with regards to whether you should apply for a balance transfer credit card or whether you should wait a while until your credit improves.