Balance transfer credit card market hots up

The balance transfer credit card market continues to be as competitive as ever with a number of major new deals launched. Find out how you can navigate the balance transfer credit card market and bag yourself a top deal.

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There are a number of great balance transfer credit card deals on the market at the moment that could offer exceptional deals for cash-savvy consumers. A few of them include:

Virgin Money Balance Transfer Credit Cards

On Thursday 18th August, Virgin Money updated their BT Credit Card product. The balance transfer period moved from an already impressive 18 months to 19 months. The balance transfer fee also moved from 2.70% to 2.85%.

Halifax 22 Month Balance Transfer Deal

Halifax has also just launched its longest ever balance transfer credit card deal: a massive 22 month 0% offer now available for new credit card customers. The deal also includes 0% on balance transfer for 22 months with a 3.5% fee (maximum transfer limit of £3,000). The card has an APR of 18.9%.

Barclaycard Platinum Credit Card Balance Transfer

Barclaycard has also recently made changes to it’s credit card with balance transfer rates. The deal includes 0% on balance transfer for 22 months with a 2.9% balance transfer fee. This credit card comes with 0% interest on purchases for 3 months from account opening and has an APR of 17.5%.

Tips for Finding Balance Transfer Credit Cards

With so many offers on balance transfer deals currently on the market, finding the best rates and terms can be tough.  To help make up your mind on what card to choose, always consider the interest rate on balance transfer credit cards after the initial introductory period, noting what it rises to. If, for example, you are in it for the long term, a high interest rate may not suit your credit card needs. 

Investigate balance transfer fees too as these differ from one provider to the next. Many tend to charge between two to three percent of the balance you are transferring – therefore if it’s a large amount of money, it is advised to stay with the new provider for a considerable time (otherwise these fees will outweigh the savings you make on the low interest rate). 

Customers should also be aware that chasing low interest rates by changing providers every time the initial period expires could affect your credit rating. You may also end up with lots of credit cards in your wallet, tempting you to rack up unnecessary debt.

Shop around for the best deals. As with most financial products it is always recommended that you compare prices and deals offered by providers to find a deal that suits your own unique individual needs. Comparing prices online is easy, and can save you a considerable amount of money too.

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Posted by: Nicola Severn Categories: Finance Tags: , , Comments Off on Balance transfer credit card market hots up

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