Best of the Week
Most Popular
1.The Trump Reset, US Empire's Coming Economic, Cyber and Military War With China (2/2) - Nadeem_Walayat
2.Now Is the Time to Buy Gold - 5th Jan 17 - John Grandits
3.CIA Planning Rogue President Donald Trump Assassination? Elites "Manchurian Candidate" Plan B - Nadeem_Walayat
4.The Trump Reset - Regime Change, Russia the Over Hyped Fake News SuperPower (Part1) - Nadeem_Walayat
5.Most Popular Financial Markets Analysis of 2016 - Stock Market Crash Postponed Again - Nadeem_Walayat
6.No UK House Prices Brexit Crash 2016 Despite London Weakness, Forecast 2017 - Nadeem_Walayat
7.President Trump Understands the NSA, CIA... LIE, America's Intelligence Agencies Crime Syndicate! -Nadeem_Walayat
8.President Donald Trump's 2017 New Year Message, BBC Fake News, Was 2016 a Dream? - Nadeem_Walayat
9.Major Stocks Bear Market Still Looms - Zeal_LLC
10.Biased 2017 Forecasts - Debt, Housing and Stock Market (1/2) - James_Quinn
Last 7 days
Returning Gold Bulls - 18th Jan 17
Biotech Breakthrough Could Create A $11.4 Trillion Opportunity - 18th Jan 17
Bitcoin and Gold - Outlook, Volatility and Safe Haven Diversification - 17th Jan 17
Stock Market Uptrend on Borrowed Time - 17th Jan 17
The One Stock to Retire On - 17th Jan 17
Trump anti-Communist Counter Revolution - 17th Jan 17
US Stock Market Update as the Trump Inauguration Approaches - 17th Jan 17
The American Crisis - Common Sense 2017 - 17th Jan 17
Obama Leaves, Hope Arrives, Will Stupid Stay? - 17th Jan 17
Damage Inflicted by Precious Metals Manipulation Is in the “Multi Billions” - Keith Neumeyer - 17th Jan 17
Gold Price Forecast 2017 Update - Video - 17th Jan 17
The Story of the U.S. Regime Change Plan in the Philippines - 16th Jan 17
Gold Price 2017 Trending Towards $1375 as Forecast - 16th Jan 17
'Deep State' CIA Director States We are Not NAZI's, Warns Trump Does Not Understand Russian Threat - 15th Jan 17
UK House Prices Forecast 2017 - Crash or Bull Market? - Video - 15th Jan 17
SPX Stocks Bull Market Update - 14th Jan 17
President Trump vs the Deep State that Hides in Plain Sight - 14th Jan 17
The Impact of Sir Alex Ferguson's Retirement on Man United's Share Price - 14th Jan 17
What Can Stock Market Tell You About Politics? - 13th Jan 17
Big Gold Buying Coming 2017 - 13th Jan 17
A Bullish Case for Gold 2017 - 13th Jan 17
Will Stocks Bull Market Continue to Charge or is it Time to Sell the News - 13th Jan 17
Gold and Silver Off To Shining Start to 2017 - 13th Jan 17
Gold’s Fundamental Outlook for 2017 - 13th Jan 17
Is trading stocks and shares just as luck-based as roulette? - 13th Jan 17
Trump CIA Like Nazi Germany - Fake MI6 Intelligence leaked to Fake News Mainstream Media - 13th Jan 17
USD in Decline. SPX and TNX May Follow - 12th Jan 17
CIA War On Trump - Leaks Fake MI6 Intelligence to Fake News Broadcast Media - 12th Jan 17
Registered Address.co.uk London Business Registered Office Address Mail Forwarding Review - 11th Jan 17
13 Contrarian Economic Predictions For 2017 - 11th Jan 17
10 Potential Black Swans and Opportunities for the US Economy in 2017 - 11th Jan 17
How to Get a Bird of Paradise Plant to Flower - UK Growing Video - 11th Jan 17
The No.1 Energy Stock To Buy Right Now - 10th Jan 17

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

What Can Stock Market Tell You About Politics?

How to Save Money by Using a Money Transfer Credit card

Personal_Finance / Credit Cards & Scoring Feb 09, 2016 - 02:06 PM GMT

By: MoneyFacts

Personal_Finance

The credit card market continues to thrive, which is great news for borrowers looking for low or interest-free deals on purchases and balance transfers. Credit cards designed for money transfers shouldn’t be overlooked either, as they can often be an innovative way of tackling expensive debts, such as bank overdrafts.


Research from Moneyfacts.co.uk reveals that borrowers could save over £70 a year in overdraft fees by using a money transfer card: a borrower needing £500 would pay only £8.45 with a card charging a one-off fee of 1.69% (the lowest currently available) compared to average charges of £82.56 a year (£6.88 per month) if £500 was borrowed using an authorised overdraft facility*. Borrowers would still save over £60 even if a money transfer card charged a higher fee of 4.00%.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“It’s clear that customers sitting in the red can save on high overdraft fees by making a cost-effective money transfer using one of the great deals on offer today. These cards are also useful for people who may already be in credit but who need extra cash for emergencies.

“The most important fact to remember about money transfer cards is that customers don’t get ‘free money’; there is always a handling fee to pay for making transfers and these vary considerably depending on the type of card and the interest-free term it carries. However, money transfer cards can be a great way to give borrowers a bit of breathing space, although they must strive to clear the balance before interest applies. A borrower being charged the average money transfer rate of 21.7% per annum would cost around £9 a month in interest on a £500 balance**.”

*Moneyfacts.co.uk’s average monthly authorised overdraft usage fee of £6.88 (on accounts without a monthly or annual account charge) would total £82.56 a year if borrowers used their overdraft for 12 consecutive months. The cost of making a one-off money transfer of £500 based on a handling fee of 1.69% would be £8.45. The cost of making a money transfer of £500 based on a handling fee of 4.00% would be £20.

**The interest cost of a £500 balance on a credit card charging 21.7% per annum is based on a minimum repayment of 1% plus monthly interest or £15, whichever is higher. It would cost around £9 a month, or £100 a year.

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife