Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Fee-free 0% Balance Transfer Credit Cards For Shifting Debt

Personal_Finance / Credit Cards & Scoring Jun 06, 2017 - 04:04 PM GMT

By: MoneyFacts

Personal_Finance

Consumers with unsecured personal debt may opt for a balance transfer credit card to spread their repayments. However, the longest interest-free deal might not be the most cost-effective, as these interest-free cards usually charge a fee each time you switch. Luckily, not all cards apply such a fee.


Research from moneyfacts.co.uk reveals that there are in fact seven fee-free and interest-free balance transfer cards with terms of two years or more available, from Bank of Scotland, Barclaycard, Halifax, Lloyds Bank, Sainsbury’s Bank, Tesco Bank and Virgin Money. Furthermore, there are currently 16 such fee-free cards on the market offering interest-free periods of between one and 29 months.

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

“It would be wrong to assume that the longest interest-free balance transfer cards on the market are the best for every borrower, as this entirely depends on how much debt a consumer has and how long they are prepared to have it hanging over their heads.

“Just because borrowers can apply for a 42-month interest-free balance transfer card, that doesn’t mean it’s the best choice for their circumstances. A borrower with a £4,000 debt could be charged as much as £131.60 to transfer to such a card. If they can afford to repay around £170 every month over two years, they could apply for a fee-free and interest-free balance transfer card instead.

“A handful of these fee-free and interest-free balance transfer cards offer interest-free periods of two years or more, which can be so useful for borrowers looking to save themselves from any unnecessary fees when switching debt. Consumers may be moving their debt from one card to another to gain a bit more time to repay the balance, but if they’re not careful this could cost them dearly in fees every time they switch on most cards.

“Household debt is expected to rise to a record high next year* and some consumers may well be relying on their credit card for certain expenses. This means that a plentiful number of borrowers sitting on interest-free deals might not be able to repay their debt before their deal ends. It’s important for borrowers to prepare themselves for this scenario and work out the upfront cost of switching before they commit to another credit card; using a fee-free card could be ideal.”

*According to analysts at the Trades Union Congress (TUC).

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.


© 2005-2022 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