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
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
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Credit Cards Providers Fresh Battle for Balance Transfer Customers

Personal_Finance / Credit Cards & Scoring Jan 12, 2016 - 12:09 PM GMT

By: MoneyFacts

Personal_Finance

The start of 2016 has initiated a fresh rate war between credit card providers, who have become embroiled in an intense battle to attract new customers.

Research from Moneyfacts.co.uk reveals that Bank of Scotland, Halifax, Lloyds Bank, TSB, Barclaycard and Tesco Bank have all scrambled to make changes to their balance transfer credit cards since the turn of the year by extending the interest-free terms or reducing the introductory balance transfer fee. Virgin Money also launched a 38-month 0% interest balance transfer deal (with a 2.79% fee) last week.


As a result, the average interest-free balance transfer term has risen year-on-year to the highest on record* at 590 days, up from 468 a year ago. Balance transfer fees have also fallen, with the average now sitting at 2.21%, down from 2.52% last year.

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

“As spenders recover from the excesses of the festive season, the start of a new year can trigger the desire to tackle outstanding debts. Heightened rivalry in the balance transfer market will therefore come as welcome news to borrowers, particularly those who want to avoid large fees - many of the latest deals now charge very low balance transfer fees, which makes moving credit card balances far more cost-effective.

“However, while these cards do give borrowers longer to repay debt without interest adding to the bill, they must ensure they pay more than the minimum monthly repayment and clear the balance before the deal ends. Interest that averages around 20.09% per annum will be charged once the initial offer expires, which could then outweigh the advantages of taking out one of these deals.

“In addition to the lucrative 0% interest balance transfer deals, providers are keen to promote money transfers, but these kinds of transfers may be more unfamiliar to borrowers. As a result, providers appear to be concentrating on pushing their balance transfer cards into the Best Buys and offering money transfers on the side, which may aid their appeal to those who are sinking into their overdraft.”

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