Most Popular
1. THE INFLATION MONSTER is Forecasting RECESSION - Nadeem_Walayat
2.Why APPLE Could CRASH the Stock Market! - Nadeem_Walayat
3.The Stocks Stealth BEAR Market - Nadeem_Walayat
4.Inflation, Commodities and Interest Rates : Paradigm Shifts in Macrotrends - Rambus_Chartology
5.Stock Market in the Eye of the Storm, Visualising AI Tech Stocks Buying Levels - Nadeem_Walayat
6.AI Tech Stocks Earnings BloodBath Buying Opportunity - Nadeem_Walayat
7.PPT HALTS STOCK MARKET CRASH ahead of Fed May Interest Rate Hike Meeting - Nadeem_Walayat
8.50 Small Cap Growth Stocks Analysis to CAPITALISE on the Stock Market Inflation -Nadeem_Walayat
9.WE HAVE NO CHOICE BUT TO INVEST IN STOCKS AND HOUSING MARKET - Nadeem_Walayat
10.Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - Nadeem_Walayat
Last 7 days
Is the US Yield Curve Inversion Broken? - 3rd July 22
New Signs Economic Turmoil Will Prompt Fed to Lose Its Nerve - 3rd July 22
Stagflation With Powell Could Make Gold Price Happy - 3rd July 22
UK Housing Market Analysis, Trend Forecast 2022 to 2025 - Part 2 - 30th June 22
Stock Market Turning the Screws - 30th June 22
How to Ignore Stocks (and why you should) - 30th June 22
Top Tips For Getting The Correct Insurance Option For Your Needs - 30th June 22
Central Banks Plan To Buy More Gold In 2022 - 30th June 22
AI Tech Stock PORTFOLIO NAME OF THE GAME - 29th June 22
Rebounding Crude Oil Gets Far Away from the Bearish Side - 29th June 22
UK House Prices - Lets Get Jiggy With UK INTEREST RATES - 28th June 22
GOLD STOCKS ARE WORSE THAN GOLD - 28th June 22
This “Bizarre” Chart is Wrecking the Stock Market - 28th June 22
Recession Question Answered - 28th June 22
Technical Analysis: Why You Should Expect a Popularity Surge - 28th June 22
Have US Bonds Bottomed? - 27th June 22
Gold Junior Miners: A Bearish Push Is Coming to Move Them Lower - 27th June 22
Stock Market Watching Out - 27th June 22
The NEXT BIG EMPIRE WILL BE..... CANZUK - 25th June 22
Who (or What) Is Really in Charge of Bitcoin's Price Swings? - 25th June 22
Crude Oil Price Forecast - Trend Breaks Downward – Rejecting The $120 Level - 25th June 22
Everyone and their Grandma is Expecting a Big Stocks Bear Market Rally - 23rd June 22
The Fed’s Hawkish Bite Left Its Mark on the S&P 500 Stocks - 23rd June 22
No Dodging the Stock Market Bullet - 23rd June 22
How To Set Up A Business To Better Manage In The Free Market - 23rd June 22
Why Are Precious Metals Considered A Good Investment? Find Out Here - 23rd June 22
UK House Prices and the Inflation Mega-trend - 22nd June 22
Sportsbook Betting Reviews: How to Choose a Sportsbook- 22nd June 22
Looking to buy Cannabis Stocks? - 22nd June 22
UK House Prices Momentum Forecast - 21st June 22
The Fed is Incompetent - Beware the Dancing Market Puppet - 21st June 22
US Economy Headed for a Hard Landing - 21st June 22
How to Invest in EU - New Opportunities Uncovered - 21st June 22
How To Protect Your Assets During Inflation - 21st June 22

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.


© 2005-2019 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