card guide
0% Balance Transfers - Compare Balance Transfer Offers
Over recent years balance transfer credit cards have become very popular amongst cardholders in the UK. This is because these cards enable you to transfer credit card balances from existing cards that charge high levels of interest on your balance and then enjoy an interest free period in which to repay the balance.

It is also possible get balance transfer credit cards that offer a low interest rate on the life of the transferred balance rather than a specified interest free period.

When you are looking into transferring the balances from your existing credit cards onto a balance transfer credit card you need to determine how quickly you will be able to pay off the combined balances that you transfer.

With balance transfers credit cards you can transfer balances from all of your other high interest credit cards, subject to the credit limit that you are allowed on your balance transfer card. You will then have one large balance rather than a number of smaller ones. If you feel that you can clear the whole balance within the interest free period offered on 0% balance transfers then this is the card you should go for.

However, if you think that it may take you longer to clear the balance than the interest free periods offered on most 0% balance transfers cards then it is worth looking instead at a balance transfer credit card that offers a very low interest rate for the life of the transferred balance.

This is because the interest rate charged on any remaining balance on 0% balance transfer cards can be hefty, and therefore if you still owe money on the card once the interest free period expires it cost your dearly in terms of interest. However, with a low interest rate on life of balance card you will continue to pay a low rate of interest on the balance until it is all cleared.

A variety of card issuers offer great deals on balance transfer credit cards, and it is important to compare the different balance transfer deals available in order to find the one that is right for you. With 0% balance transfers the interest free period can vary, so you need to compare a range of cards to find the one with the longest interest free period, which will give you more time to pay off the balance without incurring interest charges.

With low interest for life of balance credit cards the interest rate charged on the transferred balance can vary from one card issuer to another, so again it is important to compare the different cards to make sure you get a good deal and pay minimal interest on your transferred balance.

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Posted on: [ July 01, 2018 ]       Add to   Digg it   Add to Blinklist   Add to FUrl   StumbleUpon