Balance Transfers
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Balance Transfers Balance transfers are the area where credit card providers were at one time fighting the fiercest battles to win customers. This is still the same to some extent but many are being very cautious. However, the Credit Crunch has certainly sobered the market and things are not as easy as they were. There are many comparison sites the will allow you check the current best deals and it is worth while doing considerable research both on these various sites but by reading the views on some of the sites about the relevant merits of each deal.
Many cards offer interest-free periods of up to 12 months promising a very good deal for anyone with a sizeable balance. Many advisers would recommend investigating transferring balances on high charging store cards to another card provider offering a better deal. This strategy could save you a considerable sum in interest charges. Careful, financial astute customers have given birth to a new term. "Rate tarts" these are customers who complete balance transfers from one card to another to avoid paying any interest. This has caused the credit card providers to make a charge to transfer a balance. This has the effect of making larger transfers better value than smaller. Some cards, will also offer a fixed permanently low interest rate for balance transfers. This rate is fixed for the period it takes you to clear the debt. The provider makes transferring a balance a simple process. If your application is approved, the new card provider will transfer the funds to your old card automatically by bank transfer. All credit card terms and conditions vary considerably and some cards will offer benefits such as loyalty points, cashback or discounts. they may also charge very high interest when the free or low rate initial period ends. You must be clear in your objectives and take some time shopping around for the best Balance transfer deal that suits your circumstances best. Further reading on Balance Transfers can be found here:
The Uswitch site allows you to compare deals from various providers.
Martin Lewis the TV Journalists web site always has information and articles on Balance transfers: |
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Balance Transfers Balance transfers are the area where credit card providers were at one time fighting the fiercest battles to win customers. This is still the same to some extent but many are being very cautious. However the Credit Crunch has certainly sobered the market and things are not as easy as they were. There are many comparison sites the will allow you check the current best deals and it is worth while doing considerable research both on these various sites but by reading the views on some of the sites about the relevant merits of each deal. Many cards offer interest-free periods of up to 12 months promising a very good deal for anyone with a sizeable balance. Many advisers would recommend investigating transferring balances on high charging store cards to another card provider offering a better deal. This strategy could save you a considerable sum in interest charges. Careful, financial astute customers have given birth to a new term. "Rate tarts" these are customers who complete balance transfers from one card to another to avoid paying any interest. This has caused the credit card providers to make a charge to transfer a balance. This has the effect of making larger transfers better value than smaller. Some cards, will also offer a fixed permanently low interest rate for balance transfers. This rate is fixed for the period it takes you to clear the debt. The provider makes transferring a balance a simple process. If your application is approved, the new card provider will transfer the funds to your old card automatically by bank transfer.
All credit card terms and conditions vary considerably and some cards will offer benefits such as loyalty points, cashback or discounts. they may also charge very high interest when the free or low rate initial period ends. You must be clear in your objectives and take some time shopping around for the best Balance transfer deal that suits your circumstances best. Further reading on Balance Transfers can be found here:
The Uswitch site allows you to compare deals from various providers.
Martin Lewis the TV Journalists web site always has information and articles on Balance transfers: |
Tags: Credit Cards