Balance Transfer Credit Card Market Heats Up (Again!)

The balance transfer credit card market continues to be as competitive as ever with a number of major new deals launched. Find out how to navigate the balance transfer credit card market and bag yourself a top deal.

There are a number of great balance transfer credit card deals on the market today that could offer exceptional deals for cash-savvy consumers. Just some of them include:

Virgin Balance Transfer Credit Cards

On Thursday 18th August, Virgin Money updated their BT Credit Card product. The balance transfer period moved from an already impressive 18 months to 19 months. The balance transfer fee moved from 2.70% to 2.85%.

Halifax 22 Month Balance Transfer Deal

Halifax has also just launched its longest ever balance transfer credit card deal: a massive 22 month 0% offer now available for new credit card customers. The deal includes 0% on balance transfer for 22 month with a 3.5% fee. With a maximum transfer limit of £3,000. The card has an APR of 18.9%.

Barclaycard Platinum Credit Card Balance Transfer

Barclaycard has also made changes to itís credit card with balance transfer rates. The deal includes 0% on balance transfer for 22 months with a 2.9% balance transfer fee. The card also comes with 0% interest on purchases for 3 months from account opening and has an APR of 17.5%.

Tips for Finding Balance Transfer Credit Cards

With so many offers on balance transfer deals currently on the market ñ finding the best rates and terms can be complicated.  To help make up your mind on what card to buy always consider the interest rate on balance transfer credit cards after the initial introductory period, noting what it rises to ñ if you are in it for the long term a high interest rate may not suit your credit card needs. 

Investigate balance transfer fees as these differ from one provider to the next, most tend to charge two-three per cent of the balance you are transferring.  If you are transferring a large amount of money it is advised to stay with the new provider for a considerable time otherwise these fees will outweigh the savings you make on the low interest rate. 

Customers should also be aware that chasing low interest rates by changing providers every time the initial period expires could affect your credit rating. Plus you could end up with lots of credit cards in your wallet, tempting you to rack up unnecessary debt.

Shop around for the best deals. As with most financial products it is always recommended that you compare prices and deals offered by providers to find a deal that suits your own unique individual needs. Comparing prices online is easy, and can save you a considerable amount of money too.

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