Banks waive balance transfer fees

Consumers looking to compare credit cards and transfer an outstanding balance are being alerted to news from Yorkshire Bank and Clydesdale Bank.

The two lenders have announced that they are waiving balance transfer fees until the end of February 2007 for customers who move money onto the Gold MasterCard, which has a zero per cent interest rate for six months.

Usually, the banks charge a two per cent fee for balance transfers, so those who take advantage of the offer could typically save £50 when moving a £2,500 balance.

After the card’s six-month introductory rate is over, the annual percentage rate stands at 14.9 per cent.

Kiaran McEvoy underlined the potential savings provided by the offer.

“[It] can save you a lot of money in interest payments in the months to come,” he said.

“With the transfer fee now being waived, our card should be particularly appealing to anyone considering this.”

In related news, Thursday saw the Bank of England vote to increase the national base rate to 5.25 per cent.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *