Britons could save almost £3 billion on their balance transfer deals through a new credit card from Intelligent Finance (IF), the company has said.
Lifetime balance transfer cards offer a cheap rate of interest on balance transfer transactions for as long as the card is held.
IF offers a rate of 4.9 per cent on money transferred in, and zero per cent on new purchases during the first eight months – rising to 16.9 per cent afterwards.
IF is not the first lender to offer a lifetime balance rate.
American Express offers a card with a 4.9 per cent lifetime balance rate, but charges 8.9 per cent on new purchases. It does not, however, offer a promotional zero per cent period.
“Our new card provides peace of mind for people who want to manage their credit card debt in a cost-effective manner,” said Nick Robinson, Managing Director.
Our market-leading lifetime balance rate will help customers manage their finances more intelligently and allow them to save hundreds of pounds over several years.”
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