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What plans do you have for your credit card balance in Jan 09?

What plans do you have for your credit card balance in Jan 09?

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Home / Money / Credit Cards / Credit Card Types / Balance Transfers

Balance Transfer Credit Cards

If you owe money on your credit card, you may want to take advantage of a balance transfer offer. A balance transfer allows you to move your outstanding credit card balance from one credit card to another.  There can be financial benefits to changing to a new card provider but you should be sure to compare the rates on offer. Read more...>

0% Balance Transfers Typical APR
Virgin credit card

Virgin

16 Mth 0% balance transfers - 6 Mth 0% on Purchases
16 mths 16.6%
Capital One Fixed Rate credit card

Capital One Fixed Rate

8.5% on balance transfers & purchases until Aug 2012
n/a 8.5%
MBNA Platinum credit card

MBNA Platinum

0% balance transfers until February 2010
until
February 2010
15.9%

Most credit card providers look for ways to attract new customers. One method of doing this is to offer either a 0% introductory balance transfer rate or a lifetime balance transfer offer.  While you can effectively remove the interest rate on your transferred balance for the offer period, the card provider hopes that you’ll stay and become a loyal customer in the long term.

Introductory 0% balance transfer offers tend to last between 6 and 12 months although, in some cases, it can be up to 15 months.  After that period the rate will revert to a new APR. Because of this, it’s worth checking to see what you might end up paying if you still have the outstanding balance and you stay with that card.  A lifetime balance transfer gives you a permanently low rate until the balance is cleared.

Top Tips

  • Consider whether a 0% balance transfer credit card or a lifetime balance offer will suit you best. 
  • Almost all credit card issuers now charge a small administration fee for balance transfers so remember to check all the offer details.
  • If you are still a little confused, why not use our balance transfer calculator.

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News

January 5 set to be busiest day for Balance Transfers
January 5 set to be busiest day for Balance Transfers

05-Jan-09

Day will see more than double the number of searches for ’Balance Transfers
Fairer terms from credit card providers
Fairer terms from credit card providers

12-Dec-08

Credit card rates have not decreased with the base rate

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