Video: 0% balance transfer periods on the BBC - Credit cards - News - Moneyfacts

News

Video: 0% balance transfer periods on the BBC

Video: 0% balance transfer periods on the BBC

Category: Credit cards

Updated: 07/12/2016
First Published: 06/06/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Research by Moneyfacts.co.uk has revealed a significant increase in the 0% interest balance transfer periods offered on credit cards.

Appearing on BBC Breakfast this week, Editor of Moneyfacts.co.uk, Sylvia Waycot, stated that the longest 0% balance transfer period currently stands at 27 months. In stark contrast, this time three years ago the longest 0% balance transfer period stood at 16 months.

The longest available 0% balance transfer period has risen from 16 to 27 months:

Competition in the balance transfer market has increased over the past two years, ever since Barclaycard announced in February 2011 that it would be extending the 0% balance transfer period on its Platinum with Balance Transfer Visa card to 18 months.

Speaking to the BBC, Ms Waycot said card providers were responding to a larger number of people who are focusing on paying off their existing card balances, rather than accruing more debt.

"If you take a card with an interest free (balance transfer) period and make sure you pay off the debt in the interest free period, then you are not paying any interest and all of the money is going into paying off the existing debt," she explained.

"The key is actually making sure you pay off the debt."


What next?

0% Balance Transfer Credit Cards
Find the best credit card for you

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Top credit cards for Christmas spending

‘Tis (just about) the season to be jolly, but before all that festive fun begins, chances are you’ve got a bit more shopping to do. But, if you’re turning to credit to fund things, you’ll want to use cards that offer 0% interest deals on purchases.

Spooky reality of high balance transfer fees

Credit card debt is scary at any time of year. While most might assume that opting for the longest deal on offer would save them the most, our data shows some of the longest deals can actually work out to be the most expensive.

Reward credit cards that become ‘pointless’

If you regularly use cards to pay at the till, you may have considered opening a reward credit card to earn points every time you spend. However, not all of these cards are as rewarding as they may seem…
 
Close