Credit cards Updated:
Competition in the balance transfer market is definitely heating up, with lenders tempting you to transfer your debt to them so you can benefit from record interest-free periods. It's a great opportunity to take control of your financial situation and reduce your overall level of debt without interest racking up, and with so many offers available it's a great time to make the most of them.
Happily for credit card users, the length of balance transfer deals is on the up. Deals can range from a few months to a whopping 31, with Barclaycard easily topping the charts by offering several different options – including its Barclaycard Platinum 31 Month Balance Transfer Visa, launched this week, which offers the longest balance transfer period that's ever been seen.
For most people, this should be plenty of time to pay off their credit card debt. It's simple to work out how long it'll take, and as long as you pay more than the minimum amount each month there's nothing to stop you from being debt-free by the time the 0% interest period has come to an end.
All you have to do is divide the total balance on your card by the number of months in your interest-free period and voila, that's how much you need to repay each month in order to clear the balance in full – before additional interest starts being added. It could be the ideal solution for those who are still feeling the effects of Christmas overspending, and if you've yet to find a suitable deal it's time to get searching.
Of course, there's more to think about than the 0% deal. Here are a few additional things you'll need to bear in mind to make your card work for you:
Compare balance transfer credit cards to find the best deal
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 Any products featured may be withdrawn by their provider or changed at any time.
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