Credit cards Updated:
If one of your resolutions for 2011 is to sort out your credit card debt, then it may be worth looking at balance transfer credit cards. For a small fee you can transfer your existing debt to another card and pay no interest for a period of time. By cutting out the interest charges, the money you repay is going straight to repaying the debt, reducing the time it takes to clear the debt as well as saving you money.
Barclaycard – Platinum Transfer Visa
Barclaycard is offering 0% for 16 months on its Platinum Transfer Visa. Customers opening the card before 31 January 2011 will receive £20 off the balance transfer fee. On a £3,000 balance, this would have the same effect as reducing the balance transfer fee from 2.90% to 2.23%. The card also offers 0% for three months. Outside the introductory period the card charges 16.9% APR. The card is available to customers aged 21 years and over, earning at least £20,000 per annum.
MBNA Europe Bank – Platinum Credit Card Visa
Customers who cannot afford to repay the debt within the introductory period and/or don't want to keep moving their debt around, may wish to consider the Platinum Credit Card Visa. The card charges just 5.9% on any debt transferred until the balance is cleared. The deal is subject to 1.50%, minimum £3 fee. Any new purchases made on the card are charged at 16.9% APR typical.
Virgin Money – Credit Card MasterCard
The Credit Card MasterCard from Virgin Money offers customers 0% on balance transfers for 16 months. Borrowers can also enjoy 0% on introductory purchases for 3 months. The balance transfer fee is 2.89% of the balance, with a minimum of £3 payable, while the typical APR after the 16 month introductory period is 16.8%. The card is available to customers aged 18 and over.
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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 Any products featured may be withdrawn by their provider or changed at any time.
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