Credit cards Updated:
The festive season has been and gone, but unfortunately a lot of people will still be paying for it. Well, if you're one of them, why not use balance transfer credit cards to clear your Christmas debt?
Balance transfer cards can be a great way to pay off debts without needing to accumulate huge amounts of interest in the process, and if managed efficiently they could easily help spread the cost of festive spending.
It needn't matter if you've already racked up a hefty bill – purchases that were made on another credit card over Christmas can be transferred to the new one, and with some offering 0% on balance transfers for two years or more you could pay off your debts in small monthly amounts without accruing additional interest.
As with any credit card, balance transfer cards need to be managed effectively. In this case customers need to ensure the full amount can be paid off by the end of the interest-free period, and with purchases being subject to a separate interest rate they should try to avoid using these cards for further spending.
Cardholders should also be aware that failing to meet minimum repayments will mean interest rates will be applied, effectively cancelling out the benefits, so they need to be confident that they can keep up with regular repayments.
Barclaycard Platinum 30 Month Balance Transfer Visa
"Taking the top spot in the balance transfer sector is the Platinum 30 Month Balance Transfer Visa from Barclaycard, offering a market-leading 0% on balances for the first 30 months – the longest introductory balance transfer period currently available.
"Cardholders can also benefit from 6 months 0% interest on purchases to add to the appeal."
Barclaycard Platinum 29 Month Balance Transfer Visa
"Sitting comfortably in second place is the Platinum 29 Month Balance Transfer Visa, again from Barclaycard, this time offering an introductory 0% interest-free period of 29 months.
"Customers can benefit from a reduced balance transfer fee of 2.49%, with the added bonus of 0% on purchases for the first 6 months."
MBNA Platinum Credit Card Visa
"Achieving a top three spot is this card from MBNA, offering another 0% balance transfer rate for the first 29 months.
"With an additional 0% introductory period on purchases for the first three months and the flexibility of contactless payments, cardholders can benefit even more."
Santander 29 Month BT MasterCard
"In fourth spot is Santander's BT Credit Card MasterCard, again offering an introductory 0% on balance transfers for 29 months.
Tesco Bank Clubcard Credit Card for 29 Month BT MasterCard
"Edging into the top five is this card from Tesco Bank, offering an impressive 0% balance transfer rate for the first 29 months as well as a 0% purchase rate for three months.
"Cardholders can also earn Clubcard points on their purchases, racking up 5 points per £4 spent at Tesco and 1 point for every £4 spent elsewhere."
Information & Rates correct as at: 09.01.2014
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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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