Zero to hero……. - Credit cards - News - Moneyfacts

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Zero to hero…….

Zero to hero…….

Category: Credit cards

Updated: 03/06/2010
First Published: 03/06/2010

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 It is now over 6 months old so the content may be out of date.
Whether trying to pay down your personal debt or covering the cost of a well earned summer holiday, a 0% balance transfer credit card could be just the ticket.

It is a market that has become highly competitive in recent times, with providers vying for consumers' business.

As such, those with sizeable credit card debts have seen their choice of products on which they can load their existing balances and pay 0% increase significantly.

If you are currently in a position where you are paying sizeable amounts of interest every month as part of your credit card repayments, applying for a 0% balance transfer card is certainly an option that should be considered.

By budgeting properly and paying off just your outstanding balance, rather than a combination of interest and debt, a considerable amount of time and money can be saved.

Switching to a 0% balance transfer card may also appeal to consumers that have used an existing credit card to cover a large outlay, such as a holiday or a car.

As long as you can pay back the balance in the interest free period, which can be well over a year, no interest will be paid.

Cards you may want to consider include:

Virgin Money's card that offers 0% on balance transfers for 14 months

BT's card from MBNA Europe Bank that offers 0% on balances for 13 months

AA's card that offers 0% on balances fro 12 months

Consumers looking for a credit card that gives them a preferable rate on purchases they make may be better off looking for a card that offers 0% on purchases.

These offer the chance to spread the cost of big ticket items or costly events such as a wedding over a long period of time, much in the same way a loan does, but without the hindrance of high levels of interest.

Find the best credit card rates - Compare credit cards

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 Any products featured may be withdrawn by their provider or changed at any time.

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