0% balance transfer fee is reduced | Product News - Moneyfacts

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0% balance transfer fee is reduced

0% balance transfer fee is reduced

Category: Credit cards
Date: 13/11/2015

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 It is now over 6 months old so the content may be out of date.

Post Office Money has reduced the price of its introductory balance transfer fee by 0.07%, earning it an 'excellent' rating as a result.

The basics…

Balance Transfer Credit Card MasterCard now has a fee of just 0.33% (after a partial refund) for balance transfers made during its introductory offer.

The finer details…

This card has a 26-month interest-free balance transfer period as well as a three-month 0% purchase term. Money transfers are also accepted and will be charged at 18.9% per annum with a fee of 2.98%.

Balances must be transferred within 92 days of the account opening for the interest-free offer to apply. Once the initial offers expire, balance transfers will attract a charge of 18.9% per annum with a fee of 2.98%, while purchases will be charged at 18.9% APR.

Borrowers must be at least 18 years old to apply and have an annual income of at least £8,000. Applications must be made by phone. Borrowers should also remember that rates are representative and based on their credit rating.

Remember, in order to secure a mortgage, credit card or personal loan you need to have a good credit rating. To find out if yours has a clean bill of health, contact a credit check provider, such as Experian Credit Expert to investigate your credit report.

Why we like it…

The reduction of the introductory balance transfer fee to just 0.33% is sure to catch the eye of borrowers who are looking to clear their outstanding credit card balances and keep costs down. The fact that this card also offers an interest-free purchase term is also an appealing feature and ensures that it deserves its 'excellent' rating.

Moneyfacts rating: Excellent

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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