Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 03/10/2019

Tesco Bank has just reduced the introductory terms on two of its credit cards: Clubcard Credit Card Purchases has cut the introductory term from 26 to 24 months and Clubcard 0% Balance Transfer Fee Mastercard reduced from 18 months to 16 months. The Bank has also increased the balance transfer fee to 1.49% (was 0.85%) on its 15 Month All Round Clubcard Credit Card Mastercard.

The changes from Tesco Bank comes after the news last week that credit card borrowing has reached record highs. Credit card providers have increased their interest rates between June and September, reaching an average APR of 24.7% – the highest recorded in the past 13 years.

Michelle Monck, finance expert at Moneyfacts.co.uk said “The recent increases in credit card interest rates make it even more important that borrowers transfer to a 0% deal if they have a rolling monthly credit card balance that is incurring interest. Customers should make a plan to clear their balance before the 0% transfer period ends or, if this is not possible, be ready to move their balance again before interest is charged.

Card customers should look to get a 0% deal now as in times of economic uncertainty credit card providers could make their lending criteria more stringent and reduce the potential for borrowers to switch their balances in the future."

Where to find the zero-fee 0% balance transfer deals

There are 13 cards available for those borrowers looking for zero fees to transfer their balances. The cards with the longest 0% terms for this category are:

Balance transfer card 0% term Balance transfer fee APR Representative Example
NatWest Balance Transfer Credit Card Mastercard 23 months 0.00% 19.9% Based on a credit limit of £1,200 charged at 19.90% variable per annum for purchases. Representative 19.9% APR available.
Royal Bank of Scotland Balance Transfer Credit Card Mastercard

23 months

0.00%

19.9%

Based on a credit limit of £1,200 charged at 19.90% variable per annum for purchases. Representative 19.9% APR available

Ulster Bank Balance Transfer Credit Card Mastercard

23 months

0.00%

19.9%

Based on a credit limit of £1,200 charged at 19.90% variable per annum for purchases. Representative 19.9% APR available

Barclaycard Platinum No Fee Balance Transfer Visa

20 months

0.00%

19.9%

Based on a credit limit of £1,200 charged at 19.90% variable per annum for purchases. Representative 19.9% APR available

Sainsbury’s Bank No Balance Transfer Fee Credit Card Mastercard

20 months

0.00%

20.9%

Based on a credit limit of £1,200 charged at 20.95% variable per annum for purchases. Representative 20.9% APR available

Where to find the longest 0% balance transfer deals

Those who want to transfer a credit card balance for a longer duration can find deals of up to 29 months.  These longer 0% balance transfer deals come with a range of fees from 1.75% of the balance up to 3.00%. The top five cards with the longest 0% balance transfer terms are:

Balance transfer card

0% term

Balance transfer fee

APR

Representative example

MBNA Limited – Long 0% Balance Transfer Mastercard

29 months

2.75%

20.9%

Based on a credit limit of £1,200 charged at 20.93% variable per annum for purchases. Representative 20.9% APR available.

Halifax – 29 Month Balance Transfer Credit Card Mastercard

29 months

3.00%

19.9%

Based on a credit limit of £1,200 charged at 19.95% variable per annum for purchases.

Virgin Money – 29 Month Balance Transfer Credit Card Mastercard

29 months

3.00%

21.9%

Based on a credit limit of £1,200 charged at 21.90% variable per annum for purchases. Representative 21.9% APR available.

Barclaycard Platinum 28 Month Balance Transfer Visa

28 months

1.75%

19.9%

Based on a credit limit of £1,200 charged at 19.90% variable per annum for purchases. Representative 19.9% APR available.

M&S Bank Transfer Plus Mastercard

28 months

2.85%

(min £5)

19.9%

Based on a credit limit of £1,200 charged at 19.90% variable per annum for purchases. Representative 19.9% APR available.

 

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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