If you are looking for a new credit card this year, you may well be considering the potential of cards ideal for credit balance transfers. These can be a very useful sort of credit card, particularly if you have an outstanding balance on a current card. Read on to find out how these cards work and some of the key benefits.
What are they?
Balance transfer credit cards can sound confusing but really they’re very straightforward. Let’s say you currently have a credit card with an outstanding balance of £750 on it. That balance is charged at an 18% rate of interest, meaning that by the end of the month, that £750 will be worth £885.
This means you can end up paying a considerable amount of interest, but if you were to get a balance transfer card, you could move that £750 to your new card for a small fee and then pay off the balance at a 0% rate of interest. This me Read more…
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