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Since Online bank Egg launched the UK’s first ever 0% balance transfer deal on Christmas day 2000, most major credit card rivals have also jumped onboard offering competitive deals. A 0% balance transfer card is a good way to transfer any credit card balance interest free providing of course you have a good credit score.
Over the last 5 years or so 0% transfer deals have changed considerably with hundreds of deals ranging in length from 6 to 18 months. Most deals lasting more than 6 months now charge a fee of 2% for each transfer and some lenders are actually capping the amount which can be transferred.
During the introductory interest-free period, you must be aware of any new purchases you make on the new credit card. If the interest-free period only applies to transferred balances you could be eligible to paying a far higher interest rate on the new debt. The majority of credit card issuers place any new purchase debts to the back of the overall balance when determining the monthly repayments and as a result your new purchase debt grows at the higher interest rate until your balance transfer is paid off. This can conflict with the initial idea of using a 0% balance transfer deal and therefore it is a good idea to once again switch your outstanding debt to another new balance transfer card to repeat the process until the your debt is completely paid off. Do bear in mind the time required to complete a credit card application and make sure it is set up before the introductory period on the old card expires.
Naturally, the longer a 0% deal lasts, the more money it costs a lender. As a result, transfer fees are rising, and uncapped transfer fees of 3% could become the norm for 0% deals lasting nine or more months. Credit card companies are therefore tightening the rules of the 0% transfer deal in an attempt to reduce the cost of these loss-leading offers. But since the main aim of all credit card issuers is to make money, offering competitive deals on 0% balance transfer deals is a key move in attracting new customers.
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Published on September 30, 2007
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