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Card Fraud Rises Again

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0% Balance Transfer Credit Cards - Compare your favourite credit cards such as Virgin, Sony, Citi, A&L, MBNA, Barclays, Egg and more!

0% Balance Transfer Cards

Simply Click the "Compare" button above and find best deals on 0% Balance Transfer Cards Instantly! Click & Compare and start saving today!

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.

Here at the MoneyOutlet you save Time & Money by comparing best UK deals on 0% balance transfer credit cards, credit card consolidation loans, debt management, mortgages, insurance and banking. For your free, no obligation quote on any of these financial products, simply Click & Compare.

Start comparing now and be on your way to a healthier financial future!

Published on September 30, 2007

Latest Credit Card Articles

1 In 10 Credit Card Applications Rejected

Recent research into the credit card market suggest an increase in the number of people being rejected when applying for a new credit card. It is believed 1 in 10 will automatically be turned down as banks try to protect their bottom line.... Read More
March 5, 2008

Has Chip And Pin Been Successful?

It has now been two years since chip and pin was widely introduced in the UK. Primarily introduced to try and prevent credit card fraud, has it been successful two years on? 2004 saw costs of fraud in shops at £218m whilst in 2006 it dropped to £72m. Whilst there are reasons to feel more secure with chip and pin, APACS warns consumers of a rise in internet, telephone and mail order fraud... Read More
February 15, 2008

Credit Cards Criticised For Being Too Complicated

A recent report by the Office of Fair Trading has criticised credit card companies for making their products difficult to compare. The OFT also says consumers don't compare enough. Consumer group Which? asked for assistance from the OFT last year as it found card issuers were using 12 or more methods to calculate interest charges, cash advances, etc. This confusion has also recommended the FSA to step in and create a credit card comparison website... Read More
February 13, 2008

Egg Set to Cancel Credit Cards of Risky Customers

Credit lender Egg has recently announced they are taking action by canceling the accounts of customers they deem too 'high risk'. Egg is sending notice to approximately 161,000 credit card accounts notifying customers their card will stop working within 35 days time. Some customers are claiming they've never missed a payment, which has sparked investigation by the FSA... Read More
February 4, 2008

0% Cards Can Come With A Sting

Now that Christmas is behind us, many credit card holders in the UK will have transferred old debts onto a new balance transfer credit card to try and keep on top of their finances.The idea is to transfer balances over to a new card, typically offering 0% on balance transfers for several months to over a year. However, the problem that most people don't know about is something called 'negative order of payments'... Read More
January 30, 2008

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