Consumers can benefits from some competitive balance transfer deals

An analyst from price comparison website Moneysupermarket has recently stated that the wide range of deals on offer in relation to interest free balance transfer cards has made it easier for consumers in the UK to enjoy great savings and great value when it comes to paying off their credit card balances.

Certain card providers that are offering impressive 0% interest free deals on balance transfers may be helping to increase competition from other credit card companies, which means that more and more better value interest free balance transfer credit cards may be hitting the UK market soon.

Two new credit card deals have recently come onto the market, each of which offers impressive interest free periods on balance transfers. The two credit cards come from Barclay’s and from Capital One Bank, and both offer thirteen months interest free credit on balance transfers.

This means that consumers that take out one of these cards and transfer their balances from another card that does charge interest can save a fortune on interest payments. They can also enjoy extended time to repay the balance without having to worry about interest being added.

Another credit card issuer offering thirteen months of interest free credit is Virgin.

The managing director of Moneysupermarket, Stuart Glendinning, stated: "When people consider there is also the Virgin deal offering zero per cent on balance transfers for 13 months, we are looking at the most competitive range of deals available since the introduction of balance transfer fees nearly three years ago."

Interest free balance transfer credit cards can prove great value for money, but consumers are urged to remember that most card issuers will charge a fee for the privilege of transferring your balance, and this be set at around three percent of the amount that you are transferring, although the exact percentage can vary from one lender to another.

Tom Smith
7th May 2007

More Information:

• Quick Balance Transfer Guide
  Balance transfers allow card holders to transfer the money they owe to their existing credit card to another, usually at a special rate of interest. The new credit card company pays off the old credit card debt and transfers it to the new card. This article will tell you how to play the game.
• The True Cost of Balance Transfers
  Balance transfers are a great way to consolidate credit card debts into one place, especially when there are many 0% deals available. However, there are hidden costs.