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1st July 2006
Credit card companies are heating up the competition to offer the best 0% balance transfer incentives this week.
MBNA is the latest credit card issuer to increase their 0% balance transfer deal to 12 months, joining Barclaycard who offers a very similar deal.
These new lengthier deals are very tempting, and will certainly please any rate tarts out there as well as people who want to clear up any existing credit card debts and benefit from 0% interest rates on your balance transfer for up to a whole year.
It is important to bear in mind the balance transfer handling fees on these cards, however any fee you may have to pay will be small change in comparison to any interest you are being charged on your current credit card.
A word of warning however, these credit cards also offer 0% on purchases for 3 months. It may sound like a good proposition, however the reality is much different. If you make use of both 0% deals, when your 3 month 0% purchase rate is up, any outstanding purchase transactions on your account will start to accrue standard interest charges and you may not be able to clear these balances until your 0% balance transfer deal is repaid in full.
Freely take advantage of these great 0% balance transfer rates for up to a whole year, but remember to stick the card at the back of your drawer and don't use it for any purchases or cash withdrawals until your balance transfer is repaid or the introductory period has finished.
If you do need a credit card that offers both 0% on balance transfers and purchases, Natwest and Royal Bank of Scotland offer 0% on balance transfers and purchases for 9 months, so both deals will run for the same length of time. You can also avoid any balance transfer handling fees on Natwest and Royal Bank of Scotland credit cards if you also hold a current account with them.
View all the 0% balance transfer credit cards here.
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