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0% balance transfer credit cards may no longer be the new craze of the financial world – but their popularity has yet to abate and neither has the competition between the credit card companies.
When 0% balance transfer credit cards first hit the newspapers, TV adds and Internet sites – you’d of been a very happy customer to get zero interest charges for 6-months.
Nowadays however 0% balance transfers are now reaching the 15-month mark and the market-norm has become an offering of 12-months.
Compare the best 0% balance transfer credit cards
The current market leaders in the 0% balance transfer runnings are the Virgin Money credit card with 0% for 15-months, RBS, Egg and Natwest with 0% for 13-months, and Citi with 0% for 12-months.
Of course, you can also find credit cards such as the MBNA Platinum Rewards offering 0% on both balance transfers and purchases for 9 months.
Compare 0% balance transfer credit cards and see who's offering the longest 0% periods.
"Multi-offer" 0% balance transfers for long-term customers
Invented by Egg credit card, and first termed an "anniversary offer" – multi-offer 0% balance transfers are suddenly cropping up all over the place.
Multi-offer 0% balance transfer deals somewhat lengthen the 0% balance transfer offer into second and often third years of account ownership.
The only draw back being the time between these 0% offers means balances are subject to standard rates of interest again, and need to moved away to another 0% rate and then back to the initial balance transfer credit card to get the further 0%.
Egg started this new type of deal to benefit those cardholders who held onto their accounts once their 0% deal had ended. The Egg credit card offers 0% for 13 months and then 0% for 5 months in the third and fourth year.
The second credit card issuer to join the multi-offer bandwagon was the Post Office, offering 0% for 10 months, and then another 0% for 5 months in the second and third year.
Hunting for the best 0% balance transfer deal
There are a number of 0% balance transfer credit cards available these days, and consumers opting for these cards should look at various factors in order to determine which is the best card for their needs.
Of course, things like transfer fees, penalty charges, and even interest rates after the interest free period has expired may be of interest.
However, the most important factor for most people will be the length of the 0% balance transfer period on offer.
The 0% balance transfer period on these cards can vary from one card issuer to another, but basically the longer the 0% period you can get the more time you will have to clear your balance within the 0% period, thus incurring no interest charges on your transferred debt.
If, for any reason, you are not close to paying off the card balance as the end of the 0% period approaches you may want to look at transferring the debt again onto another 0% interest credit card.
With competition amongst credit card providers tougher than ever, a number of card issuers are offering lengthy 0% deals on balance transfer cards.
Virgin has been offering an impressive fifteen months of interest free credit on balance transfers, and Mint, Egg, RBS and Natwest have been offering thirteen months interest free credit on balance transfers.
Hot on their heels are cards such as Citi Platinum and MBNA which have all been offering twelve months interest free credit on balance transfers.
Once you have found a balance transfer card that offers a suitably long 0% balance transfer period along with low transfers fees then you can make your application online, often receiving an instant decision on your application.
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