Which Balance Transfer Credit Card is Right for Me?
The whole point of getting a balance transfer credit card is to save you money, so it stands to reason how worthwhile it is to make sure you're taking out the best balance transfer deal for you and your finances.
0% balance transfers vs. life of balance transfers
If you have outstanding credit card balances, balance transfer credit cards can be a great money-saving tool to help you clear up your existing card debts and get back in control of your finances.
A. While the number of credit cards available on the market offering no fee balance transfer deals has dropped dramatically over recent years – if you do your homework it is still possible to find the odd fee-free deal here and there.
No fee balance transfer deals can still be found on life of balance transfer credit card offers, which give a promotional lower rate of interest on balances transferred to the card during an initial ‘window-period’ until they are repaid in full.
Comparing the differences in the costs of each offer based on how much you want to transfer and how much you can pay back each month will give you a much better idea of whether to opt for a 0% rate with a fee or no fee and a low rate of interest. Read the full answer »
A. Deciding which type of balance transfer is going to be most beneficial for you and your finances comes down primarily to a matter of costs. You need to take into consideration the factors of cost between the two types of offer, in this case the cost of transferring to a 0% rate against the cost of interest on a no-fee deal.
To answer the question in full we've provided an example illustration to show how the costs of each type of balance transfer weigh up... Read the full answer »
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