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12 June 2007
For many years now consumers have been enjoying the benefits of 0% balance transfer credit cards, which enable them to spread the repayments on previously high interest credit card balances by transferring them to a card that offers a set interest free period on balances that have been transferred.
However, a number of lenders are now offering 0% balance transfer credit cards that offer specified interest free periods in the second and third years of the account – the perfect solution for rate tarts that want to save the hassle of switching.
Previously the Egg credit card offered a unique feature in that it offered 0% on balance transfers for 12 months, and in addition to this offered 0% on balance transfers on the anniversary of the account opening for a five month period in both 2009 and 2010.
This enabled customers to look forward to interest free periods on balance transfers even after the initial interest free period had expired.
However, it appears that Egg is no longer the only player to be offering 0% anniversary balance transfers.
The Post Office has now launched its own credit card offering similar benefits, enabling consumers to continue enjoying extended interest free periods on balance transfers in the first, second and third years of opening an account.
The Post Office credit card offers 0% interest on balance transfers for the initial ten month period from when the account is opened. Following this the card offers five months interest free credit on balance transfers on the anniversary of the account opening in both 2008 and 2009. In addition to this the card offers 0% interest on purchases for the initial three months, and 0% commission on overseas purchases.
Although the 0% interest free balance transfer anniversary credit card may not suit everyone, it can prove effective and convenient for those that would otherwise be looking at switching to yet another balance transfer credit card.
It seems that this type of credit card offer, initially only available from Egg, is becoming more popular amongst other lenders, which is great news for the consumers that will now get to enjoy greater choice with this type of credit card deal.
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