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| BankruptcyNews |
Posted - 23 May 2007 : 09:43:04
The best balance transfer offers
A number of lengthy balance transfer deals have hit the market in a bid to tempt consumers struggling with increased interest rates.
The Royal Bank of Scotland is launching three new cards from its stable of brands with more than a year's free credit on switched balances, while HSBC has also launched a brand new 12-month offer.
The card launches come in the wake of Tesco extending its balance transfer offer to 12 months and Barclaycard launching a 0% offer until July next year on two of its cards.
There are now over 10 cards on the market that offer over a year's worth of free interest on balance transfer deals.
The launches come at a time when interest rates are on the up, putting extra strain on household budgets. However, card customers should consider the balance transfer fee when choosing a card because it could be more beneficial choosing a lower balance transfer offer period if it comes with a smaller fee.
RBS is offering 13 month's 0% interest on both its NatWest and RBS credit cards. Both cards come with a 2% balance transfer fee and have an average ongoing interest rate at 13.9%, although this drops to 12.9% for certain customers of the banks.
Mint, another RBS-owned brand, is offering 0% interest on balance transfers until the beginning of August next year. It also has a bonus offer of a further six month's free interest if another balance transfer is made October 2008. That card has a balance transfer fee of 2.5% and an ongoing variable rate of 14.9%.
The new cards from RBS places it at the top of the best buy tables because of their low balance transfer fees. For example, it would cost £100 in fees if you were transferring £5,000 on to the Natwest card, compared to £150 if you were transferring the same amount on to a Virgin Money card, which also offers 0% interest for 13 months.
If card customers want a capped balance transfer offer, then they should consider the Morgan Stanley Fly & Buy Mastercard. This offers nine month's free credit and caps the fee at £50.
Source: thisismoney.co.uk
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