Related Credit Card Article

"Balance transfers till proving popular despite credit crunch"

By admin | May 3rd, 2008 | Balance Transfers, Credit Cards

Recent research carried out by Sainsbury’s Finance has shown that balance transfers onto 0% balance transfer cards are still proving popular amongst consumers despite the global credit crunch that has resulted in tighter credit conditions. According to the research millions of us are looking to transfer billions of pounds collectively over the next few months alone in a bid to save on interest on our existing higher interest credit cards.

These 0% balance transfer credit cards have proven popular for some time, and have helped many cardholders to save a small fortune on interest by switching their balances and repaying the total amount within the interest free period. However, the global credit crunch has resulted in many people being unable to get credit cards due to tighter lending conditions. Balance transfers may also prove more expensive for some people now, as many of the capped transfer fee deals have been taken off the market over recent months.

Despite these issues, however, there are still 4.3 million cardholders that are planning to transfer their balances from high interest credit cards onto a 0% balance transfer credit card by June of this year. It is though that well over six billion pounds will be transferred collectively over this period. One official involved in the research said: “Our research shows that there are an estimated five million people with outstanding balances who are not only incurring interest but also admit that it may take them longer than one month to clear their spend.”

Consumers that do plan to transfer their balance are advised to look out for the most suitable deals, and to check the balance transfer fee charged as well as checking on the interest free period offered by the lender.

Tags: balance, Balance Transfers, cards, Credit Cards, crunch

Related Articles:

• Credit card transfer continue despite credit crunch

  Despite the global credit crunch that is still wreaking havoc in the UK’s financial markets, credit card transfer still remain popular, with many consumers trying or planning to transfer balances from their higher interest credit cards onto interest free balance transfer cards in a bid to try and save money on interest charges. According to...

• People continue to transfer balances

  Over recent years the popularity of balance transfer credit cards amongst consumers in the UK has rocketed, with many people taking advantage of 0% offers in order to get rid of high interest credit card debt and enjoy interest free credit for a generous period of time, which has saved some borrowers a small fortune...

• Virgin offering fee free balance transfer card

  Virgin Money is offering consumers the chance to save some money on transferring their credit card balances by launching a fee free 0 percent balance transfer credit card offer that could help some consumes to save a tidy sum on the amount that they have to pay. Usually credit card companies charge a fee of...

• Generous interest free period on balance transfers from Natwest

  Many consumers are keen to save money on their borrowing, such as on their credit card borrowing, but with credit card interest rates so high the cost of borrowing can be crippling for some consumers. However, a great offer from Natwest could help borrowers to enjoy big savings on their credit card debt, making it...

• Decrease in capped balance transfer cards

  Balance transfer cards have enjoyed enormous popularity over recent years, and this is because they enable consumers to save a fortune in interest by transferring their balances from high interest credit cards onto the balance transfer card, which offers a period of interest free or low interest credit on the transferred balance depending on which...

Other Recent Articles

Finding the right credit card for Christmas shopping

Although it may seem a while before Christmas swings around it often comes around far faster than we imagine, and...

By Reno | September 9, 2010 | Read More

New credit card launched by supermarket giant

Consumers in the UK have a wide range of credit cards to choose from these days, and there are cards...

By Reno | September 9, 2010 | Read More

Interest free purchases with the Tesco Clubcard credit card

Making purchases on a credit card can work out to be very costly for those that have high interest credit...

By Reno | September 9, 2010 | Read More

Generous interest free period on balance transfers from Natwest

Many consumers are keen to save money on their borrowing, such as on their credit card borrowing, but with credit...

By Reno | September 9, 2010 | Read More

Improvements to credit card lending

According to recent reports July saw improvements when it came to credit card lending in the UK, which many believe...

By Reno | September 2, 2010 | Read More