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"Consumers told they could benefit from transferring balances"

By admin | December 9th, 2008 | Balance Transfers

Industry experts have stated that many consumers could benefit from transferring their balances from high interest credit cards onto 0% balance transfer credit cards in the run up to Christmas, which could potentially save them a small fortune in interest at a time when finances may be tight. According to officials from APACS, the payment clearance service, up to £11 billion may be spent on credit cards on the run up to Christmas and new Year, and those that leave balances on high interest credit cards could end up paying out a fortune on interest payments alone.

With a 0% balance transfer credit card consumers are able to transfer their high interest balances from existing cards onto the new card, and can then enjoy a long period of interest free credit within which to repay the total transferred balance without being charged any interest.

For those that want to avoid making interest payments on high balances this could prove an ideal solution but it is important for consumers to act quickly so that they get their balance transfer cards in time to transfer their balances after Christmas or the New Year.

Some could benefit from a 0% purchase credit card instead, and this can be used to make purchases over the Christmas and New Year period. Again, these cards offer an extended period of interest free credit, which enables consumers to spread their repayments over a generous period without being charged any interest as long as the balance in cleared within the specified interest free period, which can vary from one provider to another.

With regards to 0% balance transfer deals one official said: ‘It’s a good idea to be prepared for January by taking out a good credit card deal. But don’t use it for purchases because your payments will always go towards the cheapest debt first. Though some cards with 0pc deals extend them to purchases, this is usually only for the first few months.’

Tags: Balance Transfers, 0% credit cards

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