The Financial Blog

There are literally 2 credit cards still offering fee free balance transfers. I thought the credit card industry had completely eliminated the free balance transfer offers but Norwich & Peterborough Building Society http://www.npbs.co.uk/credit-card and Capital One http://www.capitalone.co.uk/creditcards/capital-one-balance-transfer-card.jsf still offer a fee free balance transfer deal with their cards. You must have an exceptional credit rating to be considered for these credit cards.

The Capital One Balance Transfer Card is 0 per cent on balance transfers until 1st August 2008, so there’s still a good 5 months of 0 per cent to take advantage of. >>Click Here to apply online now>>

Norwich and Peterborough is 0 per cent for 6 months. >> Click here to apply>>

If you have more than the average £2,500 balance to transfer then you might want to consider paying the 1.7 per cent to 3 per cent balance transfer fee that most other credit card companies charge.

There are some fantastic long term deals to be had but always calculate the fee to make sure you can afford it. Paying a fee upfront to transfer your balance should be worth it in the long run as long as you don’t continue to spend on the credit card!!

The HSBC Mastercard has 0 per cent on balance transfers for the first 24 months with a 2.5 per cent balance transfer fee.

Alternatively there is the http://uk.virginmoney.com Mastercard with a 0 per cent balance transfer offer for 15 months with a 2.98 per cent fee.

If you’ve already had a credit card with any of the companies above then you could look at a life of balance credit card, where it costs you nothing to transfer an existing balance and the interest rate stays the same until your balance is cleared.

The Barclaycard Life of Balance http://www.barclaycard.co.uk credit card offers 6.3 per cent for the life of your balance and with personal loan interest rates on the rise this is a much cheaper option.

Just remember; never spend on a credit card you’ve transferred a balance to, this is where the companies charge higher rates of interest, on the new purchases you make - so don’t!

This entry was posted on Thursday, February 28th, 2008 at 12:41 pm and is filed under Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.