What Are the Top Balance Transfer Cards in the UK?
Paul RyanThe popularity of balance transfer cards has increased significantly in the UK over the years due to its ability to help consumers consolidate their debt and save money on interest charges. In this article, we will explore the top balance transfer cards in the UK and provide some tips on how to choose the right card for you.
1. What are balance transfer cards?
Balance transfer cards are credit cards that allow you to transfer the balance from your existing credit card(s) to a new card with a lower interest rate. This can help you save money on interest charges and pay off your debt faster.
2. How to choose the right balance transfer card?
When choosing a balance transfer card, you should consider factors such as the length of the introductory period, the balance transfer fee, and the regular APR. It is important to find a card with a long introductory period and a low balance transfer fee to maximize your savings. Additionally, you should also look for a card with a low regular APR to avoid high interest charges after the introductory period ends.
3. Top balance transfer cards in the UK
a. Barclaycard Platinum 0% Balance Transfer Card
This card offers a 0% introductory period for up to 24 months and a 1.5% balance transfer fee. The regular APR is 19.9%.
b. Virgin Money 0% Balance Transfer Credit Card
This card offers a 0% introductory period for up to 29 months and a 2.7% balance transfer fee. The regular APR is 21.9%.
c. MBNA Platinum Credit Card
This card offers a 0% introductory period for up to 24 months and a 2.85% balance transfer fee. The regular APR is 19.9%.
4. Tips for using balance transfer cards
a. Pay off your debt during the introductory period to avoid high interest charges.
b. Avoid using the card for new purchases as it can increase your debt and make it harder to pay off.
c. Always make your payments on time to avoid late fees and negative impacts on your credit score.
5. Credit card fees and risks
It is important to be aware ofcredit card feessuch as annual fees, late payment fees, and balance transfer fees. Additionally, there are risks associated with using credit cards such as overspending and damaging your credit score.
6. Conclusion
Balance transfer cards can be a useful tool for consolidating debt and saving money on interest charges. By choosing the right card and using it responsibly, you can achieve your financial goals and improve your credit score. Remember to always read the terms and conditions carefully and seek professional advice if needed.
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