A credit card that offers interest free balance transfers can prove great value for money, by reducing the potential for racking up large debts over the course of a few months. Consumers who are looking for the best deals and keen to keep their repayments low may find it useful to opt for a credit card offering 0%on balance transfers, as this can provide you with a good way to clear your debts without always having to catch up with interest repayments.
Credit card providers propose different lengths of interest free periods, with some offering only a few months while others will give up to a year's interest free on transfers.
Having said that, it is important to remember that in most cases interest free balance transfers are just that – so any new purchases you make on your card will have interest added to it. It is therefore clearly important to be careful in the way you use an interest free balance transfer, otherwise you may find yourself simply adding to your debt.
Many banks also run special offers. Canny consumers can use these special offers to reduce their debts, taking advantage of the lower rates before moving on to other special deals. For example, it may be possible to obtain a special debt-transfer offer, providing the opportunity to pay off existing debts at a reduced rate. While new spending may not be covered by the deal, it can offer the chance to get your finances back into order and avoid being swamped by interest repayments.
| Company / Card | Balance Transfer Rate / Period | Typical APR (variable) | ||
|---|---|---|---|---|
 | MBNA Credit Card MBNA Platinum Plus Card | 0% / until Sept 2009 | 15.9% |   |
 | Barclaycard Credit Card Barclaycard Platinum | 0% / until Oct 2009 | 14.9% | |
 | Egg Credit Card Balance Transfer Card | 0% / until 1 Sept 2009 | 16.9% | |
 | Virgin Money Credit Card Balance Transfer Card | 0% / 15 mths | 15.9% | |
| Click Here for more Balance Transfer Cards | ||||
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