Best Credit Card Transfer
May 17th, 2010
If you have more than one credit, or store card then you may have considered a credit card balance transfer. It’s a very easy way to consolidate some of your debts, but who offers the best credit card transfer deal?
HSBC Credit Card is an excellent balance transfer credit card. The current offer of ‘ . displayBalanceTransfer(‘18′) . ‘ and with a no annual fee for life offer also, it means you will starting paying off your debt sooner’);?>Over recent times as people try more than ever to save money on their outstanding debts, credit card balance transfers have become more popular than ever.
Virtually all lenders now offer some sort of balance transfer product, but what should you be looking for when searching for a transfer deal?
How Does a Balance Transfer Work?
You may have an outstanding loan, or maybe one or two store cards with a little debt left unpaid. With these different debts you will paying different rates of interest, as well as having to organise three different payments each month.
What a credit card balance transfer allows you to do is combine all these other debts into just one. The way it works is, your new lender will pay off your other outstanding debts for you, and now you will just owe the new lender the money.
What is the Benefit?
Not only does it make your debt easier to manage, but lenders now offer 0% or very low balance transfer deals. This means that when you transfer your debt onto your new credit card, you will pay a very low interest rate for however long your promotional period is.
Some of the best credit card transfer deals available are the 0% deals. It is worth looking at all the features of these cards, as you may find that even though you pay no interest, the promotional period may be shorter than with a low interest balance transfer.
For example a 0% transfer rate for just 3 months, may not be as attractive as a 2.99% transfer rate for 12 months.
What Else Makes the Best Credit Card Transfer?
Other features to look out for when looking for a new credit card will be:
- The Standard Rate- What rate of interest will you be paying once your promotional period is over?
- The Annual Fee- Some cards come with a hefty annual fee, whilst others have no annual fee.
- Interest Free Period- How long do you get interest free on purchases?
- Rewards Schemes- Not a very important feature but one that some people may want to look for.
The best?
One of the best credit card transfer deals available at the moment is the St.George Vertigo MasterCard. It comes with a very low transfer rate of 2.99% for 6 months, a competitive 12.24% variable rate, 55 days interest free period, a benefit scheme, as well as a reasonable annual fee of just $55.
Make sure you look at all the deals available, and go with the card that suits your personal situation the best.
Editors Choice: Featured Credit Card Deals
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) |
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