Finance Choices
Best credit card balance transfer deals revealed
A new assessment has revealed the best credit card balance transfer deals available at the moment.
Moneynet, a financial information service, places Halifax, Mint and the Post Office at the top of the credit card balance transfer list.
By contrast Tesco, Morgan Stanley and Hilton are all described as cards to avoid when considering moving to a zero per cent deal.
"The balance transfer market is enormously important to credit card firms, and there are currently some excellent deals out there," said Moneynet chief executive Richard Brown.
"For consumers wanting to spread the cost of this traditionally expensive time of year, switching debt to a zero interest card can make sound financial sense ? but some cards offer better terms than others, so it is important to get it right at the outset."
Research for the firm reveals that despite the increase in cards that charge fees for transferring balances, there are still some excellent deals available.
The One Card from Halifax, which offers a 12-month interest-free period and zero per cent on purchases for three months, is ranked as the best on the market by Moneynet.
Mint is hot on Halifax's heels with ten months interest-free and a lower standard rate of interest, while the Post Office offers six months interest-free and no fee.
Tesco?s offer of five months' interest-free period was seen as less attractive, especially when combined with an "uninspiring" standard rate and a balance transfer fee.
"It?s easy to see which way to jump on this one," said Moneynet's Mr Brown.
"A whole year of zero per cent interest from Halifax is the escape route to take. Once you?ve made the switch you don?t want to have to go through the whole process again in a few months? time. Alternatively, take ten months interest-free with Mint and then next January you can transfer Christmas spending from other cards and get zero per cent for a further six months.
"Some prudent research now can prevent consumers from slipping back into the mire of credit card debt before the festive season looms again."
To find a cheap UK credit card, go to www.financechoices.co.uk/credit-card-best-buys.html
Moneynet, a financial information service, places Halifax, Mint and the Post Office at the top of the credit card balance transfer list.
By contrast Tesco, Morgan Stanley and Hilton are all described as cards to avoid when considering moving to a zero per cent deal.
"The balance transfer market is enormously important to credit card firms, and there are currently some excellent deals out there," said Moneynet chief executive Richard Brown.
"For consumers wanting to spread the cost of this traditionally expensive time of year, switching debt to a zero interest card can make sound financial sense ? but some cards offer better terms than others, so it is important to get it right at the outset."
Research for the firm reveals that despite the increase in cards that charge fees for transferring balances, there are still some excellent deals available.
The One Card from Halifax, which offers a 12-month interest-free period and zero per cent on purchases for three months, is ranked as the best on the market by Moneynet.
Mint is hot on Halifax's heels with ten months interest-free and a lower standard rate of interest, while the Post Office offers six months interest-free and no fee.
Tesco?s offer of five months' interest-free period was seen as less attractive, especially when combined with an "uninspiring" standard rate and a balance transfer fee.
"It?s easy to see which way to jump on this one," said Moneynet's Mr Brown.
"A whole year of zero per cent interest from Halifax is the escape route to take. Once you?ve made the switch you don?t want to have to go through the whole process again in a few months? time. Alternatively, take ten months interest-free with Mint and then next January you can transfer Christmas spending from other cards and get zero per cent for a further six months.
"Some prudent research now can prevent consumers from slipping back into the mire of credit card debt before the festive season looms again."
To find a cheap UK credit card, go to www.financechoices.co.uk/credit-card-best-buys.html
posted by Bruce Wayne at 2:17 PM
Best credit card balance transfer deals revealed
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