| 0% Balance Transfer & Purchase Credit Cards |
If your are looking to transfer an exsisting credit card balance or get the best APR for purchases then the cards below all have great rates and benefits.
What are they?
Provided by many credit card lenders, 0% balance transfer and purchase credit cards offer the card holder opportunities to either pay no interest on balance transfers or purchases, sometimes both. In the main these types of offers are reserved for new clients as introductory offers to ‘tempt’ them to change card companies. 0% balance transfer promotions can be for periods of three to 13 months. 0% purchase offers are often available for 3 to 10 months, dependent on the lender.
Pros
0% interest periods enable borrowers to benefit from using credit facilities without paying the normal premiums attached. For large purchases, this can save a significant amount in interest payments. Likewise, should you have outstanding credit with alternative lenders, a 0% balance transfer would enable you to move borrowing to a cheaper provider which could both enable you save money each month on interest and if used sensibly, allow you to pay off a debt in a shorter time span as there would be no costly additional interest accumulating.
Cons
Despite the interest free periods, there may be fees involved, it’s worth reading the small print. Often, one off charges are levied for the initial balance transfer, these can vary from, for example, £15 to say 2% of the balance transferred. 0% interest free purchases, whilst an excellent opportunity to save money, may result in you being tempted to spend more than you can afford to pay back once the interest charges commence.
0% balance transfers and purchases should only be viewed as temporary, be sure to ascertain what the ultimate APR will be once the introductory period has ceased. It’s possible that the APR could be higher than that of lenders who do not offer introductory rates and end up costing you more in the long term.
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