A large number of people are transferring balance between credit cards nowadays and more than ever. There are some credit card companies that offer low transfer fees for people such as Royal Bank of Scotland, Lloyds TSB Platinum, and Nationwide. Among the three credit card companies mentioned prior, Royal Bank of Scotland offers the cheapest transfer fee equivalent to only 1%.
Lloyds TSB Platinum and Nationwide are almost on the same range offering a transfer fee of 1.5% and 1.55%, respectively. People have to apply for the Lloyds TSB Platinum by the 10th of May and are required to transfer their balances by the 10th of June in order to get a hold of their offer. In addition to the exciting low transfer fee offered by Nationwide, the application must be done online and before 11pm on the 2nd of April.
The best credit cards in the market place that offer 0% balance transfer are Barclaycard and Halifax. For a fee of 3.5%, Barclaycard can give people more than 2 years or a total of 26 months without any interest. Furthermore, Barclaycard has also trimmed the fee on the 25th month to 2.9% which is clearly a great deal for those people who have been buried in credit card debt.
Halifax, on the other hand, charges its customers with 3% transfer fee for 25 months and without any interest. The only problem with this offer from Halifax is that you have to have a fairly good, if not excellent, credit rating. Check out these offers and find the best one that suits your needs and requirements.
Balance transfers are seen as the good guys in the world of credit cards these days, because it can reduce debt but they are not really always worth it. No financial institution or credit card company has a magic wand that can wave your finances for good and make them vanish in thin air.
When you sign up for a balance transfer card and as soon as you have it, it is important to make the transfer as soon as possible or before the 90-day period ends. Do not attempt to make purchases using your balance transfer card even though you are told that you will get 0% interest on all your spending. Remember, you must ensure that you will be able to complete paying for your debt fully.