Fee free transfers could benefit credit card customers

Industry officials have claimed that many customers could benefit greatly from fee free credit card transfers where they can enjoy making huge savings on their credit card debt interest. Many people transfer their credit card debt onto interest free balance transfer cards, but this can involve having to pay a 2-3 percent balance transfer fee.

Industry experts have said that some people that cannot afford to pay a balance transfer fee of 2-3 percent of the balance being transferred may be better off switching to a fee free life of balance transfer card, which involves paying a very low rate of interest for the duration of the transferred balance.

Cardholders would have to ensure that they kept up to date with repayments, and made the minimum repayment at least in order to benefit from the life of balance transfer offer. Many people could benefit, as they could save money on interest without having to be tied to a particular deadline by which to repay the balance.

One cardholder stated: “I wanted to try and shift my debt from my existing cards, which charged a high rate of interest, to an interest free balance transfer card, but providers were asking for a large amount by way of transfer fees. I then decided to transfer to a life of balance transfer card, which saves me money in interest and gives me more time to clear the balance that I transferred.”