Credit card users should prepare themselves for after Christmas

A number of industry experts are urging credit card users to get themselves prepared for the New Year financial hangover by ensuring that they have a suitable credit card to save themselves as much money as possible in interest. Experts are advising consumers to start looking around for a suitable 0% balance transfer credit card in time for the New Year.

After spending a fortune on various credit cards over the Christmas period many may be glad of the opportunity to transfer their balances on to an interest free cards following the Christmas period, and this can potentially save borrowers a small fortune, as they can avoid paying any interest on their debt if the repay the transferred balance within the specified time period.

One industry official stated: ‘It’s a good idea to be prepared for January by taking out a good credit card deal. But don’t use it for purchases because your payments will always go towards the cheapest debt first. Though some cards with 0pc deals extend them to purchases, this is usually only for the first few months.’

Those planning to get a 0% balance transfer credit card will find that application levels tend to rise at this time of year, and therefore processing can take longer, so early action needs to be taken to ensure that you get the card in time.