Guaranteed 0% Year After Year

Credit Card Intro Transfers Intro Purchases Comments Apply
Virgin Credit Card
Virgin Credit Card
16.8% APR
0% PA for 18 months
(2.75% fee)
0% PA for 3 months A long time favourite for applicants seeking a balance transfer card. Comes with great Virgin rewards.

Representative example:16.8% APR representative (variable). Based on a credit limit of �1,200* and a purchase rate of 16.8% p.a. (variable)
Bank of Scotland All In One
Bank of Scotland All In One
15.9% APR
0% PA for 10 months
(3% fee)
0% PA for 10 months A great offer from the Bank of Scotland on both balance transfers and purchases.

Representative example: 15.9% APR representative (variable). Based on a credit limit of �1,200* and a purchase rate of 15.94% p.a. (variable)
Halifax All In One
Halifax All In One
15.9% APR
0% PA for 10 months
(3% fee)
0% PA for 10 months Online account management, choice of card colours and also great introductory offers from the Halifax.

Representative example: 15.9% APR representative (variable). Based on a credit limit of �1,200* and a purchase rate of 15.94% p.a. (variable)

Most people that know anything about credit cards are well aware of the availability and the benefits of 0% balance transfer credit cards, and these cards have been used by many credit card holders that want to reduce the amount of interest that they repay on their credit card debts.

Find the best 0% balance transfer credit cards by visiting our
credit card comparison centre

In order to benefit from a 0% balance transfer card you simply transfer your existing higher interest credit card debts onto the 0% balance transfer card, and then you enjoy an interest free period during which time you can clear as much of the debt as possible without incurring further interest.

Once the interest free term expires the standard interest rate is applied to any remaining balance, so it is important to try and clear it in full before the end of the interest free period.

More recently a new type of 0% balance transfer credit card has been introduced by financial giant, Egg, and this card promises five months interest free credit on balance transfers every year on the anniversary that the account was opened.

In effect, this means that on the anniversary of the date that your account was opened you can transfer other credit card debts onto the Egg card and enjoy five months interest free credit to repay the balance without being hit by extortionate interest charges.

However, there are a few things to bear in mind with this type of 0% balance transfer credit card. Firstly, most credit cards that offer 0% on balance transfers will charge a transfer fee on your initial balance transfers, and this can vary from one card provider to another.

This is usually a percentage – such as 2% – of the total amount being transferred and there is usually a minimum and maximum charge. If you are transferring a larger amount this can be quite costly, so do take this into consideration when you are transferring a balance. With the Egg offer the transfer fee is not applied on anniversary balance transfers, but there are other ways in which you could ending up paying dearly for transferring your balance each year.

If you are using this type of 0% balance transfer deal then it is very important that you remember a couple of things. Firstly, you should make sure that you have already cleared your existing transferred balance before you transfer another balance on the anniversary of your account opening, otherwise you will find that you cannot get the transferred balances repaid in time to avoid paying the standard interest rate, which is quite high and can really bump up your balance.

Secondly, avoid making any cash transactions or purchases on the credit card, as these do not form part of the 0% interest deal, and therefore you will pay standard interest and charges on them. What’s more, any repayments that you make will be applied to your transferred interest free balances, leaving interest charging transactions to continue clocking up more interest.

For those that are well organized, avoid using their card for cash transactions and purchases, and can clear the existing transferred debt before transferring a new debt, this type of card can be convenient and can offer good value. However, it is not suited to everyone.

If you want to make purchases on a credit card then you should look at taking out a separate card that offers 0% on purchases, as you can then enjoy saving money on interest when you pay for purchases on your card.

Also, if you still have a balance on your credit card when the anniversary date comes up you may want to look at transferring the debts onto another 0% balance transfer card rather than adding to the balance with further debts, which will leave your initial debt to start accruing interest at the standard rate.

Find the best 0% balance transfer credit cards by visiting our
credit card comparison centre

Get Adobe Flash playerPlugin by wpburn.com wordpress themes

Copyright © 2010 Thrifty Scot · Contact Us · Site Map · Privacy Policy · Terms & Conditions · RSS Feeds · Advertise

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

*None of the information contained in this website constitutes, nor should be construed as Financial Advice.