If you are looking to save money by switching either your bank account to one that does not have a monthly fee, or your mortgage to one with a lower interest rate, you are on the right track for making great savings. But have you considered swapping your credit cards as well? Paying interest on high interest credit cards is a no brainer when there are some great balance transfer credit cards on the market. Trouble is, a lot of people are put off transferring their balance to other credit cards because the credit card companies got wise to customers doing this and slapped on hefty transfer charges. Not so these days and you will find that the cost of paying the interest on your original credit cards far outweighs the small transfer charge from your new credit provider.
And you should consider that most credit cards will charge you quite a high interest rate if you carry a balance, but there are some good balance transfer credit cards out there that do not charge you interest for a set time period. Therefore it makes sense to use what you save on interest, despite the small transfer fee, to clear what you can from your debt. With this in mind, we’ve found two new offers from credit cards, that were unveiled last week that come with great balance transfer periods, low transfer fees, and even have some handy benefits. This is great news for anyone who has a large balance to transfer but doesn’t want to get hit by a big transfer fee.
Barclaycard’s Platinum card gives you 22 months at 0% on balance transfers and has just dropped its transfer fee to half price from 2.99% to 1.45%. You’ll also get 0% on purchases for the first three months. But this rate is only available to new Barclaycard customers – so existing customers could save with our next offer, the recently launched Fluid Card.
Representative Example: Barclaycard Platinum
Representative 17.9% APR(variable). Purchase rate 17.9% p.a. (variable); based on a credit limit of £1,200.
The Fluid card offers 0% for 15 months on balance transfer fees, with another low 1.5% handling fee. You’ll also get a 0% interest rate on all purchases for the first five months, as well as 30% off Fluid travel insurance.
Representative Example: Fluid Credit Card
Representative 15.9% APR(variable). Purchase rate 15.9% p.a. (variable); based on a credit limit of £1,200.
Both these credit cards could help you make a real impact on your debts. So if you’re paying interest on a credit card debt, you could make huge savings by transferring your balance today.