Finance site recommends looking at 'competitive balance-transfer market'
21st July 2008
Consumers that are looking to get a better deal on their credit card should hunt around and see which banks are offering zero per cent balance-transfers.
That is the advice from independent financial advice site, Fool.co.uk, who has said that although it is "hard to believe that banks are giving away money" in the current economic climate, the competitive balance-transfer market is doing just that.
David Kuo, head of personal finance at Fool.co.uk, said: "Interest-free balance transfer cards are an oasis of relief for consumers parched by the burdens debt.
Fool.co.uk estimate that there are over 90 zero per cent balance transfer deals out there and they offer transfer periods ranging from six months to 16 months.
Mr Kuo said that consumers can even get "a munificent seven" credit card providers that don't charge interest over 14 months".
A card that Fool.co.uk single out is the Virgin credit card which offers a 15-month interest-free period and charges only 2.98 per cent to transfer a balance.