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Credit Cards & Loans

‘Now is the time to switch credit card provider’

Tahmina Mannan
Written By:
Tahmina Mannan
Posted:
Updated:
02/07/2013

Now is the smart time to shop around for the best balance transfer deals as the credit card industry heats up, experts have said.

According to Gocompare.com, some of the UK’s top credit card companies are getting out the big balance transfer guns to vie for consumers’ balance transfers.

Barclaycard has slashed its balance transfer rate to 2.99% – which is now cheaper than the 3.15% rate that Tesco currently has.

Barclaycard launched a 27 month balance transfer card in May, with a fee of 3.9% that stole the limelight, but Tesco credit card hit back by extending its 0% balance transfer period to match Barclaycards’ 27 months.

However, Gocompare.com said another card on the market may be a better option for a savvy saver – the Halifax 25 month balance transfer Mastercard, which only has a 2% balance transfer fee, which could save you nearly £30 on a £2,500 transfer.

Matt Sanders, Gocompare.com’s credit card expert, said: “There has never been a better time to transfer your credit card balances. With the big providers like Barclaycard and Tesco playing one upmanship with their transfer rates and 0% periods, consumers can make massive savings on any long term credit card debt they may have.

“Of course, it’s best to be clever with your cards and pay the balance off at the end of the 0% period to make sure you don’t accrue any more debt. But shopping around, and using your credit cards in a canny way to help you pay off your debt could be cheaper than ever with the right card.”


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