Save paying interest on Credit Cards
Credit cards are so convenient, no infact too convenient. It’s all to easy to run up spending on your card then you are left with expsensive interest charges every month, but there is a way you can save a fair bit of money by avoiding these interest payment by doing balance transfers. A balance transfer is where you shift the debt from one card to another in order to avoid paying interest. This is especially easy these days with a plethora of credit card companies offering a period of 0% interest free or even better no interest on balance transfers.
Be wary though some companies charge a percent fee on balance transfers usually around 2% and capped up to £50. The best two current offers are from Virgn and Natwest who are both offering 9 months interest free with no balance transfer fee. Please note that if you don’t keep up with minimum repayments you may well lose the the special offer. Another caveat is that if you spend on the credit cards you transferred to and then make a payment against what spent on then the repayment will be deducted from the balance transfer and not what you spent. So if you do need to spend on a credit card don’t do it on one you are using for a balance transfer.
Please note that NatWest charge 2% on balance transfers. It is only free if you have a current account with them!
Barclaycard charge 2.5% and will only transfer £5000 at this rate.