Financial Services > Credit Cards > 0% Balance Transfer Credit Card

0% Balance Transfer Credit Card

Many companies now include products which offer a 0% interest rate on balance transfers from other credit cards, as an incentive to attract new customers.

They allow money owed on existing store or credit cards to be transferred to a new card initially with a lower rate of interest.

0% interest on balance transfers

The majority of providers offer 0% interest on balance transfers for anything between 3 months and a year. The 0% period provides significant interest rate savings in many cases, which can provide flexibility, for example many card holders use this saved money to pay off the balance of the debt.

Before transferring your balances make sure that you are aware of any balance transfer, or handling fee imposed by the provider as this tends to be charged at roughly 2-3% of the balance you intend to transfer. It is also worth checking if there is a time limit in which balances have to be transferred to qualify for the low interest rate.

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