Credit card users ’should still look for balance transfer deals’

Posted 2008-01-8

Credit card users who are looking to find the best deal in the new year could feel swamped, but should still look around for the best balance transfer deals, according to experts.

Many people will be looking to pay off their credit cards in January after the festive spending period, but there are still plenty of balance transfer deals to be found, claims Lisa Taylor, an analyst at Moneyfacts.co.uk.

“Its still worth investing time to find a competitive home for any existing balance, especially when we consider rates have been rising over the last few months and this is likely to continue in 2008,” she said.

“The average standard purchase rate today is around 16 per cent. By securing a zero per cent deal for 12 months (assuming you make a minimum repayment of two per cent per £5) you could save around £140 in interest on a £1,000 balance.”

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