Fee free balance transfer cards available to those with excellent credit
March 6, 2008
According to a recent report there are a number of fee free 0% balance transfer cards now available on the market, with several credit card providers re-launching these fee free cards, which all but disappeared from the markets last year.
However, the only consumers that will be able to get their hands on these cards are those with totally unblemished credit profiles.
The vast majority of 0% balance transfer cards now charge a fee of between 2-3% of the balance being transferred, and many that used to cap this fee at £50 have now removed the cap, which could make the transfer more expensive.
The credit card providers that are offering the fee free 0% balance transfer card to customers with excellent credit are Capital One, Norwich and Peterborough Building Society, and Britannia Building Society.
In order to make the most of the Capital One offer cardholders will need to repay the balance within six months, otherwise they will start getting charged interest on the remainder of any balance after the six month interest free period.
The offer from the Norwich and Peterborough Building Society is also only for six months, and the one from the Britannia Building Society is just five months.
Therefore, anyone wishing to take advantage of the fee free transfer offer and avoid paying any interest will need to ensure that they can repay the transferred balance fairly quickly.
Those who cannot afford to repay the balance quickly may fare better with a fee charging card that offers a much longer 0% period or a life of balance transfer card that charges a low rate of interest for the life of the transferred balance but does not charge any transfer fees.
