8 September 2005
Hefty new fees for balance transfers should prompt customers to look around for good deals on credit cards, a report has said.
The article, from the Daily Mail, says that the decision of Alliance & Leicester, Capital One and Virgin Money to introduce a fee of two per cent for balance transfers will force borrowers to look for better solutions.
The newspaper says that zero per cent deals can still be found, with Co-operative Bank, HSBC, Morgan Stanley and Nationwide offering cards for zero per cent interest on new buys and balance transfers for six months.
Best of all, Intelligent Finance won't charge for on debt transfer from another card and offers zero per cent for nine months.
The Daily Mail reckons that you could lose £200 or more with a credit card £3,500 debt if you don't shop around.
Use uSwitch.com's impartial calculator to compare all credit cards and find the card to suit your needs.
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