If you’re looking for a balance transfer credit card deal, don’t be fooled into thinking you’ll save the most money by plumping for the card that comes with the longest interest-free period. Such cards usually charge a fee for switching your debt and can render the deal far less cost effective.
The longest interest-free balance transfer period available at the time of writing is 42 months[1], as offered by both the MBNA Platinum 42 Month Balance Transfer Credit Card Visa and nuba Transfer Credit Card MasterCard. But these cards come with transfer fees of 2.79 and 3.29 per cent respectively. On a balance of £4,000, that would cost the cardholder £111.60 or £131.60 respectively just for switching.
As Rachel Springall from personal finance website moneyfacts.co.uk explains: ‘It would be wrong to assume that the longest interest-free balance transfer cards on the market are the best for every borrower, as this entirely depends on how much debt a consumer has and how long they are prepared to have it hanging over their heads.
‘Just because borrowers can apply for a 42-month interest-free balance transfer card, that doesn’t mean it’s the best choice for their circumstances.
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