Consumers searching for balance transfer cards
Over the Christmas period many people spend a small fortune each year on their credit cards, and this year is likely to have been no exception, particularly given the fact that an increasing number of people have been replying on credit cards and finance in the current financial climate when household finances are so tight.
Don’t pay silly APR’s
Officials have stated that many of those that have funded the cost of Christmas using credit cards with high interest rates could end up paying a fortune in interest on their debt, which means that their purchases will end up costing them far more over the long run than their face value. It is therefore advisable to take action to try and avoid having to pay these interest charges.
0% Deals
Industry experts are urging consumers to start looking around for suitable deals on 0 percent balance transfer credit cards as early on as possible, stating that it could take time for borrowers to find the right deal and get approval, so the earlier action is taken the more easily the consumer will be able to avoid having to pay interest on their Christmas spending.
One industry official said:
For those that want to try and transfer their high interest credit card balances and save money on interest it is important to start looking around for suitable credit card deals right away, as processing can take longer at this time of year due to holidays and higher application levels.
Try and find a card with the most generous interest free period, but also be mindful of the balance transfer fee that is charged on the card.