0% balance transfer deals highlighted by Defaqto
Over two thirds of credit cards available to new customers have a 0% introductory balance transfer offer, according to financial information service Defaqto.
0% balance transfer deals highlighted by Defaqto”
Of these, the average balance transfer fee is currently 2.85% and the 0% offer lasts for 9.7 months on average.
Virgin credit card offers a 0% introductory offer for as long as 16 months, with a balance transfer fee of 2.98%, the financial information service said.
Defaqto also found that 60% of credit cards offered to new customers have a 0% introductory purchase offer which lasts for an average of 4.4 months.
David Black, principal consultant of banking at Defaqto, warned that not all customers receive the advertised loan.
"Typically two-thirds [of borrowers] should be offered the advertised loan rate. The remaining one-third may get offered a loan facility at a higher rate. Another factor to consider is that the borrower may not be able to borrow as much as they want," he said.
The Virgin credit card is issued by MBNA and is available to those over 18 years old with an existing UK bank account.
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