0% balance transfers 'could help beat the recession'
Credit cards offering 0% balance transfers could well be the best option if consumers have made brushing up on their finances a new year's resolution, it has been suggested.
0% balance transfers 'could help beat the recession'”
Credit cards offering 0% balance transfers could well be the best option if consumers have made brushing up on their finances a new year's resolution, it has been suggested.
An article on Fool.co.uk explains that such cards - as their name suggests - offer people 0% interest on their balance transfers for a set period of time.
It explains credit cards that fall into this category allow users the chance to make cash transfers into their bank accounts, which are eligible for 0% interest in the same way.
"This means you can use the card to pay off more expensive debts, like an overdraft or loan," the article adds.
It notes that the interest rate will increase when the 0% period expires, suggesting that consumers should be confident they can clear their balance - or move to anoter 0% deal - before this occurs.
A recent study by credit card provider Abbey suggested more than three million Brits are expected to around £7 billion between credit cards in the first quarter of 2009 as they look to take advantage of introductory balance transfer periods.
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