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Lifetime balance transfer credit cards 'could benefit customers'

Some credit card customers could benefit by switching to lifetime balance transfer cards, it has been suggested.

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4 February 2009

Lifetime balance transfer credit cards 'could benefit customers'”

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Chris Eagle, commercial manager at online resource CreditChoices.co.uk, explains people who do not think they are able to clear card balances by the end of their 0% deal may be among these consumers.

He suggests that while 0% balance transfers can give people "breathing space" from interest-based charges, consumers should try to pay off more than the bare minimum each month in order to make progress on debt repayment.

"There are some fantastic 0% deals out there at the moment, for example the Virgin credit card is offering 0% on balance transfers for 16 months, as well as 0% on purchases for six months and special Virgin discounts," Mr Eagle concludes.

Other benefits offered by the Virgin Credit Card include a free month of service with Virgin Media and the Virgin Active health clubs.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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