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Nationwide: Balance transfers 'could help ease Christmas debt hangover'

Credit card holders could consider making a balance transfer to avoid a Christmas debt hangover, according to advice from Nationwide.

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7 January 2010

Nationwide: Balance transfers 'could help ease Christmas debt hangover'

Nationwide's head of credit cards and personal loans Richard Napier commented that a lot of people do not know how balance transfers can be used to their advantage, although many people have heard of them.

He explained that a balance transfer involves moving outstanding credit card debts on to one card, so that the debt can be repaid at a lower interest rate.

"Many credit card providers will offer 0% balance transfers. But it's worth noting that different card transactions are charged at different rates," he added.

Mr Napier also noted that many credit card companies do not allow cardholders to pay off their cheapest debt until the most expensive debts have been paid.

The exception to this is Nationwide and Saga.

Nationwide is currently offering a gold credit card with 0% on balance transfers for 13 months, subject to conditions.

The typical variable rate on the card is 16.9% APR.

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Credit Cards Balance Transfers Purchases APR Representative (Variable)
Tesco ClubCard Purchases Credit Card Logo Tesco Bank Logo Tesco ClubCard Purchases Credit Card Apply
 0%
9 months
2.9% fee
 0%
18 months
 
16.9%
Representative Example: The annual purchase rate is 16.9% p.a (variable) so if you spend £1200 your representative apr will be 16.9% p.a (variable)
Barclaycard Platinum With BT (27 Mths) Logo Barclaycard Logo Barclaycard Platinum With BT (27 Mths) Apply
 0%
28 months
3.5% fee
 0%
6 months
 
18.9%
Representative Example: The annual purchase rate is 18.9% p.a (variable) so if you spend £1200 your representative apr will be 18.9% p.a (variable)
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