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When looking at balance transfers don't forget the fees

The benefit of a longer balance transfer period can be lost if customers fail to consider the fees.

More from Spending Money
29 August 2013

When looking at balance transfers don't forget the fees

When customers look to change their credit cards, choosing one with a long balance transfer period can be a priority. However, Nationwide Building Society points out that customers can lose this benefit if they do not take fees into account.

Its research of the top ten credit card providers found that, on average, customers transfer £2,091. Sums of money of this size can generate a lot of interest, so it is no wonder that customers search for a card that has a long balance transfer period.

However, those who are able to repay their balance transfer during the interest free period will still incur the fee.

Head of credit cards for Nationwide Paul Carvell said: "Often when customers compare balance transfers they just look at the deal period but, by neglecting to take into consideration the balance transfer fee, they could end up worse off."

A number of credit card providers, such as Halifax, have extended their interest free balance transfer periods recently.

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Best Buy Credit Cards

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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