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What are 0% balance
transfer credit cards? |
What are 0% balance transfer
credit cards?
0%
balance transfer credit cards allow you to transfer existing
balances to another card, and take advantage of up to 15 months 0%
interest on your balance. They’re a great way to pay back your debt
without paying the interest on top.
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What are the benefits
of a 0% card |
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Transfer your credit card
balance to a new card and avoid paying interest on this balance during
the promotional period.
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You can transfer you existing
credit card balance to a new card, and you do not have to pay interest
on this balance during the promotional period.
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Combine the balance transfer
with additional offers such as 0% on purchases. View the latest credit
card offers.
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More about 0% balance
transfer credit cards |
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It’s likely that you’ll be
required to pay a transfer fee, usually around 2 to 3% of the balance
that you’re intending to transfer.
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You can’t transfer a balance
between cards of the same banking group (Natwest and RBS, for
example).
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Try to avoid using these cards
for new purchases. You will be charged interest on the purchases
portion of the debt, and usually any payments you make will pay off
the cheaper portion of the debt first.
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Remember to pay off the full
balance before the end of the promotional period, or you will have to
start paying interest on the balance, which is likely to be set at a
high level. If you’re unable to pay off the full balance before the
end of the promotional period then a lifetime balance transfer credit
card may be a better option.
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