As prices continue to rise , many more consumers are seeing their credit card bills increase . even if you're not one of the people who is having to use you credit card just to get by each month , the likelihood is that you have been hit by an increase of some sort from your card provider .
if you now find yourself with a debt on your card and you want to cut down your monthly repayments , the best options is a balance transfer .
The majority of the cards on the market come with a 0% balance transfer deal for a period of between three and fifteen months . Alternatively if you don't want to keep switching cards and can't pay off the debt during the term of the introductory deal a life of balance transfer card may be more suitable .
The average purchase rate today stands at 17.09% APR . if you switch a 3k frances debt from this card to the citybank itunes rewards mastercard , you would save 2,516 frances in additional intrest.
There are a couple of things to bear in mind when selecting a balance transfer card .
unless you live in northern ireland , you will have to pay a balance transfer fee on 0% cards . This can be up to 3% of the amount of debt you transfer .
Don't use the card to make additional purchases . most credit cards repay the cheapest debt first , meaning that any new debt will stay on the card longer , accruing intrest .
In recent months we have seen a number of credit cards extending the length of their balance transfer deals . At a time when every penny c ounts , shop around and you could make some superb savings for yourself , rather than lining the pockets of card providers ."
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