Balance transfer sector 'has escaped worst of crunch'
The credit card balance transfer market remains competitive despite the credit crunch, it has been claimed.
According to Fool.co.uk, the fact that there are currently 90 zero per cent balance transfer cards available is indicative to how far the sector has escaped the worst of the crunch.
Moreover, of these seven do not charge interest for 14 months, including the Virgin Capital Card, the Capital One Balance-Transfer Platinum card and three offerings from Barclays.
David Kuo, head of personal finance at Fool.co.uk, said: "Interest-free balance transfer cards are an oasis of relief for consumers parched by the burdens debt.
"However, even in oases, water does not come cheap. A nominal balance-transfer fee can work out to be quite expensive for short transfer periods."
He added: "Additionally, the balance transfer deal will amount to nothing more than a mirage if you don't take active steps to repay the debt before the end of your balance-transfer period."
According to Fool.co.uk, the fact that there are currently 90 zero per cent balance transfer cards available is indicative to how far the sector has escaped the worst of the crunch.
Moreover, of these seven do not charge interest for 14 months, including the Virgin Capital Card, the Capital One Balance-Transfer Platinum card and three offerings from Barclays.
David Kuo, head of personal finance at Fool.co.uk, said: "Interest-free balance transfer cards are an oasis of relief for consumers parched by the burdens debt.
"However, even in oases, water does not come cheap. A nominal balance-transfer fee can work out to be quite expensive for short transfer periods."
He added: "Additionally, the balance transfer deal will amount to nothing more than a mirage if you don't take active steps to repay the debt before the end of your balance-transfer period."
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