Balance transfers with a credit card
Competition between credit card providers is now so intense that many will allow you to transfer the outstanding balance from one to another without having to pay any interest. Everywhere you can find cards that state they have a 'no balance transfer fee'. This has become as important to many people as the actual interest rate being charged. It is now frequently used as a search request by many people for card comparison websites. Many people now possess several cards and use this 'zero interest' offer to hop from one card to another enabling them to avoid paying interest on a credit balance. Of course you must bear in mind that this balance will have to be paid eventually but it can be a useful tool for times when your cash income is lower than expected.
Also be mindful that such an offer on your credit card will be for a limited time only. This is typically six to twelve months. Also remember that by using a card to purchase anything for between £100 and £30,000 you have valuable rights under Section 75 of the Consumer Credit Act. This can be invaluable for such things as deposits, purchases abroad or internet purchases. Card fraud on the internet is a growing problem so always be aware and use an acknowledged site before making a purchase. Also be aware of fraudulent emails asking you to confirm such details as your account number. Your card provider will never ask for this.
