Or perhaps you missed a payment or two a while back and are now saddled with a fairly large balance on a high interest cloned credit cards uk. Maybe it was your first credit card, and you’re still paying the interest rate offered to those with no status credit. No matter what the reason, you’ve got a credit card balance on which you’re paying interest rates higher than average, and you’d like to cut those monthly payments. Welcome to the world of balance transfer credit cards.
Balance transfer credit cards are credit cards that offer a special interest rate on accounts transferred from another credit card. Essentially, when you take advantage of balance transfer credit cards, you’re borrowing money on your new credit card to pay off the balance on your old (higher interest) credit card, then repaying the new credit card company at a lower rate of interest. 0% balance transfer rates have been a popular incentive for credit card companies to attract business for the past several years.
Lately, though, many credit card companies have found that offering 0% balance transfers is a losing proposition for them as customers play credit card shuffle, moving their account balances from one card to another whenever the 0% interest rate ends. In order to combat that practice, credit card companies are getting more creative with their balance transfer credit cards. That’s why it’s important to compare balance transfer credit cards to be sure you’re getting the best possible deal – or at least one that actually will save you money in the long run.
So you can see it’s important to compare balance transfer credit cards to check the best deal. With credit card comparison sites you’ll find all the latest no interest balance transfer credit cards, along with details so that you can compare balance transfer credit cards to be sure you’re getting a deal that will save you money.