Dont let your Xmas shopping cost you dear on your credit card
If you pushed out the boat a bit too far this Christmas don’t let the interest on your credit card clock up. There are still a number of credit cards out there with good 0% interest deals you can move to.
Whilst a number of cards have scrapped their 0% offers, there are still some good ones out there although in many cases, you’ll have to pay a % fee to transfer your balance from your old card to a new one. If you intend to run an outstanding balance for a month or two, it’ll still probably be cheaper to accept the 2% fee rather than pay interest.
So where are the best deals?
Mint has the longest interest fee period at 10 months. This is followed by MBNA and Virgin Money both with 9 month interest free periods. All these charge the 2% transfer fee.
Alternatively, if a 6 months interest free period will be OK, then try Marks & Spencer’s &More card. This card will accept your transfer without any transfer fee.
If you’ve really racked up the credit card and are unlikely to be able to pay off the balance within the interest free period, then you might consider a low interest rate card as an alternative. Consider the American Express Platinum card. The interest here is just 4.9%. Worth looking at.
