0% credit card balance transfer competition increases

The competition for the best 0% credit card balance transfer increased in January, with some of the biggest UK banks offering new products.

Halifax, Barclays and Lloyds Bank have improved their 0% balance transfer credit card offerings.

Balance transfer credit cards allow customers to transfer their debt from one card to another with lengthy 0% interest periods.

Customers can benefit from paying off the debt they already have without paying any interest, easing the strain of paying off post-Christmas bills.

The new Halifax and Lloyds Bank credit cards offer 0% interest on balance transfers for the first 34 months.

A few days before Christmas, Barclays launched their 35-month deal, which is the longest balance transfer offering on the UK market.

Customers can access one of these deals if they have a good credit rating and can pay off the minimum monthly repayment.

If a payment is late, some banking providers may take off their 0% deal.

However, experts have warned customers to be aware that, depending on their credit score, they could be offered a shorter 0% balance transfer period or a higher annual interest rate.

For the latest rates and deals, compare credit cards from a wide range of UK providers.

Source: Money Market UK

Naomi Havergal
Tuesday 3rd February 2015

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