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Credit card fraudsters target Amazon
Credit card fraudsters have begun targeting online shopping giant Amazon in a bid to steal personal information.
Debt counselling service to receive donation from bank
A Christian bank is to make a sizable donation to a Christian debt counselling service in light of predictions that call volumes will increase this year.
Homeowners advised to pay builders with credit card
Thisismoney.co.uk reports that home improvements made to properties over the next few months should be paid for with credit cards if possible.
Flintshire council tenants using credit cards to pay rent
According to the Evening Leader reports new research from the Liberal Democrats suggesting that many of Flintshires council tenants are using credit cards to pay their rent.
Economic downturn to convince more to pay off their credit cards
According to MoneyExpert.com, an executive with Equifax believes that many Britons will react to the economic downturn by trying to pay off their credit cards in full.
Balance Transfer Fees
In a world where debt and credit have become a product of society, balance transfers are still an effective way for the displined customer to manage their finances. Gone are the days of balance transfers without fees. This is due to ‘rate tarts’ who ‘card hopped’ to avoid paying interest. There are still some good deals to be found though as two thirds of adults have at least one credit card and the credit card market is forever expanding. With over 300 credit cards now available, and with supermarket chains getting in on the act, the competiton is fierce thus allowing customers to benefit from ‘better deals’. The main thing for a customer to remember when dealing with balance transfers is to choose a deal that reflects their financial position and to exercise caution at all times.
Leading the way at present in the balance transfers field is HSBC who are offering ‘0% interest on balance transfers until 2nd April 2008’. It comes with limitations, as all offers do. Existing HSBC, First Direct or HFC customers cannot apply and a 2% fee to switch has to be paid. Also getting in one the act of extending their 0% balance transfer offers are Virgin Money who have increased the time on its MasterCard (2.5% fee) to 13 months. The Abbey and the Cheshire Building Society are also offering a 12 month 0% balance transfer.
Morgan Stanley’s ‘Buy and fly’ card is a good option for any customer looking for a capped balance transfer fee. It only offers nine months of free credit but it caps the balance transfer fee to £50.
Not every customer will feel comfortable with ‘juggling’ one balance transfer after another and for these individuals there is the option of a lifetime balance transfer card. These cards offer low fixed rates which do not alter at any stage while the customer pays off the balance of the card. Unfortunately fees have been introduced for lifetime balance transfer cards but they are still worth investigating. Marks & Spencer Money and More Mastercard offers a 3.9% interest rate %pa with no fee plus 0% on purchases for a year. Its closest rival is Citi Online Platinum Life of Balance Mastercard which has a 4.9% interest rate pa and a 2.5% up to a maximum of £75 fee.
As long as the customer follows the rules of Balance transfer fees and ensures that their financial situation reflects their chosen methods; balance transfers are still a productive way for a customer to gain some financial reprieve.
More advice?
- Best Credit Cards
- Best Balance Transfer Credit Card
- Best Credit Cards for Purchases
- Best Cashback Credit Cards
- Best Standard Rate Credit Cards
- Visa or MasterCard
- Free Credit Report
- Balance Transfers
- Balance Transfer Fees
- Why Have a Credit Card?
- Student Tips for Building Credit
- Avoiding Credit Card Fees
- How To Eliminate Credit Card Debt
- Smart Spending with Rewards Credit Cards
- Disclaimer
- Choosing Credit Cards
- Rewards Credit Card
- Student Credit Card
- Identity Theft


