Balance Transfer | Finance

Virgin 0% balance transfer card with no transfer fee

Virgin Money has launched a new credit card with a nine month 0 per cent introductory rate for balance transfers and no balance transfer fee. The card is available exclusively from moneysupermarket.com for a limited period only. The card also has a 0 per cent introductory period for purchases for three months.

Barclaycard reduces balance transfer fee

Barclaycard has today, 13th May, announced that it is reducing the balance transfer fee on its 0% for 12 months Barclaycard Platinum balance transfer deal with immediate effect. The fee has been reduced to 2.5% of the amount transferred from the previous 3%. The reduction means customers will save £25 on a £5,000 balance transfer to Barclaycard Platinum.

The "Munificent Seven"

It is hard to believe that banks are giving away money during a credit crunch. But they are, in the competitive balance-transfer market.

More than 4.2 million ‘still paying Christmas 2005 card debts’

More than 4.2 million credit card customers have still not cleared debts run up paying for last Christmas, shock research from MoneyExpert.com shows. Nearly one in eight credit card holders admits to still having debts on their cards from last Christmas as they gear up for this year’s spending spree.

Borrowers urged to look beyond short-term interest free deals

M&S Money urges borrowers to look beyond short-term interest free deals unless they are confident of repaying their debt during the initial period.

Zero in on a balance transfer card

Borrowers feeling the strain after Christmas are being tempted by zero per cent credit card balance transfer offers with nearly 70 per cent of standard cards now offering special deals, analysis by MoneyExpert.com shows.

New year, new 0% balance transfer war

Michelle Slade, personal finance analyst from Moneyfacts.co.uk comments: “For some time the industry has been predicting the death of 0% deals, and with rising bad debts and falling revenue streams the evidence is again stacking up in favour of its demise. The last year has seen fee-free deals almost disappear, with many providers increasing balance transfer fees and many more uncapping them.

Virgin Money extends 0% balance transfer offer to 13 months

Virgin Money is planning to help extend the Christmas cheer by launching a new credit card deal with a market leading 13 month interest free period for balance transfers*.

The £6.5 billion credit card shuffle

Around one in four credit card holders have transferred debts to other cards in the past 12 months as they bid to cut costs, new research from MoneyExpert.com reveals.

Brits' Christmas spending could mean a decade of debt

If they’re not careful, Brits funding Christmas with a credit card could face debts that hang around long after the decorations come down.

Virgin Money raises the bar with 15 month balance transfer deal

Michelle Slade, personal finance analyst at Moneyfacts.co.uk, comments: “Virgin Money already holds the top spot of the charts with its 13 month 0% balance transfer deal, and by extending this to an impressive 15 months, its certainly pulling away from the pack of 12 month deals offered by its competitors.

moneysupermarket.com: Virgin's balance transfer increase

Commenting on Virgin increasing its 0 per cent offer on balance transfers to a market leading 15 months, Robert Kenley, head of credit cards at moneysupermarket.com, said: “Where will this end? It seems interest rate rises are having no impact on credit card issuers as they continue to introduce longer 0 per cent balance transfer introductory offers.

New credit card balance transfer offers from Barclaycard and Capital One

Commenting on two new credit card balance transfer offers, Stuart Glendinning, managing director of moneysupermarket.com, said: “Barclaycard's launch of a credit card offering 0 per cent on balance transfers until July 1, 2008 follows closely behind a similar offering from Capital One. When people consider there is also the Virgin deal offering 0 per cent on balance transfers for 13 months, we are looking at the most competitive range of deals available since the introduction of balance transfer fees nearly three years ago.

moneysupermarket.com: Yorkshire and Clydesdale Banks move to waive the credit card balance transfer fee

Commenting on the move by Yorkshire and Clydesdale Banks to waive the credit card balance transfer fee, Rob Kenley, head of credit cars at moneysupermarket.com, said: “This is the first move of its kind, and may spur a tactical rate war amongst providers.

Balance transfer fees waived at Yorkshire and Clydesdale banks

Balance transfer fees are being waived until 28 February for new credit card customers wishing to transfer their credit card balances to a six month 0% introductory deal with Yorkshire Bank or Clydesdale Bank.

0% balance transfer still most popular credit card feature

Despite several new and stylish features offered by credit card providers to tempt consumers, the most popular is still 0% interest on balance transfers, according to Fairinvestment.co.uk.

£1.1bn transferred between credit cards every month

Sainsbury's Finance estimates that some 716,600 people will try and transfer around £1.1 billion a month between credit cards, but it warns that of the 80 or so cards providing 0% APR on balance transfers, around a third offer a period of just six months or less. The average interest free period on balance transfers is around nine and a half months, but there are better deals available such as the 0% for 12 months available with the Sainsbury's Credit Card.

Just nine balance transfer cards left

This time last year there were around 200 credit cards offering 0% balance-transfer deals. Now there is half that number, and of those only two dozen are genuine 0% balance-transfer cards.

£6bn to be transferred between credit cards over next six months

Sainsbury’s Finance, which has increased its interest-free period on balance transfers from 10 to 12 months unveils new research that reveals 4.30m people intend to transfer a total of £6.68 billion between credit cards before July, which equates to £257.15 million per week or £36.74 million a day.

Balance Transfers – not what they used to be

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments on the 0% balance transfer deals and how this market has changed: “It was way back in 2004 when balance transfer fees first started to raise their ugly heads on 0% credit card deals. However with increasing levels of personal debt, the market for transferring balances has become more competitive, but for the consumer it has become harder to get these deals.

Balance transfer merry-go-round is grinding to a halt

Borrowers planning to transfer credit card debts are facing a clampdown by card firms as the number and length of deals are cut, according to new analysis from MoneyExpert.com.

Abbey Zero card has no balance transfer fee

Around one in four credit card holders (22 per cent) will take advantage of a zero per cent credit card over the next 12 months according to research from Abbey Credit Cards. The figure has increased from 19 per cent since the post Christmas period, traditionally the busiest time for balance transfers.

MoneyExpert: Barclaycard OnePulse balance transfer rates

Sean Gardner, MoneyExpert.com, said: "Barclaycard has marked out a new battleground for competition in the credit card market, choosing to lower their balance transfer fee to 2.5% rather than simply trumping the length of 0% deal available.

11% increase in longest debt transfer deals

It is hard to believe that banks are giving away money during a credit crunch. But they are, in the competitive balance-transfer market.

Balance transfer market shows new signs of life

The credit crunch may have squeezed the life out of the mortgage and personal loan market, but the 0 per cent balance transfer credit card market is surging ahead with even better deals for the consumer.

Brits get ready to shift the pounds in New Year credit card transfer

More than 3 million Britons (7 per cent) are expected to shift over £7 billion pounds between credit cards in the first three months of 2009, as they take advantage of introductory balance transfer periods, new research from Abbey Credit Cards has revealed.