Balance Transfer
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.
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.
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
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "In order to get by many people are resorting to using their credit card. As balances increase, many may be looking for a balance transfer deal.
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.
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.
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.
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.
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.