Credit cards and life time balance transfers
Life time credit card balance transfers are a good alternative to 0% APR credit card deals. They too enable you to save money.
You are carrying an outstanding balance on your credit card. You have exhausted several 0% APR credit card deals. You know that each time you arrange a 0% APR credit card balance transfer you pay a balance transfer fee between 2% to 3%. What you want is stability. You don’t want to keep changing from one credit card issuer to another as this could affect your credit rating. So what’s the solution? Well, a life time balance transfer could be the answer.
Life time balance transfer as the name implies means that in effect the APR is fixed until the amount transferred, say £1,500.00, is cleared. You will be charged a balance transfer fee. However, you will not have to worry, as with 0% APR credit card deals, that when the credit card deal comes to an end you will be charged the prevailing APR which could be as much as 18%. There will be no further balance transfer fees to pay on the life time balance transfer deal. The APR on life time balance transfers can be as low as 3.9% so always shop around.
However, remember as with 0% APR deals the Terms and Conditions usually state that if you make a late payment your preferential rate deal will finish. So set up a direct debit to pay at least the minimum to prevent this happening.
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