UK Finance News

For many of us the festive season is a time for over indulgence, be it over eating or drinking or over spending on presents for our families and loved ones. It is often our credit cards that take the brunt of the cost for the season and nothing brings on the January blues quite like the credit card bill hitting the doormat.

Now is the time that many will be looking to transfer their debt from one credit card to another, to take away the pain of having to pay excessive interest on their credit card account.

While there are plenty of credit card comparison sites on the internet, choosing a new deal is by no means a simple choice. Despite our pleas for plain speaking and easy to understand terms, the credit card market still represents a minefield for those looking to transfer outstanding balances.

It is therefore very important to take stock of personal finances and ability to pay off the outstanding balance before making a switch to another provider, bearing in mind that if you cannot repay the balance during the interest free period, interest on the balance will be charged at the standard rate.

One of the best credit card deals around at present is the MBNA Platinum card, which charges an interest rate of 5.9% throughout the life of the outstanding balance, so even if it takes ten years to pay off, the interest will remain at 5.9%. This would represent a far better deal than many of the zero percent transfers on offer if you are unlikely to be able to pay off the card balance in a restricted time frame.

This comes out favourably against many of the providers offering, say 0% on transfer balances for 15 or 16 months and then reverting to standard rates.

These deals are not restricted to personal credit cards, as there are also similar offerings for professionals looking for a business credit card that offers a great deal along with greater online protection and chip and pin security on the high street.