How to find the right credit card for you
I have existing credit card debts. Which cards offer the best deal?
If you own money on credit or store cards you are probably paying more interest than you need to. Look for a 0% balance transfer card. This type of deal enables you to move your existing debt onto your new card and benefit from a lower rate of interest.
The average credit card rate is 17.31%. Someone with a £2,000 card debt could save £465.05 over the course of a year by transferring it onto a 0% deal.
The Barclaycard Platinum with Extended Balance Transfer has the longest 0% period at 22 months. You will have to pay a transfer fee of 2.9% but this is added to your debt - you don’t have to pay it upfront. It’s important to pay off your balance during the interest free period because once it ends you’ll be charged the standard representative rate of interest, which is 17.9% (variable).
If you don’t need that long to clear your credit card debt, it is possible to save on the balance transfer fee. Virgin’s Low Fee Balance Transfer credit card has a nine-month 0% period and the fee is just 1.5%. The representative annual percentage rate (APR) on this card is 16.9%.
Every week, Clare Francis, financial journalist and editor of comparison site moneysupermarket.com will offer tips and advice on all things money-related to help iVillagers make the most of their hard-earned cash. From energy bills to car insurance; credit cards to children’s savings accounts; mortgages to discount vouchers Clare will show you how to make sure you’re getting the best deal.