In the market there are over 90 different 0% credit cards on offer and they all have balance transfer periods that range from six to 16 months, however, there are only seven companies that charge interest over a period of 14 months.
If you are lucky enough to find a company that offers generous 16 month interest free credit cards then this means that you won’t have to pay back the money until late 2009. The only possible drawback is that you need a flawless credit history in order to get one.
Another thing you could look out for is a card that may have a transfer rate that is slightly less than 16 months but that has an interest rate that is a lot more attractive. Even though this is usually only a marginal decrease, you will still save money on it on the end.
A leading financial comparison site have said that interest free balance transfer credit cards are a big relief for those customers who are in financial difficulty as a result of their debt.
They also say that it is worth remembering that, although there may be over 90 credit card options on the market, they do not come cheap. A supposed balance transfer fee can end up being quite expensive, especially for the short transfer periods.
Another important point that the company pointed out was that, if you don’t take the steps to pay back the debt in the balance-transfer period, then you will no longer be getting a good deal.
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