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The appeal of balance transfer credit cards

NThe appeal of balance transfer credit cards

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Credit cards with balance transfer features tend to pop up in abundance at the start of every new year. Balance transfer offers and low interest rate credit cards are heavily promoted at this time as consumers struggle to pay back debts racked up during the festive season.

In order to catch up on repayments, applying for a credit card with a balance transfer facility can be of genuine benefit.

A balance transfer is a feature which comes attached to most credit cards. It works by transferring the outstanding balance from an existing credit card to a new one, at an introductory rate which is generally lower than the average credit card interest rate. The introductory rate offered is usually 0% or has a low interest rate and a grace period of six months to one year.

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