Balance transfer credit cards could 'help reduce debts'
Britons told balance transfer credit cards could help to ease Christmas debts.
The Sun has advised consumers that a balance transfer credit card could help them to reduce their Christmas debts.Shaf Rasul, writing in his newspaper column, has told shoppers that the rise of the average interest rate on credit card balances in December off-set price cuts on the high street.
As a consequence, Mr Rasul is emphasising that credit cards can allow over-indulgent consumers to ease their debt burden.
However, he warned consumers not to actually spend money on a zero per cent balance transfer credit card.
"The idea is that you buy yourself some breathing space and reduce your debt, not go on another spending spree," he said.
He added: "If your credit card debts are larger or more serious, you can always find some kind of solution."
Before accepting a balance transfer credit card, Mr Rasul explained that consumers should try to pay off the minimum payment each month to reduce the debt faster.
Meanwhile, Santander recently (January 19th) released a new zero per cent balance transfer credit card.
The Spain-based bank announced that the new zero credit card package will provide zero per cent interest on balance transfers for one year, zero per cent interest on purchases for three months and zero fee for balance transfers.
In addition to this, Santander has said that adult bank account holders will now also be able to withdrawal cash from any of their 4,300 banks in Spain.
However, consumers who do not currently hold an account with Santander will incur a three per cent balance transfer fee.
Posted by Rosie May
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