Lovemoney.com identifies the 'best balance transfer credit card'
A leading price comparison website has advised Britons that the Virgin Money credit card is the best product of its kind on the UK market.
Britons who are paying interest on outstanding credit card debt have been told it "makes sense" to move that debt onto a zero per cent balance transfer credit card.Serena Cowdy of lovemoney.com stated that the Virgin Money credit card is the best on the UK market, provided consumers are aware of how to use the balance transfer card product.
The personal finance expert warned Britons to be conscious of the card's 2.98 per cent balance transfer fee, while she also explained customers will require a good credit rating before an application is accepted.
She added: "You need to make absolutely sure you read the small print, make all payments on time and clear your balance before the zero per cent deal ends.
"Debt remaining on the card after this time is likely to be charged a very hefty rate of interest."
Furthermore, Ms Cowdy suggested that credit card holders who require more than 16 months to repay their debt should consider moving it onto a card that offers a low rate of interest for "as long as it takes to clear your balance".
The MBNA Platinum Low Rate American Express card, which offers a low rate of 6.7 per cent on card purchases and balance transfers, was identified as the best product of this kind.
In spite of this, she cautioned that the 6.7 per cent rate is variable and, therefore, could rise at any time.
Meanwhile, a study recently revealed that many Britons feel personal finance problems have had a negative effect on their health and personal lives.
Posted by Rosie May
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