With Capital One now offering a credit card that will give you interest free on any transfers up until July 2008 and 3 months interest free on purchases, you wonder just how far credit card companies are prepared to go to get their piece of plastic in your hands.
There was a time when using your credit card to buy purchases was the most expensive way to go, now with a bit of planning and a few cards, you can transfer your balances to and fro to get lower rates than a traditional bank loan.
Of course most don’t do this, too busy to understand the savings, yet the convenience makes buying decisions very easy. The reality is that if most people were to take advantage of the interest free offers around, these competitive rates would probably drop off the shelf, which suggests it is those too busy to check their interest payments who are paying for those who swap and change to get the best deal.
Many see the monthly interest rate as an affordable charge, but when put into an annual statement, many would be surprised how much they could save a year, if a bit more time was put into the decision of what card to use when and when to transfer,
Even a £50 a month interest charge equates to £600 a year, enough for a package holiday for 2 to most places in Europe, your car insurance, home insurance or whatever else fits in with your lifestyle.
Be wise shop around, and take advantage to the offers available.
Written 16th May 2007
Many see the monthly interest rate as an affordable charge, but when put into an annual statement, many would be surprised how much they could save a year, if a bit more time was put into the decision of what card to use when and when to transfer,
Even a ?50 a month interest charge equates to ?600 a year, enough for a package holiday for 2 to most places in Europe, your car insurance, home insurance or whatever else fits in with your lifestyle.
Be wise shop around, and take advantage to the offers available.
Written 16th May 2007