0 APR Credit Card Transfer
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Virgin Money Credit Card: 0% APR on Balance Transfers for 16 Months!
Credit cards in the UK are competing with each other on very attractive offers with a rate of 0% APR (annual percentage rate). These 0% APR credit cards will be either balance transfers, introductory purchases or a combination of the two. However, you might want to consider alternatives to these.
A balance transfer credit card is basically an offer of either a zero interest rate or very low interest rate for a pre-defined period. The standard period is 6 months although there are variations on this For more information on 0 apr credit card transfer click here.
A 0% APR credit card transfer has many similarities to the balance transfer offers. Once the period expires the outstanding balance is subject to the standard rate on all purchases.
Sometimes the bank or credit card issuer will offer the balance transfer and the zero percent APR on new purchases on the same card. But consumers need to understand the benefits of both, and need to be able to use both to their advantage. For example, be very aware of the penalties that may be (and usually are!) imposed if you transgress on the rules. Often these are written in small print; it is a shame that some unscrupulous credit card companies resort to these methods, but it is in your interest to be aware as and when they do exist.
It is quite possible and very realistic to be able to transfer balances in such a way that you do not have to pay any interest at all. The credit card companies are begging you for your custom; there are some truly great offers out there. But beware! These offers are intoductory offers only; treat them as such and switch when you should. Join the game and beat them at it. After all, it's they who set the rules in the first place. All you have to do is follow them and win.
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