Showing loyalty to your
credit card provider will almost certainly cost you money.
The average Brit stays with the same credit card provider for more than five years at a time – even though one in four is actually unhappy with the service they receive.
Given that the longest interest free offer on a credit card is
16 months, this means we are spending years exposed to a provider’s sky high interest rate.
With the average credit card APR now at 18%, this is a very costly mistake to make.
Get the best deal
Credit card providers offer no incentive for loyalty, so you shouldn’t show them any.
Rather, you should ensure any debt you rack up can be repaid as cheaply as possible. The best way to do this is to take advantage of
0% credit cards for new purchases or
balance transfers.
So what are the best deals?
If you have existing debt that is racking up interest, then you should look to take out a
0% balance transfer card.
The best deal on the market at present is definitely the
Virgin credit card, which offers 16 months interest free on transfers with a 2.98% admin fee.
If you have upcoming expenditure, the best
0% credit card for new purchases is the Halifax All in One credit card, which offers nine months interest free on new spend.
The Halifax card also comes with a similar offer on balance transfers, making it ideal for anyone who has both existing and upcoming debt to contend with.
