Credit card ’surfing’ could save money
Article Category: Debt Management Help and Advice
So-called credit card surfing could save borrowers a lot of money, according to a price comparison website.
Everyinvestor.co.uk says that a borrower needing £10,000 could save £1,054 over a four-year term by using a series of zero per cent credit card balance transfer offers instead of a personal loan.
Chris Gilchrist, from the website, says that lenders have put up personal loan rates quite substantially in the past six months, but credit card firms are continuing to offer lengthy zero per cent balance transfers.
He says that even allowing for fees companies may charge for transferring this still works out well below the interest payable with a personal loan.
"We see no reason why card issuers are going to stop competing for new customers, so that provided you have a good credit rating you will probably find a new zero per cent balance transfer offer available when you need it," Mr Gilchrist added.
Of course, doing the credit card shuffle involves a lot of discipline on the part of the borrower who needs to keep a close eye on the market to seek out the best deals.
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