06:26 17 June 2013
Given the current economic climate, many people reply on their plastic cards. Credit cards are used for different reasons, and banks compete with one another to give people reasons to choose them.
One way that some individuals can save money is by transferring their different credit card balances onto one credit card which has a long balance transfer period.
Tesco Bank is one company offering such a service; where people can save the interest on their credit card balance.
The Tesco Clubland Credit Card has 0per cent interest on balance transfers for a period of 25 months. (Representative Example: 16.9% APR variable, based on assumed borrowing of £1200 with rate of interest 16.9% (variable) annual.)
In regards to the credit card from the supermarket bank, individuals would not pay interest charges as they pay off the balance.
There are other banks offering credit card deals which are available.
The impact of the UK recession means that some people would benefit from transferring their credit card debt, enabling them to clear the debt more quickly whilst not paying interest charges.
Individuals would need to consider the expiry dates for 0per cent interest deals as the details may differ at the end of the balance transfer period. It is always advisable to talk to a professional for further details when making decisions that concern money.
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