London (Online-Unsecured-loans) June 24, 2008: Many Britons opt for balance transfer of credit cards after they have racked up debts following Christmas or the summer vacations. The leading lenders of the UK loan market have decided to inject some life into the market with new launches. In last one month, 40 credit card companies started offering 0% balance transfers for periods of 12 months or longer. some of them are also offering credit cards with balance transfer limit up to 17 months.
Capital One, the leader in the Credit card segment have released a balance transfer card this month. With this card,customers can benefit from 0% balance transfers until October 1, 2009, a total of almost 17 months, and 0% on purchases until October 1, 2008, . It charges a 3% transfer handling fee and a 15.9% Annual Percent Rate. This offer will beat the longest 0% balance transfer deal available in the market, Virgin Moneys 15-month 0% deal. Capital One has also further strengthened its position as the leader of the balance transfer market with the further launch of a 15-month deal credit card.
Another prominent player of this segment, Barclays, which has also launched a new balance transfer card this month This card will charge 1.9% rate on balance transfers over 17 months and a 2.5% handling fee. It also charges 0% on purchases for three months and a 14.9% typical APR. The only logic behind these offers is to watch out for the difference between the transfer and purchase periods. according to economists, people forget they will have to pay back the entire balance transferred before they pay back their purchases. This negligence attracts a high rate of interest until the total debt paid off. Nationwide Building Society and Saga are currently the sole card providers under a positive order of payments, where the most expensive debt gets paid off on the priority basis.
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