Customers seeking the best credit card deal regularly experience difficulty in deciding whether they should seek credit card rewards or take advantage of an interest-free balance transfer deal. The option that is most suitable will depend heavily upon how that person intends to manage their account and whether they already have outstanding high APR credit card debt.
What is a Balance Transfer?
Consumers perform balance transfers in order to minimise interest payments on outstanding credit card debt. Virgin card customers enjoy up to 16 months of interest-free credit. For example, a customer with a £10,000 balance accruing interest at 19.2% APR stands to save £1,920 per annum. Most card providers charge a handling fee for carrying out the transfer.
