Credit Cards Balance Transfer war extended to the U.K.

March 18, 2011

The credit card balance transfer war has finally caught up with credit card issuers in the UK.

Not to be outdone by their counterparts in the US, Barclaycard led the assault in UK with a 0% interest on balance transfers for 20 months deal on their Barclaycard Platinum Credit Card.

This has somehow created a storm in the marketplace. Not to be outclassed by their competitors, MBNA Europe Bank introduced 0% on balance transfers for 18 months deals through MBNA Platinum Visa Credit Card and Virgin Credit Card.

Nationwide Credit Card has a 0% interest on balance transfers for 17 months deal with low 15.9% APR (variable) and commission free purchases abroad until 31st July 2011.

In choosing the right card for their balance transfers, cardholders need to take note of the balance transfer’s handling fee aside from the introductory offer period.

The balance transfer’s handling fee in UK is considered reasonable if compares to the 5% rate in the US. And with such a long period of 0% interest rate, it is not possible to get one without balance transfer’s handling fee.

If you decide to carry the balances beyond the introductory period, it is important to take into consideration the balance transfer interest rate after the 0% introductory offer ended.

Nonetheless, it is to the cardholder advantage in paying off the debt within the introductory offer period to resolve their credit card debt issue.

And if you decide to use the balance transfer card for new purchases, make sure you pay the amount in full every month to avoid any new debt.

Go here now to compare for the best balance transfer credit cards in UK.


66,163,000 credit cards in UK – Highest in Europe

January 4, 2010

There are 66,163,000 credit cards in UK as at 31st December 2008, making UK the nation with highest number of credit cards in Europe; even though there is a decrease of 1,148,000 cards or 1.71% compares to 67,311,000 cards in 2007.

Lastest figure available(as of 31st October 2009) shown the number of credit cards in UK has decreased to 61,561,243.

Nonetheless, the number of credit cards in UK is still leading other nations in Europe by leaps and bounds; with 34,005,040 credit cards in France as at 31st December 2008, ranking second in Europe.

In 2008, credit cards in UK recorded 1.791 billion transactions with a total value of €143.36 billions.

Interestingly, even though there is 6.25% increase in the number of debit cards issued in UK, and contribute directly to 6.88% increase in the number of debit cards transactions, the transations value for debit cards has decreased by 6.48% to €342.53 billions in 2008.

Go here for more updates, news and statistics on UK credit cards.