1 in 3 Do Not Clear Transferred Balances
A report from Capital One shows that 1 in 3 people fail to clear their balances within the teaser rate period
5th January 2005
Research from credit card company Capital One has revealed that out of consumers making use of an introductory balance transfer deal, with the intention of clearing the balance before the introductory rate ends, over 1 in 3 fail to do so.
Many cards offer a special rate for balance transfers, often 0%, but this is limited to a certain timespan, often of 6 months.
People who transfer balances and then don't clear the balance within the time limit will then have to pay the standard rate of the card which will be much higher.
Capital One offer a range of cards, some with a low balance transfer rate for the life of the balance, rather than a 0% introductory deal, which may suit people with a large balance that they do not expect to clear quickly.
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Products from Capital One : Homeowner Loans, Classic, Easy Access, Fixed Rate Bonds, Guaranteed Access Bond, No Hassle Platinum Card, Platinum, Premier |
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More Capital One News : Report Calls For ID Fraud Action, Rise of the Flat Rate Card, 5 Million Use Balance Transfer Option |
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More on Balance Transfers: Balance Transfers: 0%, For Life, or Flat Rate? (Article, 28/09/2005), Beware the Balance Transfer Fee! (Article, 05/09/2005), Compare Balance Transfer Credit Cards (Article, 16/06/2004), Balance Transfer Credit Cards (Article, 17/03/2004), Balance Transfers Dwindle in Popularity (News, 07/09/2006), Return of the Annual Fee? (News, 14/11/2005), Egg Profits Boosted by Balance Transfers (News, 27/07/2005), Egg Introduces Balance Transfer Fee (News, 03/05/2005), Rise of the Flat Rate Card (News, 12/04/2005), See all 11 Balance Transfers stories >>> |
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More on Flat Rate Credit Cards : Rise of the Flat Rate Card (News, 12/04/2005), Co-op : Fixation on Rate Tarts (News, 04/04/2005) |
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