Balance Transfers: 0%, For Life, or Flat Rate?
Which kind of balance transfer credit card offer is right for you?
Single Rate Cards
These are a new kind of credit card that offer a single low rate for both balance transfers and purchases, and sometimes for cash advances too.
Although the rate will generally be higher than with other balance transfer offers, it is a fixed permanent rate with no time limit, and as purchases are charged at the same rate, there's no problem with Allocation of Payments as with 'for life' cards.
Pros:
- Simple, easily understood interest charges
- Purchases charged at same rate as balance transfers, so you can use your card to spend before clearing your balance without losing out in higher interest charges
Cons:
- The balance transfer rate will usually be higher than most introductory or for life offers
Home - Credit Cards
