Best Credit Card to Pay off DebtThe best credit card for debt repayment
First-rate credit card for debt repayment
Here we take a look at the best credit card to settle your debt, according to your circumstance. The Barclaycard Platinum credit card with Extended Balance Transfer could be the right choice for you if you are just looking for the longest possible interest-free business. This is the longest interest-free business ever, with a market-leading 31-month offer of 0%, and gives you more than two and a half years to pay off your debt without having to worry about interest.
Note that the card is delivered with a charge of 2.99% and, after the 0% accommodation ends, the card has a APR of 18. If your current debt is on a Barclaycard, go to point 2. If you want to pay £3,000 or less, go to point 3.
If your credit standing is not up to date, go to point 6. The Barclaycard Platinum Credit Card with Extended Balance Transfers can only be used to pay your outstanding debt if it is not already on a Barclaycard. Halifax Balance Transfers credit card is the second longest 0% transaction, offering 30 month interest free for a 3% surcharge.
As an alternative, there are a number of credit card companies that are interest-free every 29 month, for example MBNA, Virgin Money, Tesco Bank and Santander. Each of these tickets have charges around the 3% threshold. Would you like to learn more about the MBNA and Virgin Maps? With a £3,000 or less debt transferred, it will actually work more cheaply overall to choose a credit card with less 0% protection but a lower bank charge.
The Barclaycard Platinum credit card comes with an Extended Balance Transfer charge of 2.99%, while the Nationwide Select credit card has a much lower charge of 0.75%. Although it provides a reduced 0% protection of 26 month, it is still the cheapest choice for those with debts of £3,000 or less.
If you transfer 3,000 pounds to the Barclaycard and pay 100 pounds per months over the 31 monthly term, you will settle your debt within that term and pay a combined 89.70 pounds. But, rendering the same amount on the General Card, 26 month at 0% quoting, and £100 a month over 31 off paid again over the next few month, you'd see just 36 paid out. 88 in interest and charges.
You' d still pay off your debt within 31 month. Please see Melanie Wright's articles for more information on the country map. Do you know that it will take you far longer than 31 month to pay off your debt? Not only do credit card services have to help you settle your credit card debt. The reason for this is that a fistful of credit card numbers allow you to make a wire payment that allows you to directly deposit available funds from your credit card into your checking accounts.
Have a look at the Virgin Money credit card if this is something that interests you. This card from MBNA now provides 29 month at 0% for both credit and cash transactions, compared to the last 26 month. Note, however, that while the credit charge is 2.99%, the cash charge is higher at 4%.
It has always proven to be a much-loved trademark, and a few years ago it was at the top of the best-buy-balance transfers table for many a month - until Barclaycard beat it down once or twice in 2010. The Virgin Card application also gives you privileged entry to special discount offers such as up to 5% on Virgin Holiday, 10% on Virgin Trains and £50 on your first Virgin Media bill.
For more information about the Virgin Card, please see the Jessica Bown articles. As an alternative, the MBNA Platinum credit card also provides 29 month credit and cash redemption. Here, too, the amount of the cash deposit is 4%. When you know that it will take a long way to settle your debt, it is a good idea to choose a credit card that has a low annual percentage rate of charge for the lifetime of the debt.
Thats giving you plenty ample room to breathe to start to pay down your debt and there is no qualifying date by which you must have removed it. For example, the Sainsbury's Nectar low interest credit card has a prestigious annual percentage rate of charge of 7.8% (variable) and there are no account balancing charges. The Tesco Bank Clubcard credit card with a low annual interest rate has an annual interest rate of 7.8%, but also provides 0% on three-month balances.
Here, too, there is no charge for the credit transmission. When your creditworthiness is below face value, you will not be eligible for the best credit card offers. Yet, the good news is, some credit cards made to help you reconstruct your creditworthiness - and what's more, you don't have to miss out on interest-free spreadovers.
Indeed, the Capital One Card provides 0% interest on credit transfer until October 2014 for a 3% surcharge. If you have had court decisions (CCJs) in the past or have been in arrears with payment, you can still request this card, but note that you are unlikely to be approved if you go into bankruptcy in the last 12 month.
Make sure you clear your credit before the 0% transaction ends, as the annual interest rate is a strong 34.