Focus on: NEW low-fee balance transfer card

Published:
11 January 2012
Topic:
News,Money,Credit Cards,Product review

If you're feeling the effects of overspending at Christmas, then reducing the amount of interest you're paying on existing credit card debts could help you get your finances back under control.

A new market-leading card from NatWest is offering customers the chance to do just that. We take a look and see if it could be the card for you...

What's the deal?

Exclusive to MoneySupermarket, the NatWest Platinum Special credit card is offering customers the chance to consolidate their debt on a new low-fee balance transfer card.

The card offers 0% interest for 13 months on balance transfers, and 0% on purchases for six months. Balances must be transferred within the first three months of opening the account.

While it doesn't offer the longest interest-free period on the market, the card only charges a 1% balance transfer fee - a lot less than the typical 3%.

It comes with a representative APR of 17.9% after the interest-free period comes to an end.

To qualify for the card, you will need to be a UK resident, over 18 and earn more than £10,000 a year. The deal is only available online so won't suit those who prefer face-to-face or over the phone contact. 

Any alternatives?

There are certainly cards with longer interest-free periods out there, so if you think you are going to need longer to clear your balance it may be worth looking at these options instead. 

For example, the Barclaycard Platinum with longest balance transfer has the longest 0% balance transfer period offering a generous 24 months, as well as three months interest free on purchases.

However, the fee on this card is much steeper at 3.2% so bear this in mind. It also has a representative APR of 17.9%

Similarly, HSBC's credit card is offering 23 months interest-free on balance transfers - but it's only available to current customers and the fee is 3.3%.

The interest rate charged on balance transfers after the introductory period will be 17.9%.

Verdict

If you're looking for a balance transfer card with a low fee, then the NatWest Platinum card is hard to beat. It also offers a generous interest-free period, but if you're going to need more time to pay off your balance then going for a card with a longer 0% period could be a more practical option.

Top tip

Whichever card you decide on, you will usually be required to have an excellent credit profile. You can check what cards you are likely to qualify for without harming your credit rating by using MoneySupermarket's SmartSearch tool.

Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

Related Links

Rate This Article

Click on a star to rate this article.

3 ratings

Email a Friend

Let a friend know about this news item with an email containing a link to this page, and a customised message.

 *
 *
 *
 *

 

 *

This helps us prevent automated programs from using and slowing down our services.