New credit card tops best buy tables

Published:

20 November 2007

Topic:

News,Money,Credit Cards

The credit card market continues to get more competitive - and now there is a new table-topping 0% balance transfer card at the head of the pack. This is arguably the best deal on the market - I'll show you where you can get it and who its right for...

The deals just keep on coming! After an explosion of activity in the credit card market last month, and with providers clearly jostling for position ahead of the Christmas rush by introducing new cashback deals, now it is the turn of the 0% balance transfer card to take centre stage.

Virgin Credit Card offers 0% on balance transfers for 15 months which at the time of writing this article is the longest 0% balance transfer duration in the UK.

The Capital One Platinum Card has other advantages too, including 0% on purchases until February 2008 (four months) a competitive APR of 15.9% and a relatively low balance transfer free of 3%.

So who is this card right for? Well, if you have built up debts on several credit cards you're likely to be paying as much (if not more) in interest every month as you are on the balance itself. If you're just making the minimum repayments you may be stuck with this debt for the foreseeable future.

By transferring the balance to a 0% balance transfer card your repayments can go directly towards the balance you owe instead of towards interest payments. Now this isn't an excuse for you to go on a spending spree and pay out more money than you can comfortably afford - it's simply a way of getting back on top of your finances without compounding the problem.

So if you think you could repay your debt within 15 months, grab hold of this Capital One Platinum card now. As it has the longest 0% balance transfer period in the UK you have plenty of time to get on top of your debt.

The one catch is that the market-leading cards are only available to those with good credit ratings. If you're not sure what your credit rating is, you can request a copy of your profile from a credit reference agency such as Equifax.

Alternatively, you can answer the straightforward questions in our SmartSearch tool at the credit cards section of moneysupermarket.com. By filling out the brief form and clicking on 'search', it will show you the credit cards that you are likely to qualify for without leaving a 'footprint' on your profile.

DISCLAIMER: Please note that any rates or deals mentioned in this article applied at the time of writing and may no longer be available/applicable today.

Related Links

• Compare more than 300 UK credit cards and use the SmartSearch tool