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These days, credit cards in the United Kingdom are competing with each other on two very attractive offers with a newspaper headline rate of 0%. These 0% credit cards will be either balance transfers; introductory purchases offers or a combination of the two. This article looks at how to get the best out these types of card and the things to that the credit card companies desire you to make and therefore the things to avoid. There is a school of idea that believes that these types of card will soon be a thing of the past as they cost the credit card companies too much profit, as consumers get wiser to the pitfalls.

A balance transfer credit card is basically an offer of either a nothing interest rate or very low interest rate for a set period. The typical time period is 6 calendar months although there are fluctuations on this and there have got even been some low rates put for the lifetime of the balance. However, these are becoming rare. Once, the offer time period runs out then the outstanding balance returns to the criterion rate on purchases. This is very important, as at this point the credit card company will trust the consumer will not take any action and so the company can get to earn money on the balance.

A 0% purchase offer credit card have many similarities to the balance transfer offers. The introductory rate and time period are usually 0% and 6 calendar months in the same manner as the balance transfer. Also, once the time period runs out the outstanding balance is subject to the criterion rate on purchases. It is an of import point to observe that the introductory rate makes not apply indefinitely on purchases made in the period, but only uses for the continuance of the introductory period.

It is often the lawsuit that credit card companies will offer both the balance transfer and 0% on purchases on the same card. When this is not the lawsuit it is wise to maintain balance transfers and purchases separate. This is because the balance transfer part of an outstanding balance will be paid off quicker than the criterion rate purchases. Therefore an increasing part of the balance will be subject to the criterion rate and the balance transfer part will diminish at a faster rate. There is nil to halt a consumer obtaining a credit card with a balance transfer and a separate low interest credit card for any purchases to be made. That manner the benefits of the offers are maximised.

In summary the balance transfer and 0% purchase offers can be of great benefit to the consumer provided that the consumer understands how to utilize the offers to their advantage. A grade of subject is required in managing repayments. Also, the cardholder should be aware of any punishments that may cause the offer to be cancelled. Armed with this knowledge then these cards can be made to work for the consumer, but retrieve that when comparing credit cards to pay close attention to the typical APR, which is, always stated where United Kingdom credit cards are promoted.