what is the best credit card?
i know there are lots of credit card tables, but does anyone know what the best balance transfer card is currently?
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83SmudgeButt postedWell the best cards table suggests Virgin with it's 16 months for balance transfers. Which is great as long as you use it for the transfer and absolutely nothing else. Otherwise the negative payment hierarchy kicks in and will swamp you with interest. But a close mate has one and is loving it.
I'm awaiting my Abbey zero which I want for my holiday payments as it doesn't run up big charges for foreign exchange transactions & is 0% on purchases for 3 months. What I didn't realise when I applied was there is also 12 months (or was it 9?) which I can also take advantage of as the payment hierarchy allows the purchases to be paid off prior to lower interest balance tranfers.
Read the small print and set up a minimum DD so that happens automatically so you don't get caught out. Virgin doesn't have a reputation for being forgiving.
Posted on 13 June 2009 |
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824MikeGG1 posted
SB has my recommendation but there is another angle to watch for with Virgin. It is issued by MBNA who issue so many own brand cards, charity cards, affinity cards, etc that you might find yourself turned down by them because you already have one of their other cards. It would not help your credit rating to get turned down by them.
Also, even if you get accepted by them, you probably won't be able to do a balance transfer with another of their cards.
Check carefully who issue your cards. One clue would be if the address is Chester, it is almost certainly MBNA.
Mike
Posted on 13 June 2009 | Love 0 loves
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114ThatLindseyGuy posted
Alternatively, you could give the Nationwide Gold credit card a try - their balance transfer is only 0% for 13 months (compared to Virgin's 16) but unlike most credit cards they use positive payment hierarchy, which benefits the user rather than the issuer. Also overseas use within the EU remains free of additional charges.
Posted on 13 June 2009 | Love 1 love
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