NatWest and RBS make their balance transfer cards better with a longer 0% period.
NatWest and Royal Bank of Scotland have made their balance transfer cards more appealing by increasing the 0% period by one month to 24 months.
This means customers opening one of the cards will have two years free from interest payments on any existing debts.
There is a fee of 2.9% for moving over debts, which is about average for these cards.
The balance transfer market has seen a lot of action recently as providers seek to remain at the top of the tables and lure in new customers.
[SPOTLIGHT]This can be seen in the way Barclaycard has reacted to the change in the NatWest and RBS cards by lowering the fee on its 24-month card from 2.9% to 2.8%. This means you’ll be paying £2 less when moving over a debt of £2,000 for example.
NatWest and RBS balance transfer deals
Both NatWest and RBS offer identical balance transfer cards which give customers 0% for 24 months and a 0% interest rate on new purchases for the first six months.
These are both available to new customers but you can’t transfer over a balance from an existing card provided by a member of the RBS group.
These cards are another good option if you’re looking to transfer over an expensive debt or if you’re unable to get the market-leading deal from Barclaycard.
Our comparison tables give a full view of the market but here are the top five leading cards with long balance transfer windows
|
Card |
Balance transfer fee |
0% balance transfer period |
Fee to pay on £2,000 transfer |
Fee to pay on £4,000 transfer |
|
3.2% |
25 months |
£64 |
£128 |
|
|
2.8% |
24 months |
£56 |
£112 |
|
|
2.9% |
24 months |
£58 |
£116 |
|
|
2.9% |
24 months |
£58 |
£116 |
|
|
3% |
24 months |
£60 |
£120 |
Balance transfer cards
These cards are a good tool ifyou are currently forking out on interest on existing credit card debt. Move that debt to a balance transfer card and you know that for the 0% term every penny of your repayments will go directly towards reducing your debt, rather than interest.
But they come with a warning attached. This is because they will only work if you use them effectively and pay off your debts in the 0% period.
If you don’t the interest rate will sky rocket at the end of the 0% period. At this point you do have the option of moving the balance over to a new card, but there is no guarantee you’ll be approved for a new card.
On top of this if you don’t follow the rules and miss a payment during the interest-free term, it can be removed or reduced.
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Barclaycard launches the first 25-month 0% balance transfer card