Interest-free credit cards reserved for best borrowers
Wednesday, July 20th, 2011
Experts have warned UK borrowers that only those with ultra-clean credit histories will be able to take advantage of some of the latest attractive offers from credit card companies.
Barclaycard now offers its Platinum Card with an interest-free balance transfer that lasts for an unprecedented two years. The fee for the transfer is 2.8%, and there’s a discount of £20 for a transfer of at least £3,000. Virgin Money is also in on the act, with an interest-free balance transfer lasting 19 months, and MBNA offers the same.
Whilst these deals will appeal to many looking for a good deal on borrowing during tighter financial times, many will struggle to get the offer they want, and may be forced to look at alternative lending at a much higher rate of interest.
Anyone who has made a late credit card payment, or reneged on an agreement with a bill company, will find that their credit history has taken a hit as a result. Your credit history is used by lenders to assess your ability to make payments and your reliability as a borrower. Should you have any question marks hanging over you, then the best credit card deals are likely to elude you.

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