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Some lenders offer credit cards with a 0% balance transfer fee and an interest-free introductory period whereby you can switch the debt on your current credit card to a brand new account without charge, and then avoid paying interest on your outstanding balance for a set period. Some issuers even allow you to transfer other types of debt, such as overdrafts and loans to a 0% deal.
This might sound a little too good to be true, and in a lot of cases it now is, with a number of lenders charging a fee of between 2-5% of the amount transferred to deter people from lumping all of their debts into an account with them just to take advantage of the interest-free introductory period then closing the account in search of another free balance transfer once the interest-free period is up. If this sounds like a good idea to you, then you should really think before you commit yourself to a life of avoiding your debts.
There are still lenders out there that are offering 0% balance transfers though, and a chance therefore to save a great deal of money. An interest-free period allows all of your hard earned money that you hand over to go straight towards paying off your debt as opposed to going towards paying the interest for the privilege of being in debt. When the interest-free period can be as much as a year, this can save you a substantial amount and give you a real chance of clearing your debts.
You must be very careful though when applying for a new credit card and ensure that you understand exactly what you are getting. Introductory interest-free periods often only apply to the balance transferred, which is great in that it gives you a fresh start (freezing your debt so it cannot accrue interest) but, there is a good chance you will be expected to pay full interest on any new purchases.
Our trained expert advisers have access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable leader and product for your needs.
So Smart Money are specialists when it comes to mortgage and insurance. We have access to the UK’s leading brokers and using their knowledge and skills they'll place you with the most suitable lender and product for your needs.
Speak to an expert for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.
"Matthew at So Smart found me the best deal for my first Mortgage, he was extremely helpful! I would highly recommend this company!"
"I've been looking to switch mortgages recently to secure a better rate and the guys at So Smart Money helped me do just that."
"My mortgage enquiry was dealt with swiftly and professionally. I would highly recommend So Smart Money to others."
"I've used sosmartmoney a couple of times now, I checked my old mortgage with them and it encouraged me to get a better deal."
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