Intelligent Finance lifetime balance transfer credit card unveiled

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Intelligent Finance lifetime balance transfer credit card unveiled

Wed 22nd Feb 2006

An Intelligent Finance lifetime balance transfer credit card has been introduced today with an interest rate of 4.9 per cent on all transfers.

The company claims that UK card holders could save a total of £2.8 billion if they take up the new card rather than shifting their balance between different cards.

Intelligence Finance bases this claim on the estimate that 12.4 million balance transfers have been carried out with an average amount of £1,700 being moved each time.

If customers were to use Intelligent Finance's lifetime rate of 4.9 per cent, the company claims, they could save £226 compared to a card with a six-month interest-free balance transfer offer and an annual percentage rate (APR) of 15.94 per cent.

The typical APR on the Intelligent Finance lifetime balance transfer credit card is 16.94 per cent.

"Our market-leading lifetime balance rate will help customers manage their finances more intelligently and allow them to save hundreds of pounds over several years," said Nick Robinson, managing director of the banking service.

Intelligent Finance is a division of Halifax.

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