Intelligent Finance Life of Balance credit card "a great deal"

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Intelligent Finance Life of Balance credit card "a great deal"

Thu 23rd Feb 2006

According to financial advice site uSwitch the new Intelligent Finance Life of Balance credit card could offer a "great deal" if customers use it in the right way.

Figures comparing the card with similar offerings based on an average balance of £3,101 are provided by uSwitch.

On the Intelligent Finance Life of Balance credit card, the 4.9 per cent lifetime rate would create a total interest expense of £740 and take 17 years and eight months to repay, with a minimum repayment level of two per cent.

Comparatively, the American Express option would incur interest costs of £492 and take only 14 years and five months to repay, owing to its lowest possible repayment rate of three per cent.

A Lloyds TSB Advance card charges an interest rate of 5.5 per cent and accordingly would have interest costs of £869 over a course of 18 years and three months.

The head of personal finance at uSwitch, Nick White, commented: "These deals offer some customers a very cost effective way of repaying their debt, especially for those who do not have the discipline nor inclination to keep switching between zero per cent credit cards."

The Intelligent Finance Life of Balance card is the only of the cards described that charges no balance transfer fee.

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