Sainsbury's Bank recommends lifetime balance transfers
www.moneynews.co.uk > Debt > Sainsbury's Bank recommends lifetime balance transfers
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Money News |
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Sainsbury's Bank recommends lifetime balance transfers
Mon 20th Aug 2007
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Donald MacLeod, head of credit cards at Sainsbury's Bank, said that the main reason why a lifetime balance transfer is worth consideration is the fact that, like a base rate mortgage, it gives the borrower secure rates.
Sainsbury's Bank's own product offers a rate of 5.9 per cent.
"One of the big benefits of the lifetime balance offer compared to loans is that there are no penalties so you've got complete flexibility of payment - so as long you give a payment you can pay as much as you want or as little as you want," he said.
Mr MacLeod's comments come after figures released by moneysupermarket.com revealed 23 per cent of credit card holders in the UK paid a total of £230 million in penalties for missed payments last year.
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Related News : Sainsbury |
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