Tips for paying off a credit card balance transfer

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Tips for paying off a credit card balance transfer

Mon 7th Jun 2010

Consumers trying to pay off balance transfers on their credit cards should be careful to avoid actions that make the process more expensive, an expert has pointed out.

This is the view of Moneynet.co.uk's Andrew Hagger, who suggested one important tip is to aim to pay off a balance within the promotional interest rate period, which he noted is often zero per cent for a year or 16 months.

Mr Hagger stated it is smart not to make other purchases using a balance transfer credit card, so people should do what they can to avoid utilising it.

"It is best to put the card at home somewhere safe rather than put it in your wallet or your purse, because you might use it by mistake or you just might be tempted to use it one day," he explained.

Recent research by moneysupermarket.com showed that 63 per cent of consumers who hold a balance transfer credit card have made a purchase with the account.

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