What are low lifetime balance transfer credit cards?
These are cards that will take on the debt you owe on another credit card and they will let you pay it off on a low rate for as long as it takes you to pay it. So even if their normal interest rate is, say, 17%,you may only be charged 5% a year to pay off your debt. Some providers will charge you a transfer fee (between 2.5-3% on the whole) but others won’t. You need to do the calculations and work out if the lower long-term rate is worth the extra transfer fee in some cases. Who are these cards good for? If you have an ongoing debt on a credit card that is currently charging you interest then it could be worthwhile switching it to one that doesn’t charge so much. For some people it will be best to go for a 0% deal (particularly if your credit rating is good enough). Check here for the best 0% deals and how to get them. Should I apply? If your credit rating is not excellent then it may not be a good idea even to apply for one of these. If you think your credit rating might not be up to
