In the past many people have switched their credit card debts onto a 0 percent balance transfer credit card, which has given them a long period of interest free credit within which to repay the transferred balance without being charged any interest on the debt. However, these cards usually charge a balance transfer fee of around 2-3 percent of the amount being transferred, and in some cases this can come to a lot of money, which may put people off from doing this.

Industry officials have recently said that a more suitable alternative for those that do not wish to have to pay these costly transfer fees would be the life of balance transfer credit card. In the same way as the 0 percent balance transfer card consumers can transfer their existing credit card balances on to these cards. They are then charged a very low rate of interest on the transferred balance for the life of the balance, as long as they ensure that they make at least the minimum monthly repayment required.

One credit cardholder recently stated: “I wanted to try and shift my debt from my existing cards, which charged a high rate of interest, to an interest free balance transfer card, but providers were asking for a large amount by way of transfer fees. I then decided to transfer to a life of balance transfer card, which saves me money in interest and gives me more time to clear the balance that I transferred.”

Rewards credit cards:  Amongst the different rewards that are available from credit card companies on these cards are discounts at various retailers, travel rewards, air miles, loyalty or rewards points that can be redeemed for various goods, and more. These are suited to those that spend on their credit cards regularly and repay their balance in full each month.

0% purchase cards: These cards allow cardholders to use the card to make purchases in the normal way but to enjoy a period of interest free credit within which to repay the debt in order to avoid paying any interest at all.

0% balance transfer cards: The way in which these cards work is by enabling you to transfer the balance from other, high interest credit cards onto your new 0% balance transfer credit card. Once the transfer has been made you have a specified 0% interest period within which to clear the outstanding transferred balance before you start getting charged interest. The length of the 0% period can vary from one provider and credit card to another.

Life of balance transfer cards: With the life of balance transfer credit card you transfer your existing higher interest credit card balances in the same way as you would with a 0% balance transfer card, which means that you can transfer debts up to the credit limit in your new card. You will then be charged a very low rate of interest for the life of the transferred balance providing you make at least the minimum repayment each month.

Charity credit cards: For every pound you spend on your credit card the provider will donate a certain amount to the sponsored charity. You can choose from all sorts of charities from cancer support and research charities to animal charities and wildlife preservation.

Credit cards for those with poor credit: There are a couple of main providers that offer credit cards to those with damaged credit, and these are Capital One and Vanquis. You should bear in mind that you will need to meet the lender’s eligibility criteria, and if you are successful the interest rate charged is likely to be very high based on how bad your credit rating is, whilst the borrowing levels are likely to be low in order to stop you from falling into spiralling debt levels.

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With the evolving world of credit cards it is possible to get a card that suits your needs and your circumstances perfectly, and it is important to make sure that you do get the right card to suit your needs, as this can make a big difference to the benefits and the affordability of a credit card. In order to do this you need to look at what the card offers as well as what your spending and repayment habits are like, so that you can match the right card up to your needs.

For example, if you want to use your credit card to make a big purchase and you are looking to spread the repayments then you may find that the most suitable card for your needs is a 0% purchase credit card, as this means that as long as you repay the balance within the lengthy interest free period offered you will not be charged any interest at all. Your spending and repayments habits will play a big part in which card you choose for your needs.

The best method of finding the most suitable credit card is using the Internet, as this will enable you to browse and compare different credit cards from a wide range of providers, so you can look forward to an excellent choice of cards and providers. You can also look the benefits of different cards with ease when you use the Internet, so you will be able to determine which cards sound best suited to your needs and circumstances. You will be able to browse and compare credit cards from the comfort and privacy of your own home and at a time to suit you, and you can even make your applications online and receive an instant decision from the card provider.

You should always make sure that you take your time in looking at the benefits of different credit cards, as otherwise you could end up with a card that is totally unsuited to your needs and results in you paying over the odds. You can choose from many different credit card types, such as rewards base cards, balance transfers cards, 0% purchase cards, charity credit cards, low rate credit cards, cash back credit cards, and more.

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With companies such as Virgin and Capital One offering new customers 15 months interest free deals, other providers are now also looking into alternative methods of inticing new business towards their deals.  The future way to gain new customers would be by cutting the balance transfer fee that has been getting more expensive over that last few years.

Barclaycard were the first to introduce this method by taking their 3% transfer fee down to 2.5% on their OnePulse card and along with this they have maintained a lengthy 14 months 0% interest free period on the balance that has been transfered into the bargain.

Money Experts, Sean Gardner said “With 75% of the market currently offering a 0% deal on balance transfers, however, providers are now looking for new incentives to pull in business, and lower transfer fees are a clear solution.”  He also added ” ‘The best-buy tables have been dominated over the last couple of years by cards offering lengthy 0% balance transfer deals, but there inevitably comes a point when trumping the pack becomes impossible.”

It all seems good news for the consumer, who, in the current climate need to be saving anything they possibly can.  For people who are looking to transfer on a new deal, because their current one has expired and they are now on a high APR%, then the lowering of the transfer fee on the new deal is welcome news.

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