Most credit card holders are constantly receiving offers in the post to allow them a 0 balance transfer to another credit card issuer. These deals seem great. One can transfer the entire amount owed on one card to a new one and not have to pay any interest on the old balance for almost 15 months. If you qualify these can be great offers. However many people confuse 0 balance transfers with interest free credit cards. These are hardly the same animal. A zero balance transfer lets you move your debt sideways onto a different card. But to do so you will need to pay a premium of a few percent and should you use your card for new purchases the new charges will be subject to a higher rate. Also you must still make a set minimum payment each month or be liable to have the interest rate on your entire balance, both the old and the new raised substantially.

Interest free credit cards are exactly that. These are credit cards that charge no interest whatsoever. You will sometimes have to pay a yearly charge for having the card but if you use your card quite a bit that fee is inconsequential. As with any credit card one must really examine all the details before accepting and using the card. Oddly enough a few card issuers such as Sainsbury’s offer credit cards that are both 0 balance transfer and interest free. To compare all of the best deals on credit cards available in the United Kingdom and worldwide visit Creditchi9ces.co.uk. They are personal finance experts and never charge for their knowledge shared.

Tags: 0 balance, 0 balance transfer, credit cards, Not Interest Free, Zero Balance, Zero Balance Transfer