Free balance transfers available on Capital One platinum card
Consumers looking for a good deal on a balance transfer card may be able to benefit from a new offer that has been launched by Capital One providing they are able to repay the balance on the card fairly quickly.
Most 0% balance transfer credit cards charge a transfer fee of 2-3% of the total amount transferred onto the card, which means that some consumers have to pay out a fair amount of money to transfer their balances and avoid paying interest.
However, Capital One is now offering a fee free balance transfer on its platinum card with a six month 0% period, within which consumers can repay the balance without being charged any interest.
For those able to make fairly large repayments each month this could prove an effective way to avoid transfer fees and enjoy interest free credit on their transferred balances.
As withy most balance transfer cards consumers that wish to apply for the card will need to have a very good credit rating and history, as well as meeting other eligibility criteria as set by the lender.
One industry official stated: ‘Balance transfer fees have increased with many being uncapped, lenders have tightened up their credit scoring criteria, so you need almost spotless credit history to get your hands on one of these deals. If you do, the interest free limits will be smaller than they used to be.’
Many 0% balance transfer credit cards now offer longer interest free periods than in the past, with some even offering fifteen months of interest free credit. However, as the interest free periods have grown longer the transfer fees have become more expensive.
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