Get richer with best deals in years
With the best credit card in years and competitive new loans you could save hundreds of pounds.
Anyone looking to take out a line of credit at present could benefit from low interest rates and extended balance transfer deals.
With the age of austerity in full swing, lenders are constantly adjusting rates in a bid for your business.
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In the past couple of weeks we have seen lenders offering some of the best deals in recent years with three market-leading credit cards, loan rates dropping and extended 0% purchase deals.
Why? Well the reduction in rates seems to be purely based on stiff competition to try to get borrowers suffering with debt to consolidate a loan.
As of this week the most attractive rate for a personal loan has dropped below the 7% barrier and balance transfer deals have extended to 18 months which could potentially save you hundreds of pounds in interest payments this year.
Balance transfer cards
Nationwide and Barclaycard have shaken up the credit card market with the launch of new market-leading products.
Barclaycard has yet again extended its balance transfer deal, this time to 18 months - the longest balance transfer deal in years.
Nationwide matched Barclaycard's 17 month 0% balance transfer offer by introducing a new credit card with 15.9% APR – a full point lower than Barclaycard.
However, Barclaycard hit back with a new market-leading offer giving new customers an additional month to avoid paying interest with a 2.9% fee. The card also offers three months of 0% on purchases with a 16.9% APR and allows you to use contactless payment terminals and earn rewards with the Barclaycard Freedom scheme.
Nationwide’s offer is still a good deal with 0% on balance transfers for 17 months and 0% on purchases for three months. The card carries a 2.95% fee and transfers must be made within the first three months of taking out the line of credit.
If you shift your existing credit card debt onto one of these products you would have until late 2012 before the interest kicks in.
Although both cards come with three months interest free on new purchases, you might be better off considering a 0% purchase deal if you plan to spend on the card.
Loans
If you are have a good financial record and are looking to borrow there is good news. A number of lenders have dropped their rates since the beginning of the year which has ignited a rate war in the personal loans market.
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Alliance & Leicester once again dropped its loan rates, this time to 7.1% from its market-leading 7.2% for loans between £7,500 and £14,999.
M&S Money hit back and launched the market’s first sub 7% loan since June 2008. The 6.9% is the UK's lowest personal loan rate and is for loans up to five years between £7,500 and £15,000.
Bear in mind, the most competitive rates are only available to those with a very good credit rating.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
Loans - FAILING TO ADHERE TO REPAYMENT TERMS MAY RESULT IN PENALTY CHARGES AND AFFECT YOUR CREDIT HISTORY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Rates may depend on your individual circumstances
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