Compare O Balance Transfer Cards

Spring Clean your Finances

In the midst of high unemployment and rising inflation, the nation’s budgets are being squeezed to the max.

Whether you manage your debts with a 0% interest balance transfer, or switch your current account to take advantage of the cashback available for doing so, a personal finance spring clean could help you free up much needed disposable income.

Take a look at these five steps to sorting out your finances in April, to start the new tax year on top of debts, and ready to start saving. 

1) Move Credit Card Balance

If you have an outstanding credit card balance you are struggling to pay off you should seek out a balance transfer.  There are some really competitive offers on the market with Barclaycard offering 20 months interest free on balance transfers.

This will prevent heavy interest mounting up on credit you cannot repay straight away, and will give you more time to pay it back.

2) Switch Current Account

If you take the time to switch your current account you could see yourself make money, and in the current economic climate these small incentives are vital to achieving and maintaining healthy finances.

Some banks are offering cashback incentives to those who simply switch their account, such as Santander who give away £100 to those who choose to switch their current account to them.

The interest you can earn on your income in a current account can also see you reap some cash. 

3) Know your Credit Score

If you do not know your credit score it is worth finding this out so you can either get approved for a credit card or loan you may need, or seek means of improving your credit rating.

Having unpaid loans , or outstanding balances will show on your credit rating and all your credit cards whether you use them or not.  Reduce the number of cards you own by cancelling the accounts, and try and repay your debts, meeting monthly repayments in full if you can.

4) Seek Advice for Money Worries

It is best to seek professional advice for any financial concerns, whether this is via the internet, or face to face, getting any problems sorted out sooner rather than later can save the situation from getting worse.

Whether you are unsure about your mortgage repayments if the base rate were to rise, or you have outstanding debts you cannot pay back a financial advisor, or a debt charity such as the Consumer Credit Counselling Service can look at your individual situation and help you find the best solution.

Make The Comparison – Who Offers The Lowest Interest Rates On ...

There are different types of interest rates depending on the type of transaction made and it is important to know what these rates are and how they affect the card you select.

There are different reasons to own a credit card and the rates applied depend on how the card is used.

The importance of the rates to you should be based on how you plan to use the credit card. If the card is primarily for purchases, it makes sense to get a card with a low purchases interest rate. If you need the card for cash advances at ATM machines, the cash advance rate should be important to you. You should be warned, however, that finding a card with a low interest rate for cash advances may turn out to be quite a challenge.

If you want to make a balance transfer, you need a card with the lowest transfer rate for the longest time period. A 0% 6-month transfer offer might work for you, but if your debt is high you may need longer to pay it off and require a 12 or 18 month repay period. Consider in addition to the interest rate and repayment period there may also be transfer fees involved, and these vary but are typically between 1% and 3% of the transfer amount.

In addition to interest rate comparisons, there may be other features that make a card with a higher rate more appealing. For example, a card may have a slightly higher interest rate but a low or no annual fee. Another card might have a high annual fee, but lower interest rates and valuable reward earning programs.