Those who are paying off cards over a long period of time could find themselves missing out on hundreds, or even thousands, of pounds
This is because of your APR – or annual premium rate - which on average is 29.8%. This rate determines how much interest you pay when paying off outstanding card balances.
This means you pause all interest payments while you’re paying the amount on the new card - so you become debt free quicker. If you think a 0% balance transfer card could work for you, use an eligibility calculator first to check which ones you are likely to be approved for. MoneySavingExpert has a 0% Balance Transfer calculator which carries out a “soft credit search” and won’t be seen by lenders.
However, you may not necessarily need the longest length of time to pay off your debt, so it’s best to check how long you’ll likely need. There may be shorter cards available with cheaper, or sometimes no fees.
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