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Gold Credit Cards
UK Gold Credit Cards
-- Two Ways To Save On Balance Transfers
UK gold credit cards offer consumers a choice of savings options on
balance transfers and purchases. It all depends on what works best
for you. Do you want a 0% promotional rate on balance transfers and
purchases for a limited time? Or would you prefer a low promotional
interest rate on balance transfers and purchases for an extended
If you transfer a high-interest balance to your UK gold credit card
and are able to pay it off before the promotional period ends,
you'll save big with a 0% promotional interest rate. Some gold cards
offer a six-month 0% promotional period, followed by regular
interest at around 17%.
When you transfer a balance from a card that charges higher
interest, you'll still save on interest at the end of the
promotional period. Expect to pay a 3% balance transfer fee, and be
sure the fee does not offset what you'll save on interest.
A benefit of the gold card 0% promotional offer is that you can also
get six months of zero interest on purchases, with up to 59
interest-free days. If you pay your balance in full every month, you
won't be charged interest, even after the promotional offer expires.
If you plan to transfer multiple high-interest balances to your gold
card, you may be better off with a low promotional interest rate
that extends for the lifetime of the balance. You can get a low
promotional balance transfer rate of about 9%. That's less than
almost all credit card rates. An added advantage is that you have up
to 90 days to transfer additional balances and still get the 9% rate
for the lifetime of the balance. You can also get up to nine months
of 9% interest on purchases.
An advantage of the promotional 9% offer is that you can get it
without a balance transfer fee, which means additional savings.
You'll also get up to 56 interest-free days if you pay your balance
in full every month, as long as you aren't carrying transferred
For the biggest savings, opt for a 0% promotional offer if you're
reasonably sure you can pay off the entire transferred balance
before the end of the promotion. If you want an extended period to
repay the transfer, or if you will be transferring a large amount of
debt, go with the 9% interest rate for the lifetime of the balance.