Repayment warning on 0% credit card deals
Consumers hunting down cheaper credit cards could be stung for hundreds of pounds if they miss a repayment, research showed today.
Many credit card holders switching to a 0% credit card deal do not realise that in most cases, one missed payment will result in the introductory interest rate reverting to the standard rate.
Research from price comparison website moneysupermarket.com found that almost two-thirds of cards offering a 0% balance transfer for an introductory period will automatically revert to a typical APR on default.
As a result, missing a single monthly payment could cost the average credit card holder almost £300 in avoidable interest charges.
Many credit card holders switching to a 0% credit card deal do not realise that in most cases, one missed payment will result in the introductory interest rate reverting to the standard rate.
Research from price comparison website moneysupermarket.com found that almost two-thirds of cards offering a 0% balance transfer for an introductory period will automatically revert to a typical APR on default.
As a result, missing a single monthly payment could cost the average credit card holder almost £300 in avoidable interest charges.
Read more at: Repayment warning on 0% credit card deals
Labels: Credit Card Deal, Low Interest Credit Card
posted by e-borneo.com @ 4:02 PM
0 Comments:
Post a Comment
<< Home