In a pervious post I mentioned how the Virgin credit card balance transfer fee had risen, in line with their new 13 months at 0% apr promotion, from 2% to 2.5%.
Once again that fee has risen and now stands at 2.98%, one of the higher balance transfer fees on the market. The highest of the top providers being the Barclaycard Platinum with a transfer fee of 3%.
Virgin may have increased their transfer fee but they have done so inline with a trend. Many credit card issuers now charge over 2.5% and the list looks a little like this:
- Barclaycard Platinum – 3%
- Citi Platinum – 3%
- Capital One – 3%
- Bank of Scotland One Card – 3%
- AA Credit Card – 3%
- Amazon.co.uk – 3%
- Virgin – 2.98%
- Mint Classic – 2.93%
MBNA still stands at 2.5% while the Abbey balance transfer card offers a 12 month 0% introductory rate with a fee of just 2%. Capital One are currently offering 0% until 1st of April 2008 (approx 13 months from today – being realistic with application procedures and postage times etc. for a new applicant) and a fee of 3%.
Amusingly it is also noted that HSBC’s balance transfer offer runs (at 0%) until the 2nd of April 2008, one whole day longer than Capital One but their balance transfer fee is just 2%.
There are still a number of well known credit card issuers only charging 2% handling fees, some of which are, RSPCA, Tesco, Abbey, HSBC, Marbles and RBS Platinum. Most of these only offer between 6 and 9 months at 0% on transfers. The only one offering a full 12 months is Abbey.
The Melton Mowbray Building Society Platinum, a lesser known credit card also matches the Abbey offer of a 12 month 0% apr balance transfer and a 2% handling fee. Both have a typical APR of 15.9%.