Using introductory rate credit cards has become a popular way for UK borrowers to manage credit card debt. Introductory rate credit cards offer borrowers a preferential interest rate when they first sign up for a new card. There are three main ways in which this can happen. All of the ways offer significant advantages for credit card borrowers.
0% Balance Transfers
The one that is most appealing to consumers is the 0% balance transfer offer. This offers a nil rate of interest on balances transferred to a particular credit card. There is usually a limit to how long this offer applies, but this can vary from three to 12 months, so most people will be able to find an offer that suits them.
The trick to using 0% balance transfers effectively is to move balances from card to card before the expiry of the offer period. This is known as rate surfing. Credit card companies don’t like it, because it loses them hundreds of thousands in interest. For consumers, however, rate surfing offers the chance to clear some or all of an outstanding debt. This is because payments to 0% cards reduce the debt each month instead of being applied to interest.
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