When is interest-free credit not interest free? When you’re forced to pay fees (and, amazingly, even interest) for the privilege of borrowing money at 0% for an extended period!
Millions of borrowers have made use of 0% balance transfers since they were introduced by online bank Egg on Christmas Day, 2000. By transferring your existing credit-card debts to a 0% credit card, you can enjoy a break from interest lasting up to a year. Naturally, British borrowers would much rather pay no interest than the annual rate of 16% charged by a typical credit card, so the balance-transfer market is booming….