Many people think credit cards are something of an either/or situation: you can either find credit cards ideal for balance transfers, or credit cards with a decent interest free period for purchases.
However, it is possible to get a card that offers the best of both worlds in many ways – the all-round credit card. This is a popular and useful type of card that gives the people who use it an introductory interest free period on any balance transfers they might make. It also offers a period of interest free purchases, which means it appeals to a wide range of people.
In terms of the length of the introductory offer, you can often get up to 16 months as part of your balance transfer period, and around 6 months for interest free purchases. After the end of these introductory rates, the standard APR will take effect and the usual balance transfer fee will apply.
With a wide range of credit cards available, it is worth checking to see what the APR and balance transfer fees are for the specific all-round credit card you are thinking of applying for. Usually, you can expect an APR (which determines how much interest you’ll pay following the end of the interest free period) of around 15.8% based on a credit limit of £1200. Bear in mind that this could alter depending on your specific card and the credit limit given to you.
The ordinary balance transfer fee will commonly be less than 2%, so even after the end of the introductory 0% offer balance transfers are still very affordable on an all-round credit card. This type of card also often provides you with reward schemes, such as discounts on deals such as gym membership, holidays and other exciting bonuses. If you are thinking of applying for a new credit card, it is definitely worth considering an all-round card.
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