Fluid has cut the balance transfer fee on its Low Fee card to just 0.75%
It’s now cheaper to transfer a debt over to the Fluid Low Fee Credit Card as the fee has been cut to 0.75% from 1.00%.
This makes it the cheapest card of this kind for transferring a credit card balance, and it also includes an initial three-month period of 0% interest on new purchases.
But the length of the 0% interest period on balance transfers has also been cut from 14 months to 12 months.
The Fluid deal
Low-fee credit cards are a good option for borrowers who want a short break from interest payments, without a hefty fee for moving over a balance.
[SPOTLIGHT]The reduction in the fee from Fluid means customers will now pay less if moving over an existing balance. On a debt of 2,000, for example, the fee would now be £15.
It also includes a 12-month 0% interest period for money transfers - where you transfer the balance into your bank account, to pay off your overdraft - although the fee with these is higher at 4%. After the 0% interest period has ended the APR on balance transfers is 18.9%, though on money transfers it’s 19.9%.
How does it compare?
The Fluid card is one of the most competitive around and also has the added benefit of allowing potential customers to pre-check the likelihood of being accepted before making a full application. This means they can find out if they’ll be accepted or not without a permanent marker placed on their credit score.
But when it comes to low fee credit cards, it’s not the most competitive on the market. The fee on the Fluid card is the cheapest around, but the length of both the balance transfer and 0% purchase period, and the APR rate aren’t the best.
The Halifax All in One Online MasterCard, for example, has a period of 15 months of 0% interest on balance transfers and purchases and an APR of 17.9% - although the fee is higher at 0.8%.
Our comparison tables have a fuller view of the market but here I’ve picked out some of the best.
|
Credit card |
0% period |
Balance transfer fee |
Fee paid on £2,000 transfer |
Representative APR after 0% period ends |
|
12 months |
0.75% |
£15 |
16.9% |
|
|
15 months |
0.8% |
£16 |
17.9% |
|
|
Lloyds Bank 15-Month Online Platinum Balance Transfer MasterCard |
15 months |
0.8% |
£16 |
17.9% |
|
TSB 15-Month Online Platinum Balance Transfer MasterCard |
15 months |
0.8% |
£16 |
17.9% |
|
15 months |
0.9% |
£18 |
18.9% |
Balance transfer cards
The Fluid card won’t be suitable for borrowers who need longer than 12 months of 0% interest. The longest 0% period available comes from Barclaycard and lasts 28 months. This has a much higher fee of 2.99% which would cost you £59.80 when moving over 2,000.
Halifax, NatWest, Royal Bank of Scotland and Tesco all offer 0% balance transfer cards for 27 months but again the fees are higher on these.
If you’re worried about your credit score, it’s always worth checking it out before you apply for a new credit card. You can do this with Experian and we've teamed up with them to offer you a 30-day free trial of the service.