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High level for card transfers; pound NOTES.

ALTHOUGH balance transfer credit cards offer the longest interest-free deals on record, the fees being charged to move to a balance transfer card are at their highest level in four years, reveals.

On average, balance transfer cards offer 356 days of interest-free debt, against 295 days three years ago. But the average balance transfer fee has hit 2.93%, against 2.63% four years ago.

The average purchase rate for a credit card is currently 18.3% APR. On a minimum repayment of 1% or pounds 5 a month, that means a pounds 350 balance could take more than 21 years to repay costing pounds 946 in interest - and if the balance was pounds 1,000, interest could build up so fast that the balance is never repaid.
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Publication:Daily Post (Liverpool, England)
Date:Jan 23, 2012
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