The Platinum Balance Transfer Card from TSB offers zero percent interest for up to the first 30 months on balances which are transferred within the first 90 days. However, TSB has said this exclusive offer will end on June 30, 2020 – meaning there’s only hours left until the deal ends.
The deadline for accessing the interest free for up to 30 months offer is something which Martin Lewis has highlighted in recent weeks.
During The Martin Lewis Show on Thursday night, he told ITV viewers: “So, we talked about balance transfers earlier. That is of course where you get a new card that pays off debts on the old cards for you.
“So, you owe the new card the money at a cheaper interest rate. More of your money clears the debt rather than servicing the interest.”
Last week, the financial journalist and campaigner continued: “Well, I’m afraid the longest zero percent deal on the market is being withdrawn next Tuesday.
“So if you want it, you’d need to go quickly. It’s TSB’s up to 30 month zero percent, with a three percent fee.
“That’s basically £30 per £1,000 that you shift. Now, the long card is good if you need a long time to repay or you’re not sure how long, play safe, go long.”
However, the Money Saving Expert founder added that there are alternative options when it comes to zero percent interest cards.
“You can repay quicker – there are other choices including the Santander 18-month zero percent which is no fee, so it’s the cheapest.
“But, it’s the only open to all, no fee card on the market longer than five months, so that may go. So you need to basically get on with this.
“If you’re paying interest on credit cards, try this. Use an eligibility calculator to see which cards you’re likely to be able to get as well.”
Earlier this month, the Moneyfacts UK Credit Card Trends Treasury Report revealed that the number of zero percent credit cards on the market has fallen to a record low.
Rachel Springall, Finance Expert at Moneyfacts, said: “As uncertainty builds surrounding consumer debt, this shake-up of the credit card market could not come at a worse time.
“Consumers will have less choice when picking a zero percent card for making purchases and the cost to borrow on a credit card outside of a zero percent offer has risen to a record high.
“Borrowers may well use credit cards as a way to spread the cost of their purchases, but for those struggling with debt or have had their personal circumstances change in light of the coronavirus pandemic, these debts could hang overhead for much longer then they expect.
“Credit card providers act quickly when the risk to take on debts escalates and right now there is a refocus of credit card propositions to mitigate debt write-offs.
“This echoes the movements seen after the financial crash – indeed, between June 2008 and June 2009, the number of zero percent purchase cards fell from 112 to 85.
“Those looking for a zero percent balance transfer card may also need to act quickly to take advantage of the most lucrative offers as choice diminishes to a record low. The cost-saving benefits of a zero percent card should not be overlooked while there are still options out there to choose from.”
She added: “In the months to come we may see the credit card market contract further, so if borrowers are in a position to do so, now may well be the time to act to get the best deal they can.
“To put them in the most favourable position before they apply for credit, consumers could review their credit score, such as with Experian.
“If consumers have any disposable income, it is a wise idea to overpay their card and consider setting aside some savings as an emergency fund for the future.”