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Research has showed that credit card providers are waiving balance transfer fees but charging higher interest rates.
According to financial website MoneyExpert.com, the number of credit card providers that are offering credit card holders the chance to transfer outstanding debt from another card without having to pay a fee to do so has risen by nearly 20pc to 69 during the past year.
Average interest rate charged on the balance
But the average interest rate charged on the balance for cards that do not charge a transfer fee is shifted over 7.03pc, as compared with 4.26pc for those that do charge one.
Although you can find some providers, such as Northern Bank, by which no fee is charged but still offer 0pc deals for a limited time, others charge as much as 15.9pc in interest on the money transferred.
Zero Percent interest on balance transfers
There has also a fall in the number of cards offering 0 % interest on balance transfers, dropping to 149 from 171 during the past 12 months, while we have seen a drop of 25pc in the number of providers offering 0pc interest deals for more than 12 months.
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