Yorkshire Bank and Clydesdale Bank have confirmed that they will temporarily drop balance transfer fees for new credit card customers.
Typically, both financial services institutions demand a two per cent fee when customers switch credit card providers, meaning people transferring £2,500 would be asked to pay approximately £50 in charges.
However, the banks have now revealed that people moving balances to their Gold Mastercard accounts will not have to pay the fee, while they will still be able to take advantage of the 0% credit card for the first six months.
Kieran McEvoy, senior marketing manager at Yorkshire Bank, said that the move aimed to assist those people who faced high credit card repayment costs after spending heavily at Christmas.
"Transferring the balance to another card can now save you a lot of money in interest payments in the months to come and - with the transfer fee now being waived - our card should be particularly appealing," he said.
Alternatively, those wishing to save money on their current outgoings may wish to compare UK credit cards from a range of financial services institutions by using a price comparison website.
News Side
Financial services providers suspend fees for balance transfers
Fri, 12 Jan 2007
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