Asda Money t/a Asda Financial Services Limited

October 06, 2012 01:00 ET

How to Use a Balance Transfer Calculator

LEEDS, UNITED KINGDOM--(Marketwire - Oct. 6, 2012) - The nation's personal finances are suffering in the current economic climate and many households are building up debt. Credit card holders can save money with the new Asda Money Balance Transfer calculator, available online now.

Balance transfer credit cards can be a good option for those who want to reduce the interest they are currently paying on the amount they have borrowed from other credit card providers.

What is a balance transfer?

A balance transfer is when you transfer the money you have borrowed on credit; either on a credit card, store card or loan, across to another credit card. Some credit card providers offer attractive balance transfer rates especially for new customers.

Why compare balance transfer deals?

A growing number of lenders are offering competitive deals with extensive 0% balance transfer periods. Whilst it might seem like a tempting offer to go with the lender offering the longest interest free balance transfer period, it may also be worth investigating the Annual Percentage Rate (APR) on offer after the promotional period ends. The higher the APR, the more interest you might have to pay in the long run.

How to use the balance transfer calculator

Using the Asda Money balance transfer calculator is simple and easy. All you have to do is visit the website and enter how much you have to transfer and the current APR that you are being charged on your credit card or loan. Then, the calculator will work out how much you could save if you switch to another provider.

To use the balance transfer calculator visit: http://money.asda.com/credit-cards/balance-transfer-calculator/

The Asda Money Credit Card has a low APR on purchases. It also allows customers to take advantage of the no annual fee credit card and earn rewards by shopping in store and online.

Notes to editors

*This does not include the Balance Transfer handling fee of 2.9%.

About Asda Money Credit Card

  • 1% cashback on Asda shopping
  • 1% cashback at Asda filling stations
  • 0.5% cashback on all other spend using this card
  • 0% balance transfers for 12 months*
Representative example:
Standard Purchases: 14.9% p.a. variable.
Representative APR: 14.9% variable.
Total amount of credit: £1200.
This is for illustrative purposes only and actual total amount of credit may differ.

*Balance Transfer Terms and Conditions: Balance Transfer fee of 2.9% (minimum fee £3 per transaction) will be charged in respect of each Balance Transfer. Subject to account status. Account Terms and Conditions apply. You can Balance Transfer up to 80% of the available credit limit within the first 90 days of account opening. Balance Transfers from existing storecard accounts and loans issued by Creation Financial Services Ltd or Creation Consumer Finance Ltd and credit card accounts issued by Sygma Bank UK are not permitted. Minimum value for Balance Transfer is £50. At the end of the promotional period you will be charged the Standard Rates of Interest in accordance to your Account.

Asda Money is a trading name of Asda Stores Limited. Asda Stores Limited uses a selection of companies to provide its products and services. Please refer to www.ASDA.com/money for details of our product partners and the relevant terms and conditions for each of our products and services.

Subject to status. Applicants must be aged 18 or over and UK resident (including Isle of Man and Channel Islands). The Asda Money Credit Card is issued by Sygma Bank UK, Chadwick House, Blenheim Court, Solihull B91 2AA.

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