Sneaky fees leave us paying out £334m each year on misleading 0 credit cards

custom silicone wristbands no minimums - http://www.customsiliconewristbandsnominimum.com/. We�re often misled by �0 per cent� balance transfer credit card offers and only one in 20 of us actually understands the true cost after being fooled by sneaky fees, according to Whic

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The consumer group has urged the City watchdog to take a closer look at the offers after its research revealed that seven in ten people wrongly thought the transfer was completely free, even though they were shown the fe
It estimates that consumers pay around �334m in balance transfer fees each year, often because they mistakenly pick the wrong card, which often proves to be an expensive mistake. In its study a third picked the card with the lowest APR, even though it had a higher balance transfer f

The decision would leave with them with a card that would have cost them three times as mu
. Which? executive director Richard Lloyd said: "Too many credit card deals appear to include sneaky fees designed to catch customers out." He pointed out that with millions now using credit cards to pay for essentials, it's vital that the Financial Conduct Authority takes action to ensure consumers are well protect
. "We want the regulator to scrutinise balance transfer deals and make it easier for people to understand their true cos

Richard Koch, head of policy at the UK Cards Association, said: "The information on fees and charges which must be provided when applying for a credit card is prescribed by law. In addition, card issuers provide a summary box setting out all the costs associated with the credit card, which is included in all marketing and pre-contract materials, so that customers can easily compare different products. Card companies must also notify customers before a deal comes to an en
" In what seems an extraordinarily timely move Halifax has today launched a new credit card offering 0 per cent interest for up to 20 months, with no transfer bracelets fee. The 20 Month Balance Transfer Card offers the longest interest free period without a balance transfer fee, the Lloyds-owned bank claims although, in truth, it just replaces its own similar 18 Month 0 per cent Balance Transfer card which also had no balance transfer fe

However the go-to rate - charged after the promotional period ends - is 18.9 per cent. While that�s pretty standard for credit cards, there are much cheaper deals available on the market, although not with such a long interest-free peri
. It may pay to get a cheaper rate card now, for longer-term savings. In fact the Halifax has a card charging just 6.4 per ce
. How to decide which credit card is right for
u 1. Understand what you need the card for, Which? advises. Think about whether you just want to use your card to repay existing debt or if you want to use it to make purchas

2. Check your credit rating. If you have a poor or limited credit history, some cards custom silicone wristbands - www.customsiliconewristbandsnominimum.com - are designed specifically to build it up. There have lower credit limits and higher interest rates, but can improve your chance of being offered better deals in the futu
. 3. Check the interest you�re paying on existing cards. Moving debt to a 0 per cent balance transfer card can help you reduce the cost of borrowing, but only if it actually works out cheaper. Check the fee before you sign up and make sure you pay off the balance before the deal ends otherwise you could end up paying through the nose on a more expensive card than the one you switched fr

4. Think about whether you can pay off your credit card bill in full every month. A 0 per cent purchases credit card will allow you to pay off your bill over a certain period without being charged interest if you can�t afford to pay it off immediately. But if you don�t need a card for borrowing look for one that rewards you for spending.