Balance transfer credit cards are a perfect deal if you need more time to pay off your debts and the longest deals currently available are stretching to the impressive two years. Great news? Well, almost. The only problem is that parallel to the increase in the 0% period, there has also been a steady growth in the balance transfer fees. So, what to choose – the longest transfer period or the lowest fee over a shorter 0% term?

Several years ago a standard balance transfer fee was around 2,63%, while it is currently 2,93%. Standard, meaning “average”, while some banks charge as much as 3,5%, which means that the longer the deal is and the bigger the sum you are transferring, the harder it is going to hit you.

In a word, if you are looking for the best deal, don’t just fall for the longest interest-free period, but make calculations taking into account balance transfer fee as well. In some cases, if you know exactly how much time it will take you to repay the debt, a balance transfer credit card with a shorter term might often prove less costly overall.

For more detail see Balance Transfer Credit Cards. What to Look out For.