Sygma Bank has launched its Creation MasterCard credit card, offering an excellent 15-month deal on 0% balance transfers (with a 2.98% transfer fee).
Which? credit card expert Martyn Saville commented: ‘It’s great to see more competition coming into the 0% balance transfer market. This card is near the top of the table, beaten only by the 16 months available from Yorkshire and Clydesdale Bank. It is therefore an excellent choice for anyone looking to transfer an existing balance to a new credit card.’
However, the new Sygma Bank card comes with a standard APR of 16.9%, making it uncompetitive for shopping. Consumers should ignore the 3-month introductory 0% deal on purchases as Sygma uses a negative order of payments. If you use the card for further purchases once you’ve transferred a 0% balance to it, every penny of your repayment will be allocated against the interest-free balance transfer, leaving your purchases to rack up interest from the moment the introductory 3-month purchase offer runs out, right up to when the 0% balance transfer is repaid in full.
Which? Best Rate credit cards
If you need advice to help you choose the best credit card for your needs, read the free Which? guide to choosing a credit card.
Once you know the best type of card for you, check out Which? Best Rate credit cards to find the most competitive deal available today, whether it’s a cashback card, a card offering 0% on purchases or the longest 0% deal on balance transfers.
And check out Which? Recommended Providers to find out which credit companies offer the best customer service without hitting you in the pocket.
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what’s going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.