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Personal credit better for spenders?

Balance transfer deals may not be a good option for credit card-holders who like to spend, as another form of personal credit could prove better value.

Susan Hannums from AWD Chase De Vere said that different credit card deals are better for different people, for example if you are planning on spending rather than paying off a balance.

"If you're transferring a balance you need to try and get the lowest interest rate you can to try and clear it as quickly as you can, and you need to pay as little as you can," she said.

If personal credit is needed for spending, a personal loan or a zero per cent card could prove to be better value.

"If you're getting a spending card, again, opt for a nought per cent one and try and keep spending down to a minimum and pay it off as quickly as you can - ideally at the end of each month if possible."

Different interest rates on different personal credit products mean customers should take care to use them properly. Ms Hannums explained that "it would all go completely wrong should you start spending on that card because you generally get different interest rates for spending, and that can get very messy".

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