Brits could potentially save thousands of pounds by utilising a balance transfer credit card. This type of card allows you to transfer the debt from an old credit card, which likely has interest added on, to a new one with a 0% interest rate for a set period.
This means that any debt can be paid off more easily without accruing additional charges. However, it’s crucial to remember that most banks only offer this 0% interest rate for a limited time, so it’s important to clear the debt before this period ends to avoid returning to your original situation.
Money Saving Expert advises that customers cannot transfer balances between cards from the same bank and that eligibility for a 0% interest card will be determined by a credit check during the application process. If you have a specific card in mind for the transfer, online tools can be used to check your credibility.
How to find a balance transfer that suits you
When looking for the best balance transfer option, it’s recommended to compare different 0% cards, each with varying terms and transfer fees, using comparison sites like Uswitch or Compare The Market.
Credit cards with 0% balance transfer offers can be a lifeline for those struggling with card debts, even for individuals with a less-than-stellar credit score. However, it’s crucial to be aware that once the brief grace period ends, the interest rates could soar, potentially higher than other options available to those with better credit histories.
What are the best deals currently on the market?
There are a wide range of 0% balance transfer cards on the market all with their own eligibility. It’s also important to note that this is not a complete list of all cards on the market just some top picks.
Furthermore, your individual choices may vary depending on your credit score. If you’re concerned about your eligiblity for one of the cards below, you can use a free online eligibility calculator, such as the one from MSE here.
| Provider | Time with 0% APR | Fee |
| Barclaycard | 29 months | 3.45% |
| HSBC | 29 months | 3.49% |
| NatWest | 13 months | No fee |
| Santander | 26 months | 3% |
| Tesco Bank | 27 months | 2.95% |
| Virgin Money | 29 months | 3.45% |