Compare the best balance transfer credit cards

If you already have some credit card debt or an overdraft, you may be able to repay your debt more efficiently (and therefore faster) by transferring it to a 0% Balance Transfer Credit Card.

It works like this: the credit card provider doesn’t charge you interest on any balances transferred for a set period, in order to tempt you to apply for the card. You normally have to pay a Balance Transfer Fee (each time you transfer a balance), usually around 3% of the amount your transfer onto the new card.  Compare this with the high rates of interest you may be paying for your debts at present, this can still work out much cheaper.

While you benefit from paying no interest, it’s a good idea to pay off as much of your debt as possible, rather than simply  making the minimum payment. Alternatively you could pay the minimum payment on the credit card every month and put aside money in a savings account so that you earn interest in the meantime, and then pay off the credit card balance before the introductory offer ends.

Warning! If you make purchases using a Balance Transfer Card you might be charged interest on your spending.  However, some 0% Balance Transfer Credit Cards also offer a 0% purchase period – although these tend to be relatively short in comparison to the best stand-alone 0% Purchase Credit Cards. In order to get the best of both worlds, some people have a separate credit card for purchases.