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Top 5 balance transfer cards

Top 5 balance transfer cards

Category: Credit cards

Updated: 09/01/2014
First Published: 09/01/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The festive season has been and gone, but unfortunately a lot of people will still be paying for it. Well, if you're one of them, why not use balance transfer credit cards to clear your Christmas debt?

Balance transfer cards can be a great way to pay off debts without needing to accumulate huge amounts of interest in the process, and if managed efficiently they could easily help spread the cost of festive spending.

It needn't matter if you've already racked up a hefty bill – purchases that were made on another credit card over Christmas can be transferred to the new one, and with some offering 0% on balance transfers for two years or more you could pay off your debts in small monthly amounts without accruing additional interest.

As with any credit card, balance transfer cards need to be managed effectively. In this case customers need to ensure the full amount can be paid off by the end of the interest-free period, and with purchases being subject to a separate interest rate they should try to avoid using these cards for further spending.

Cardholders should also be aware that failing to meet minimum repayments will mean interest rates will be applied, effectively cancelling out the benefits, so they need to be confident that they can keep up with regular repayments.

Here are the current top 5 balance transfer credit cards:

APR (variable)

Card details

Barclaycard Platinum 30mth
Barclaycard Platinum
30 Month Balance Transfer Visa

18.9% APR
  • Introductory 0% on balance transfers for 30 months from date of issue
  • Introductory balance transfer fee of 2.89%
  • Introductory 0% on purchases for 6 months
  • Contactless payments of up to £20
  • Customers must be aged 21 or over with a minimum income of £20K

"Taking the top spot in the balance transfer sector is the Platinum 30 Month Balance Transfer Visa from Barclaycard, offering a market-leading 0% on balances for the first 30 months – the longest introductory balance transfer period currently available.

"Cardholders can also benefit from 6 months 0% interest on purchases to add to the appeal."

APR (variable)

Card details

Barclaycard Platinum 29mth
Barclaycard Platinum
29 Month Balance Transfer Visa

18.9% APR
  • Introductory 0% on balance transfers for 329 months from date of issue
  • Introductory balance transfer fee of 2.49%
  • Introductory 0% on purchases for 6 months
  • Contactless payments of up to £20
  • Minimum age and income restrictions apply

"Sitting comfortably in second place is the Platinum 29 Month Balance Transfer Visa, again from Barclaycard, this time offering an introductory 0% interest-free period of 29 months.

"Customers can benefit from a reduced balance transfer fee of 2.49%, with the added bonus of 0% on purchases for the first 6 months."

APR (variable)

Card details

MBNA Platinum
MBNA Platinum
Credit Card Visa

18.9% APR
  • Introductory 0% on balance transfers for 29 months from date of issue
  • Introductory balance transfer fee of 2.89%
  • Introductory 0% on purchases for first 3 months
  • Contactless payments up to £20

"Achieving a top three spot is this card from MBNA, offering another 0% balance transfer rate for the first 29 months.

"With an additional 0% introductory period on purchases for the first three months and the flexibility of contactless payments, cardholders can benefit even more."

APR (variable)

Card details

Santander 29 Mth
Santander
29 Month BT MasterCard

18.9% APR
  • Introductory 0% on balance transfers for the first 29 months
  • Introductory balance transfer fee of 3.00%
  • Introductory purchase rate of 0% for first 3 months
  • No annual fee

"In fourth spot is Santander's BT Credit Card MasterCard, again offering an introductory 0% on balance transfers for 29 months.

"The 0% purchase rate for 6 months is also highly competitive, with the slightly higher balance transfer fee of 3% meaning it just misses making the top three."

APR (variable)

Card details

Tesco Bank Clubcard CC
Tesco Bank
Clubcard Credit Card for 29 Month BT MasterCard

18.9% APR
  • Introductory 0% on balance transfers for 29 months from date of issue
  • Introductory balance transfer fee of 2.90%
  • Introductory 0% on purchases for first 3 months
  • Earn Clubcard points on your purchases

"Edging into the top five is this card from Tesco Bank, offering an impressive 0% balance transfer rate for the first 29 months as well as a 0% purchase rate for three months.

"Cardholders can also earn Clubcard points on their purchases, racking up 5 points per £4 spent at Tesco and 1 point for every £4 spent elsewhere."

Information & Rates correct as at: 09.01.2014

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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