Balance Transfer Credit Cards - 0% up to 34 months | moneyfacts.co.uk

Compare the best balance transfer credit cards

  - Repay your debt sooner with a 0% balance transfer card. Compare the longest 0% deals and start clearing your balance.
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Compare the Best 0% Balance Transfer Credit Cards

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Balance Transfer Rate and PeriodBalance Transfer FeeAdditional InformationSearch all151 Credit Cards
 
Barclaycard

Platinum 33 Month Balance Transfer Visa
0.0% for 33 months from date of card issue.1.95%
  • 0% for 33 months on balance transfers
  • Can't change payment due date
  • Contactless payments up to £30
Details...
Go to Site
 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.9% variable per annum for purchases. Representative 19.9% APR variable. 
MBNA Limited

MBNA Platinum 33 Month Balance Transfer Credit Card Visa
0.0% for 33 months from date of card issue.1.99%
  • 0% on balance transfers for 33 months
  • No balance transfers from MBNA cards
  • Contactless payments up to £30
Details... 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.9% variable per annum for purchases. Representative 19.9% APR variable. 
Tesco Bank

Clubcard Credit Card for 33 Months Balance Transfer Mastercard
0.0% for 33 months from date of card issue.2.69%
  • Earn Tesco Clubcard points for spending on your card
  • High cash rate
  • No fees on Tesco travel money
Details...
Go to Site
 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.944% variable per annum for purchases. Representative 19.9% APR variable. 
Virgin Money

32 Month Balance and Money Transfer Credit Card Mastercard
0.0% for 32 months from date of card issue.0.60%
  • 0% balance transfers for 32 months
  • High rate for cash withdrawals
  • Contactless payments up to £30
Details... 
  Representative Example: Based on a credit limit of £1200.00 charged at 20.9% variable per annum for purchases. Representative 20.9% APR variable. 
M&S Bank

Transfer Plus Mastercard
0.0% for 32 months from date of transfer.0.99%
Min: £5.00
  • Earn 1 point for every £1 spent at M&S
  • Rates dependent on credit rating
  • Emergency cash service available
Details... 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.9% variable per annum for purchases. Representative 19.9% APR variable. 
HSBC

32 Month Balance Transfer Credit Card Visa
0.0% for 32 months from date of transfer.1.40%
Min: £5.00
  • 0% balance transfers for 32 months
  • Rates dependent on credit rating
  • Manage your card online
Details... 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.9% variable per annum for purchases. Representative 19.9% APR variable. 
Post Office Money®

Post Office Money Online Balance Transfer Credit Card Mastercard
0.0% for 32 months from date of transfer.2.00%
  • 0% on balance transfers for 32 months
  • Rates dependent on credit rating
  • Contactless payments up to £30
Details...
Go to Site
 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.9% variable per annum for purchases. Representative 19.9% APR variable. 
Lloyds Bank

Online Platinum 32 Month Balance Transfer Mastercard
0.0% for 32 months from date of card issue.3.00%
  • 0% for 32 months on balance transfers
  • Rates dependent on credit rating
  • Manage your card online
Details...
Go to Site
 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.94% variable per annum for purchases. Representative 19.9% APR variable. 
Halifax

Online 32 Month Balance Transfer Credit Card Mastercard
0.0% for 32 months from date of card issue.3.00%
  • 0% for 32 months on balance transfers
  • Rates dependent on credit rating
  • You may be offered alternative terms
Details...
Go to Site
 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.95% variable per annum for purchases. Representative 19.9% APR variable. 
MBNA Limited

MBNA Platinum 31 Month Balance Transfer Credit Card Visa
0.0% for 31 months from date of card issue.1.10%
  • 0% on balance transfers for 31 months
  • No balance transfers from MBNA cards
  • Contactless payments up to £30
Details... 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.9% variable per annum for purchases. Representative 19.9% APR variable. 
Barclaycard

Platinum 30 Month Balance Transfer Visa
0.0% for 30 months from date of card issue.0.55%
  • 0% for 30 months on balance transfers
  • Can't change payment due date
  • Contactless payments up to £30
Details...
Go to Site
 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.9% variable per annum for purchases. Representative 19.9% APR variable. 
Halifax

30 Month Balance Transfer Credit Card Mastercard
0.0% for 30 months from date of card issue.1.20%
Min: £3.00
  • 0% on balance transfers for 30 months
  • Rates dependent on credit rating
  • You may be offered alternative terms
Details...
Go to Site
 
  Representative Example: Based on a credit limit of £1200.00 charged at 19.95% variable per annum for purchases. Representative 19.9% APR variable. 

Moneyfacts.co.uk Best Buys show the best products chosen by our independent experts. Where we have been able to we have also provided a link for you to apply online today. Products shown with a yellow background are sponsored products.

Disclaimer:
All credit cards are subject to the applicant’s status. The APR quoted is representative of the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you are offered may be higher, or you may not be offered credit. Fees and rates subject to change without notice. Please check all rates and terms before borrowing.

Moneyfacts.co.uk Limited is an independent credit broker. We will receive a payment from credit providers where customers link to them from Moneyfacts.co.uk. None of these arrangements affects our independence.

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0% balance transfer credit cards explained

Having glanced at the Best Buy chart above, you may be asking yourself why you'd need a balance transfer credit card, or how they work. That's why we've answered some of the most frequently asked questions below, starting with the basics.

On this page:

  1. What is a balance transfer card
  2. What are the risks?
  3. Does my credit score matter?
  4. How can I find the best balance transfer cards?
  5. What is a balance transfer fee for credit cards?
  6. What happens when you transfer a balance on credit cards?
  7. How long will it take to make a balance transfer?
  8. When should I apply for a balance transfer?
  9. How much can I transfer?
  10. What will my credit limit be?
  11. How do you transfer a credit card balance to another card?
  12. How do I repay my balance transfer card?
  13. Can I transfer money from a credit card to my current account?

What is a balance transfer card

When you think of credit cards, the first thing that tends to come to mind is the ability to make purchases on credit. However, that's not all these handy cards can be used for.

Credit cards are a convenient means of borrowing money without having to put up your car or house as a security. While they come as a plastic card that you can use just like a debit card, you can also transfer a debt onto these cards, or use them to transfer some extra cash into your current account if you're getting too far in the red. There are even some credit cards which can be specifically used abroad.

The most competitive credit cards offer an introductory 0% interest period, giving you a chance to pay off your debt without having to pay any interest on it. If you're looking to transfer credit card debt, you'll want a 0% balance transfer card. If you want to make purchases, you'd look for a 0% purchase credit card, and if you want to do both, a 0% interest credit card could be for you. These can even offer an introductory interest-free period on money transfers to your current account, which would allow you to pay off an overdraft as well.

So, a 0% balance transfer credit card allows you to cut the cost of debt by giving you a certain number of months to pay off the card balance without incurring interest. But that's not all; the best balance transfer credit cards also offer you a lower introductory balance transfer fee. This fee is usually a percentage of the debt you are looking to transfer. Instead of paying, for instance, 5% on a £1,000 debt, you'd only pay 3% on any transfers made during the introductory term.

If you manage to pay off the debt within the introductory period, that 3% transfer fee would be the only thing you'd have to pay extra. Say you've got an introductory term of 24 months, i.e. two years. You'd only need to pay £42.92 per month (= £1,030/24) to clear the balance. If instead you pick a card without an introductory offer, or you miss a payment and lose the introductory deal, you might have a 5% transfer fee with an annual balance transfer rate of 19% to deal with. This would cost you about £300 more overall and add around six months to your repayment term, if you manage the same payment of £43 each month and avoid penalties or otherwise adding debt. Clearly balance transfer cards could be a great way to cut the cost of debt.

What are the risks?

As with any form of borrowing, there are risks involved in taking out a 0% balance transfer credit card. First and foremost, you'll want to avoid doing anything that jeopardises your introductory deal. Some providers will kick you off their introductory deal after one missed payment, while others may do so after a few months of missing payments. If you don't follow your lender's instructions carefully, you'll almost certainly increase the amount of credit you'll need to pay back.

Certain credit card deals will offer a few months of 0% interest on money transfers (which allow you to transfer money to your current account to repay overdraft debt) or purchases as well as an interest-free balance transfer period. Take careful note of both the restrictions on these additional offers as well as their end dates. In general, missed payments tend to incur a penalty regardless of what kind of credit card and offer you're on, so make sure you can afford the minimum monthly payment before getting such a card.

If you don't have an introductory 0% interest term on purchases, or that part of the deal has already expired, it's generally not advised to make purchases on credit cards with 0% interest on balance transfers. Since it's not what they're for, you're likely to pay a high rate.

In general, credit cards tend to attract high charges for ATM use, so you'll want to refrain from taking money out with them. Unless you've got a travel credit card, you'll also tend to be charged quite a lot for spending abroad, which would make it a triple threat to your wallet if you're ever tempted to take out money while abroad to make a purchase using a balance transfer card.

One thing you don't need to worry about is whether or not the credit card market is safe; it's authorised and regulated by the Financial Conduct Authority, which is constantly updating its rules to try and help customers avoid getting into too much debt. That said, it's always wise to be diligent and practical when deciding to take on debt - you wouldn't want to get in so much debt that you need outside help to recover.

Does my credit score matter?

One of the main risks of going into debt, any debt, is the impact it will have on your credit rating. If you're planning to take out a mortgage or remortgage in the future, it would be a good idea to make sure all your credit cards are paid off and cancelled before you apply to a mortgage provider. That said, if you make all your monthly repayments, a credit card could actually have a positive impact on your credit score.

You'll want to check your credit rating before you apply for a balance transfer card as well, as it may affect what deal you'll be offered. You may have already noticed the representative APR mentioned on the chart. This is the annual percentage rate (APR) on purchases that will be offered to at least 51% of those who apply. While this may be handy for comparing credit cards, your actual APR and balance transfer interest rate (after any introductory period ends) will depend on your credit score and personal circumstances.

So, not only does your credit score matter when it comes to the credit card deal you'll end up with, it also matters later down the line. If yours isn't quite up to scratch, see our guide on how to improve it.

How can I find the best balance transfer cards?

The best balance transfer credit cards are those that allow you to pay off your debts within a timeframe that suits your needs, while limiting incurred costs. This doesn't always mean, however, that you should go for the card with the longest 0% interest balance transfer period.

Unfortunately, those cards with the longest interest-free periods also tend to be those with the highest transfer fees. That's why you should always look at everything the card offers before making your choice. For instance, you may find that a card which offers fee-free balance transfers with a shorter interest-free period works out as the cheapest. Click on 'Balance Transfer Fee' in the chart above to sort your options by introductory fee instead of term.

Some cards may tempt you with rewards or cashback (though these also constitute a separate type of credit card). No matter how attractive, it's always a good idea to do some calculations first - using our credit calculator for example - to see if you can afford to make the repayments you would need to make. Combined with a look at the best credit cards for balance transfers, this should help you find the card that's most suitable to you. Then all you'd need to do is make sure you fit the eligibility criteria (aside from your credit score, providers may look at your annual income, age and where you live).

What is a balance transfer fee for credit cards?

As already mentioned, you'll usually be charged a fee every time you want to transfer new debt onto your balance transfer (or 0% interest) card. While there are a few cards available that won't charge such a fee, they may be quite hard to track down.

Balance transfer fees can be reduced during an introductory period, and are usually calculated as a percentage of the balance that you are transferring over. If you've got several smaller amounts that you're looking to consolidate onto a single balance transfer card, it may be worth going for a deal with a smaller fee rather than focusing on getting the longest interest-free period or the lowest interest rate.

What happens when you transfer a balance on credit cards?

When you transfer your debt over to a credit card, you are actually adding credit to your old account by going into the red on your new card. While this effectively means that your debt has been transferred, this is not how providers may explain the process to you.

How long will it take to make a balance transfer?

This depends on the providers involved, but generally a transfer onto a balance transfer card can take between one and two weeks.

When should I apply for a balance transfer?

If you've found a card with a lower interest rate and a low fee on balance transfers, it may be worth applying to transfer your balance over (provided handling fees and such don't make it more expensive than staying). The last thing you'll want to do is come up to the end of your introductory balance transfer offer, panic and transfer your debt over to a new card without doing some calculations first.

How much can I transfer?

This will depend on your credit limit. There is not usually a maximum number of existing cards you can transfer debt over from, as long as the total transfer amount (including fees) isn't more than 95% of the limit of the new card.

What will my credit limit be?

Your balance transfer credit limit will depend on your credit rating and other personal circumstances. The higher your credit score and income, the higher your credit limit is likely to be.

How do you transfer a credit card balance to another card?

Contact your credit card provider or have a look at their website to find out how exactly to complete a credit card balance transfer. You may need to use a few different methods if you're consolidating debt from different providers. Note also that you may not be able to transfer debt from one credit card to another if they're with the same provider or banking group. Most importantly, don't forget to cancel and cut up your old credit card(s) so you're not tempted to start adding debt to it again.

How do I repay my balance transfer card?

You pay off your balance transfer card like any other credit card, by transferring funds over to it, with most cards requiring a minimum payment amount every month. You may want to set up a standing order so you never miss a payment and don't risk losing your introductory offer or accumulating additional debt.

Can I transfer money from a credit card to my current account?

Certain 0% balance transfer cards will also offer an introductory money transfer period. This will allow you to transfer money from your credit card to a current account without paying interest on the debt that consequently gets added to your card. Just make sure to pay off the balance before the introductory period ends, and note that this may be less than the introductory balance transfer term.

 
 
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