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6 of the best balance transfer credit cards

6 of the best balance transfer credit cards

Category: Credit cards
Author: Leanne Macardle
Date: 09/01/2018

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 It is now over 6 months old so the content may be out of date.

Does the thought of opening your credit card bill fill you with fear? If so, you're not alone! Christmas may be over, but unfortunately, many people will still be paying for it, after turning to credit to cover the cost of their festive spend. There's no need to panic though - if you switch to a balance transfer credit card, you could clear your financial hangover without interest adding to the bill.

Balance transfer cards allow you to transfer your credit card balance and benefit from a lengthy 0% interest period, which means they can be a great way to pay off debts without accumulating huge amounts of interest in the process. You could have plenty of time to clear the balance, too - competition is fierce, as a result of which some cards now offer 0% on balance transfers for more than three years.

It's important to remember that failing to make the minimum monthly repayment could mean that the 0% deal is cancelled and higher interest rates will be applied, effectively cancelling out the benefits, so you should be confident that you can keep up with regular repayments. If you can manage that, balance transfer cards could be the perfect way to clear your Christmas debt, so here are the top six that could help you do just that!

Representative purchase APR (variable)
Card details

Barclaycard

Barclaycard Platinum 38 Month Balance Transfer Visa
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19.9% APR
  • Introductory 0% on balance transfers for the first 38 months
  • Introductory balance transfer fee of 1.4% via partial refund
  • Introductory 0% on purchases for six months
  • No annual fee
  • Customers must be at least 21 years old with a minimum income of £20,000 and can apply online, by phone or by post

Proudly in first place is this deal from Barclaycard, which offers a 38-month 0% interest term, currently the market-leading term available. Customers can also benefit from 0% interest on purchases for the first six months, which could make it ideal for those who need a bit of help to cover their January spend following December's excesses.


Representative purchase APR (variable)
Card details

MBNA

MBNA Platinum 38 Month Balance Transfer Credit Card Visa

19.9% APR

  • Introductory 0% on balance transfers for 38 months from date of issue
  • Introductory balance transfer fee of 1.44%
  • Introductory 0% on money transfers for first 20 months (with 4% fee)
  • No introductory purchase term
  • No annual fee
  • Customers must be at least 18 years old and can apply online or by phone

Sitting in second place is this card from MBNA, which also offers the market-leading 38 months of 0% interest on balance transfers. As an added bonus, customers can benefit from 0% interest on money transfers for the first 20 months as well, making it ideal for those who could use an interest-free cash injection. However, the lack of a 0% purchase term means this is a true balance transfer card that shouldn't be used for further spending.


Representative purchase APR (variable)
Card details

nuba

nuba Transfer Credit Card MasterCard

19.9% APR

  • Introductory 0% on balance transfers for 38 months from date of issue
  • Introductory balance transfer fee of 2.49%
  • Introductory 0% on money transfers for first 20 months (with 4% fee)
  • No introductory purchase term
  • Get an Amazon gift card of £20 if a transfer of at least £1,000 is made within 60 days (terms apply)
  • No annual fee
  • Customers must be at least 18 years old and can apply online or by phone

Achieving a top-three spot is this deal from nuba, another card that offers a 0% interest rate on balance transfers for the first 38 months. It comes with a 20-month 0% money transfer term, too, while the possibility of a gift card will appeal to those looking for an extra incentive.


Representative purchase APR (variable)
Card details

Post Office Money

Post Office Money Balance Transfer Credit Card Mastercard
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18.9% APR

  • Introductory 0% on balance transfers for the first 37 months
  • Introductory balance transfer fee of 1.99%
  • Introductory 0% on purchases for first three months
  • No annual fee
  • Customers must be at least 18 years old with a minimum annual income of £8,000 and can apply online or by phone

In fourth place is this deal from Post Office Money, which offers 0% interest on balance transfers for the first 37 months as well as a three-month 0% purchase term. With still over three years of interest-free balance transfers and a few months to make purchases to boot, it could be quite a competitive choice.


Representative purchase APR (variable)
Card details

Halifax

Halifax Online 36 Month Balance Transfer Credit Card Mastercard
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19.9% APR

  • Introductory 0% on balance transfers for the first 36 months
  • Introductory balance transfer fee of 2.50% (min. £3) thanks to partial refund
  • Introductory purchase rate of 0% for first three months
  • No annual fee
  • Customers must be at least 18 and can apply online

Securing a top-five spot is this card from Halifax, which boasts 0% interest on balance transfers for the first three years, as well as a 0% purchase term for three months. With a reduced balance transfer fee and no annual charge, it is certainly worthy of its place in the Best Buys.


Representative purchase APR (variable)
Card details

Tesco Bank

Tesco Bank Clubcard Credit Card for Balance Transfers Mastercard
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18.9% APR

  • Introductory 0% on balance transfers for 36 months from date of issue
  • Introductory balance transfer fee of 2.69%
  • Introductory 0% on money transfers for 36 months (with a 3.94% fee)
  • Introductory 0% on purchases for first three months
  • No annual fee
  • Tesco reward points earned on purchases
  • Preferential deals on Tesco Travel Money
  • Customers must be at least 18 years old with a minimum income of £5,000 and can apply online, by phone or by post

Just squeezing into the top six is Tesco Bank's MasterCard. It offers an introductory 0% on balance transfers for 36 months, together with 0% interest on money transfers for the same term as well as 0% on purchases for three months, so it gives borrowers the complete interest-free package. While the reward points on offer may make it especially attractive to regular Tesco customers, interest-free purchases are limited, so potential borrowers will have to do the maths.

Information & Rates correct as at: 08.01.2018

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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