Derin Clark

Derin Clark

Online Reporter
Published: 05/03/2020

Consumers looking to spring clean their finances by managing their credit card debt may want to consider applying for a 0% balance transfer credit card.

0% balance transfer credit cards can be a cost-effective way for those with credit card debt to repay the money they owe. These credit cards allow borrowers to transfer their existing credit card debt to the new card and offer an interest-free period in which they can pay off the full amount. This helps to clear the debt quicker as repayments do not need to factor in additional interest costs, as long as the full amount is repaid within the interest-free period. Saying this, many 0% balance transfer credit cards charge a transfer fee, which makes the total amount to be repaid higher than the existing credit card debt.

Borrowers should also be aware that an application for a 0% balance transfer credit card is subject to a credit check, which means those with a low credit rating might struggle to get approval, especially on the top deals.

For those considering a 0% balance transfer credit card, here we’ve looked at the five best deals available in the charts today.

The best 0% transfer credit card with the longest term

The longest term currently available on a 0% transfer credit card it 29 months, which is available on four cards.

Sainsbury’s Bank offers 0% interest for 29 months from date of transfer on its Balance Transfer Credit Card Mastercard. This card charges a transfer fee of 2.74% (subject to a minimum fee of £3.00) and is available to those with a minimum income of £10,000.

MBNA Limited offers 0% interest for 29 months from date of card issue on its Long 0% Balance Transfer Mastercard. It charges a transfer fee of 2.75% and is available to those with a minimum income of £14,000.

Halifax’s Longest 0% Balance Transfer Mastercard has a 0% interest period of 29 months from date of card issue. This card charges a 3.00% transfer fee and there is no minimum income for applicants.

Virgin Money offers an interest-free period of 29 months from date of card issue on its 29 Month Balance Transfer Credit Card Mastercard. This card also charges a 3.00% transfer fee and is available to those with a minimum income of £7,000.

The best 0% transfer credit card with no transfer fees

Borrowers looking for a 0% transfer credit card that does not charge a transfer fee will find that Santander currently offers the best card in our chart. Santander’s All in One Credit Card Mastercard does not charge a transfer fee and has an interest-free period of 26 months from date of card issue. This card is available to those with a minimum income of £7,500 and borrowers should be aware that it charges a £3 monthly fee.

The best 0% transfer and purchases credit card

The best card currently available for borrowers looking for a 0% transfer and purchase credit card is Dual Offer Credit Card Mastercard from Sainsbury’s Bank. This card offers an interest-free period of 27 months on both balance transfers and purchases. It charges a 3.00% transfer fee and is available to those with a minimum income of £10,000.

The best 0% transfer credit card offering rewards

M&S Bank is currently offering one of the most competitive 0% transfer credit cards that also offer rewards. Its Transfer Plus Mastercard offers one point earned for every full £1 spend in a Marks and Spencer’s UK store, online, outlets and Simply Food branches. It also offers one point for every £5 spend outside of Marks and Spencer and 100 points equate to a £1 reward voucher. This card offers a 0% interest period for 28 months from the date of transfer. It charges a 2.85% transfer fee (minimum £5.00). There is no income restriction to apply for this card.

Another highly competitive 0% balance credit card offering rewards is Balance Transfer Credit Card Mastercard from Sainsbury’s Bank. As already highlighted above, this card offers an interest-free period for 29 months. It enables new customers to earn 750 bonus Nectar points each time £35 or more is spent on Sainsbury’s shopping for a maximum of 10 times in the first two months, up to a total of 7,500 points. After this, borrowers can earn two Nectar points per £1 spent on Sainsbury’s shopping and fuel and 1 Nectar point for every £5 spent elsewhere.

The best 0% transfer credit card that can be used abroad without a fee

The best option for those who want a 0% balance transfer credit card that does not charge fees when used overseas and that has no monthly fee is Nationwide Building Society’s Nationwide Member Credit Card Balance Transfer Visa. It should be noted that this card is only available to existing Nationwide Building Society customers . It has an interest-free period of 18 months from that date of card issue on balance transfers. It charges 1.50% transfer fees. A minimum income of £5,000 is needed to apply for this card.

0% transfer credit cards

To view all the current 0% balance transfer credit cards available take a look at our 0% transfer credit card chart.

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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