Balance transfer credit cards can slash the costs of existing credit card debt and could save you hundreds of pounds in interest payments.
These cards give you months to pay off your balance and you won't need to pay any interest during that period - as long as you keep up with monthly payments and do not use the card to make purchases.
“Balance transfer cards can help you clear out existing debt at no extra costs and are great for those that have existing credit card balances. But, keep in mind you will need a good credit score to get the top deal and there are often transfer fees to pay, so this only makes sense if you have a fairly large balance and you can pay it off in the 0% period,” says Kalpana Fitzpatrick, digital editor, moneyweek.com.
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If you are looking to shift your debt, then act fast to bag the best deal as providers are slashing their deals, meaning you will have fewer months to pay off your debt.
According to Moneyfacts, the top 0% balance transfer card offered 30 months’ interest-free a year ago – compared to 28 months today. Providers continue to slash their 0% balance transfer periods, with Tesco Bank cutting its 0% period from 29 months to 27 months in the last few weeks. Virgin Money also cut its 0% period by two months from 28 months.
Here are the latest offers on the market right now, though the actual deal you get will depend on your credit score. Before you apply, it is advisable to do a soft search, such as the eligibility checker via our sister site GoCompare to see what you could get.
The best balance transfer credit cards on the market
Here are some of the best 0% balance transfer cards on the market. This list is updated regularly.
0% interest balance transfer cards with the longest offer
Barclaycard Platinum Balance Transfer
- Up to 28 months 0% interest
- 3.45% transfer fee
- To benefit from the balance transfer offer it needs to be taken out within 60 days of opening the account.
- The minimum you can transfer is £250 across up to five balance transfers. The maximum transfer will be 90% of your credit limit.
- You can’t make a transfer from any other Barclaycard or partner cards.
- After the 0% period, the interest rate jumps to 24.9% APR
This is a generous offer from Barclaycard, but you must be a new customer to be eligible and you're not guaranteed to get the headline rate, as this depends on your credit history.
- Up to 27 months 0% interest if the transfer is made within the first 60 days
- 3.49% fee (minimum £5)
- No annual fee
- 0% on purchases for the first three months
- The interest rate jumps to 24.9% after the 0% offer period
You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
Tesco Bank 0% Balance Transfer Credit Card
- 27 months 0% interest on balance transfers
- 2.95% transfer fee
- 0% interest for 9 months from opening the account on money transfers to a current account, with a 3.99% transfer fee
- Collect Tesco Clubcard points when spending in Tesco
- After the 0% period, a rate of 24.9% will apply
M&S Balance Transfer Plus offer credit card
- Up to 27 months 0% interest if the transfer is made within the first 90 days
- 3.49% balance transfer fee (minimum of £5)
- No annual fee
- After the 0% period, the interest rate jumps to 24.9% APR
- You must be a UK resident, aged 18+
- Get up to 55 days interest-free credit when you pay your balance in full and on time each month
As with most balance transfer cards, if you don't have a great credit score you could get less time to pay off your balance than the headline figure.
You can also get 0% interest on purchases for three months and get M&S points whenever you use your card.
Santander Long Term Balance Transfer Credit Card
- Up to 26 months 0% interest
- 3% transfer fee (minimum £5)
- No monthly fee
- After the 0% period, a rate of 23.9% will apply
- You must be a UK resident, aged 18+ and earning at least £10,500 per year and you must not already have an Everyday credit card
If accepted for this credit card, you can also benefit from 0% interest on purchases for 3 months – which starts once the account is opened. There is no monthly fee for the credit card.
0% interest balance transfer cards with no transfer fee
Santander All in One Credit Card
- 15 months 0% interest on balance transfers and purchases
- No fee to transfer
- 0.5% cashback on all purchases (up to £10 a month)
- £3 monthly charge to hold the account
- After the 0% period, the rate jumps to 29.8% APR
To be eligible for this credit card, you must have an income of at least £10,500 or more per year and you must be a UK resident aged 18 years or over. Your eligibility will be based on credit checks.
You won’t be able to transfer any balances from other Santander or Cahoot credit cards, loans or current accounts.
Natwest Balance Transfer Credit Card
- Up to 13 months 0% interest
- Balance transfers must be made within 3 months of opening the account
- No fee to transfer
- After the 0% period, the rate changes to 24.9%
Once approved for this credit card, this is a good all-rounder with 13 months 0% on balance transfers, no transfer fee and up to three months 0% on purchases.
To apply, you must be a UK resident, aged 18+ and earn £10k+ each year.
Santander Everyday No Balance Transfer Fee Credit Card
- Up to 12 months 0% interest
- No fee to transfer a balance for the first 12 months
- No monthly account fee
- After the 0% period, the interest rate jumps to 23.9% APR
You might be offered less time to pay off the balance if your credit score isn’t perfect. There’s also an opportunity to use the card for purchases – it offers 0% interest on purchases for up to 3 months.
Barclaycard no fee Platinum Balance Transfer Credit Card
- Up to 12 months 0% interest
- No fee to transfer a balance for the first 12 months
- No monthly account fee
- After the 0% period, the interest rate jumps to 24.9% APR
The no-fee balance transfer period you get will depend on your credit score. This credit card also comes with 0% interest on purchases for up to three months. To benefit from the offer, you must transfer within 60 days of opening your account.
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