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 allow you to transfer debt to them and you won't need to pay interest during that period, as long as you keep up with monthly payments and do not use the card to make purchases. However, with providers slashing their 0% balance transfer periods, you will need to act fast to bag the best deal and shift your debt.
Kalpana Fitzpatrick, digital editor, moneyweek.com, says: “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.”
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To avoid paying any interest, always make sure you make the minimum repayment each month and clear the debt within the interest-free period. It’s also important that you only use the card to pay off the existing credit card debt and do not use it to spend – otherwise you could face hefty interest charges. Failing to pay the minimum balance each month could mean you incur fines and damage your credit rating.
We round up the best 0% balance transfer credit cards on the market now.
The best 0% balance transfer credit cards
0% interest balance transfer cards with the longest offer
Here are some of the best 0% balance transfer cards on the market. This list is updated regularly.
Barclaycard Platinum Balance Transfer
- Up to 30 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 30 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
- 29 months 0% interest on balance transfers
- 2.95% transfer fee
- 0% interest for nine 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 28 months 0% interest
- 3.9% transfer fee (minimum £5)
- No monthly fee
- After the 0% period, a rate of 24.9% 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 three 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
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.
Barclaycard no fee Platinum Balance Transfer Credit Card
- Up to 14 months 0% interest
- No fee to transfer a balance for the first 14 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 and earn over £20,000 per year.
Natwest Balance Transfer Credit Card
- Up to 12 months 0% interest
- Balance transfers must be made within three 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 12 months 0% on balance transfers 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
If your credit score isn't perfect, you might be offered less time to pay off the balance. There’s also an opportunity to use the card for purchases – it offers 0% interest on purchases for up to three months.
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