Britons could potentially save a significant amount of money by taking advantage of a balance transfer credit card. This type of card allows you to shift the debt from an old credit card, which likely has interest added on, to a new one with a 0% interest rate for a set period.
This means that any debt can be paid off more easily without incurring additional charges. However, it’s vital to bear in mind that most banks only offer this 0% interest rate for a limited time, so it’s crucial to clear the debt before this period ends to avoid reverting to your original situation.
Money Saving Expert advises that customers cannot transfer balances between cards from the same bank and that eligibility for a 0% interest card will be determined by a credit check during the application process. If you have a specific card in mind for the transfer, online tools can be used to check your credibility.
When searching for the best balance transfer option, it’s recommended to compare different 0% cards, each with varying terms and transfer fees, using comparison sites like Uswitch or Compare The Market. Credit cards with 0% balance transfer offers can be a lifeline for those struggling with card debts, even for individuals with a less-than-perfect credit score.
However, it’s crucial to be aware that once the brief grace period ends, the interest rates could skyrocket, potentially higher than other options available to those with better credit histories.
What are the top deals currently available?
There is a broad selection of 0% balance transfer cards on the market, each with its own eligibility criteria. It’s crucial to remember that this isn’t an exhaustive list of all cards available, just some top picks.
Additionally, your personal choices may vary based on your credit score. If you’re worried about your eligibility for one of the cards listed below, you can use a free online eligibility calculator, such as the one from MSE.
Here are some providers and their offers:
| Provider | Time with 0% APR | Fee |
| Barclaycard | 29 months | 3.45% |
| HSBC | 29 months | 3.49% |
| NatWest | 13 months | No fee |
| Santander | 26 months | 3% |
| Tesco Bank | 27 months | 2.95% |
| Virgin Money | 29 months | 3.45% |
