Save money on your existing credit card balances by transferring them to a new card with 0% interest. Compare the best 0% balance transfer deals currently available at MoneySuperMarket.
Your personalised chance of approval
We’ve taken the details you gave, and used them to show you personalised scores to tell you the chance that your application for each card would be successful.
Why is this important?
Every time you apply for a credit card, a mark is left on your credit score. That means it’s better to get it right first time. Your scores help you understand which cards you have the strongest chance of getting.
The higher the score, the stronger chance you have of getting the card. If you see a very low score, you’ve probably better off choosing a different card.
- Consider a different card
- Not eligible
- Your chances are good
- You've been pre approved
If you see a high score, you can be fairly confident. The scores aren’t a guarantee, as acceptance of your application is at the sole discretion of the card issuer, but they should help guide your choice.
In some cases, we will not be able to display a score for a product because we do not have enough information about the card issuer’s acceptance criteria or we have not been able to match your details at the credit bureau.
We work closely with our partners to improve our eligibility scores for all products that are of interest to you.
Balance transfer guide
Think of a credit card and you think of a flexible form of payment, perfect for a shopping spree. But credit cards are not all about spending. If you make the right choice, a credit card can also help you to manage your debts and save money on your interest payments.
Let’s face it, many of us have run up debts on several credit and store cards. What’s more, they could be costing us a fortune in interest. The typical rate on some store cards is as high as 30%.
Cut the cost of debts
But there is a way to cut the cost of your debts – with a balance transfer card. You simply switch the outstanding balance on your high-rate credit cards to a cheaper balance transfer deal. You could easily chop the interest payments in half, or even down to zero with a 0% balance transfer card.
The card issuer will set a limit on the amount that you can transfer, but you can switch debts from any number of cards as long as you remain within the limit – which might, for example, be 95% of your agreed credit limit on the new card.
0% balance transfer cards
Let’s say you have built up debts of £1000 on a credit card at 18% and £500 on a store card at 24%. If you transfer the total £1500 to a card that charges 0% for 12 months, you would pay no interest for a year. If you clear the debt before the 0% period expires, the balance transfer card works like an interest-free loan.
It’s a good idea to set up a direct debit to make the necessary payments. You can then be sure to pay off the outstanding balance in time. And don’t forget to cut up your expensive credit cards once you’ve cleared the respective balances. Otherwise, you might be tempted to go on a spending spree and run up more debts!
Balance transfer fee
Most balance transfer cards charge a fee of between 2% and 3% of the amount you transfer. So, if you switch a balance of £1500, you could pay a fee of up to £45. But don’t let the fee put you off. In many cases, you can more than make up for the cost in the amount you save in interest.
Some balance transfer cards offer good deals on purchases as well as balance transfers, so you can also spend on the card. But you should check the terms and conditions. A card might, for example, charge 0% on balance transfers for 12 months, but 0% on purchases for only three months. You therefore have to manage your money carefully.
It often works out better to take out two separate cards, one for balance transfers and one for purchases. That way, you can take full advantage of the best deals on the market and make the best savings. Remember, though, that card firms are fussy about their customers, reserving the best deals for applicants with a high credit score.
You also will not be able to transfer to a balance transfer card offered by the same firm with which you have your current card.
Watch out for charges on balance transfer cards. You do not normally have to pay an annual fee, but you will have to pay a penalty if you are late with a payment, miss a payment, or breach your limit. Of course, if you mismanage your account, you could also damage your credit rating.
There are a number of balance transfer credit cards on the market, but it’s easy to compare the best balance transfer deals with MoneySupermarket’s free independent comparison service. It’s a quick and easy way to find the right card for you that'll save you money.