Save money on your existing credit card balances by transferring them to a new card with no balance transfer fee and great promotional rates. Compare the best deals at MoneySupermarket.
No-fee balance transfer credit cards
If you are saddled with credit card debt that’s attracting sky-high rates of interest (even the average Annual Percentage Rate is more than 17% variable) the good news is that you can move it to another card that will charge 0% interest on that debt for a set period of time. The bad news however, is that it will usually cost you for the privilege – usually around 3% of the balance.
What are no-fee balance transfer cards?
However, there are no-fee balance transfer cards too. As it says on the tin, these are cards that allow you to transfer a balance onto a different card for no fee at all – although as with any balance transfer deal, you will not be able to do this if your existing card is from the same provider.
What types of no-fee balance transfer credit cards are there?
There is a sticking point with no-fee balance transfer cards however, which is that while it will cost you nothing to transfer the debt, the new card will charge interest. However, this will be a lot lower than the interest you are currently paying. It’s worth knowing though, that at the time of writing no card provider allows you to make a fee-free balance transfer and pay 0% on the debt.
What are the advantages of using no-fee balance transfer credit cards?
The main advantage of no-fee balance transfer cards, of course, is that you don’t pay for the transfer of debt. This is especially handy for those switching larger debts as the fees are charged on a percentage basis. If you were planning on switching £10,000 for example, a 3% balance transfer fee would cost a hefty £300.
The other advantage of no-fee balance transfer credit cards is that when your debt lands on the new card, the interest rates charged are much lower than the typical APR of around 17%. Some cards offer rates well under 10% so that’s all extra money to put towards your capital debt.
And, as no-fee balance transfer credit cards don’t offer any upfront 0% periods – after which APRs rocket back up to standard levels – there is less immediate pressure to clear the debt. As you are paying interest, obviously the quicker you can pay off the balance the better, but you can organise a sustained and realistic payment plan at the new lower rate of interest.
How can I find a no-fee balance transfer credit card?
You will want to make sure you get the right no-fee balance transfer credit card for you as there are several to choose from on the market. The only way to compare them all properly is to use a comparison website such as MoneySupermarket.
This way you can cross reference the interest rates that will be charged on your debt as well as any other perks the cards may offer such as loyalty points, annual travel insurance and even music and make an informed decision.
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.