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When you’re pre-approved, the interest rate, interest-free period and fee (if there is one) are all confirmed – the only thing not guaranteed is your credit limit
Compare cards for transfers and spending
MoneySuperMarket works with a range of household-name credit card providers, including
A balance transfer and purchase credit card lets you transfer balances from other credit cards to take advantage of a lower interest rate, and also continue to spend at a low rate.
The best balance transfer and purchase cards offer 0% interest on transferred balances and spending for a time, sometimes up to six months or more.
This combined card suits borrowers who have existing card debt they want to transfer and pay off at a lower or 0% rate, but also want a card they can use for new purchases where new spending will be at low or no interest.
Transferring balances and making purchases on credit cards are fairly different functions, but if you need both of them there’s no point in getting two separate cards to do both jobs. Here’s how they work:
Move the balance from any credit cards you already own to a new card with a much lower rate of interest.
The 0% interest period effectively works as a free loan, making it a great way to save money while you pay off your card balance.
Purchase cards usually have a three to six-month window where you can buy things without interest.
Providers charge a small transfer fee at the start, usually up to about 3% of the total card balance you transfer.
These cards have low or 0% interest periods for both balance transfers and new purchases, so you pay off your debts more easily.
Once the 0% interest period is over, you’ll be charged a much higher APR on any balance still remaining on your card unless you switch the balance to a new card.
Most balance transfer credit cards charge a fee to move existing card debts. This is usually expressed as a percentage of the amount being transferred.
For example, if the fee is 2.5% and you transfer a debt of £1,000, you’ll pay £25 and owe a total of £1,025. In some cases there will be a minimum and maximum fee you’ll be required to pay. Always read the small print of your card deal before switching.
When you apply for a credit card, it’s not always clear what deal you’ll be offered or whether you’ll be accepted. But when you’re pre-approved for a credit card, you know the deal you see is the deal you’ll get – you’ll know where you stand, with information that will help you make the right choice.
When you’re pre-approved, the interest rate, interest-free period and fee (if there is one) are all confirmed – the only thing not guaranteed is your credit limit
You’ll see your personalised chance of approval for all credit cards, so you can easily compare your options
This helps protect your credit score as you’re less likely to be rejected when you apply
There’s a range of reasons to use a balance transfer credit card, including:
You’re on a high interest rate: If your current credit card charges a high APR on your balance you could save money and pay it off faster by switching to a 0% card
Your existing card has high fees: Sometypes of credit card charge monthly or annual fees just to use them
You have more than one card: Transferring several balances onto one credit card can simplify monthly repayments making it easier to keep track of your money
With a 0% transfer and purchase credit card you get a two-in-one credit card with zero interest on an existing balance and on new spending. You’ll need to make the minimum monthly repayment on the card but no interest will accrue on your debt during the offer period. With this type of card you can:
Enjoy 0% APR on the balance you transfer to the new combined card. In many cases you may get 0% interest on your balance for up to two years - or even longer. There is likely to be a balance transfer fee to pay, typically between 1.5% and 3%.
The best 0% interest balance transfer and purchase cards will also offer zero interest on new spending on the card for the offer period, such as three or six months. The offer period may be different to the 0% APR offer period for transferred balances.
If you’ve struggled with debts in the past and have a low credit score or if you have no credit history you should still be able to get a combined balance transfer and spending credit card. But the best deals and 0% offers may be harder to get. If your credit score is low you should expect:
To be offered higher interest rates or APR
Not to get the longest 0% interest periods
Our credit monitor tool has lots of useful tips and information about how to boost your credit score to gain access to better card deals.
If you feel that a balance transfer and purchase credit card could be right for you, the next step is to use the MoneySuperMarket Eligibility Checker to see what cards are available – and which are most likely to approve you.
We’ll ask you some questions about you and your financial circumstances, and what you need from a credit card.
We’ll sift through dozens of credit card offers from across the market, and then show you the most suitable deals for you.
You’ll be shown a range of credit card deals, which you can sort according to 0% interest periods, interest rates and your chances of being approved.
A balance transfer is when you move debts you’ve accrued on one or more other credit cards onto a single new card, in order to earn a cheap or zero rate of interest and pay the debt off faster.
There’s usually a small fee of between 1% and 4% of the total you transfer, but given that normal credit cards have quite high APRs, you’re almost certain to save money if you pay the debt off during the low-interest period on the new card.
A balance transfer can be a great way to manage a moderate amount of credit card debt – provided you’re disciplined about paying the debt off in time. Every balance transfer card has a time limit on the low-interest period it offers; if the balance isn’t cleared when that period runs out, you’ll end up paying quite a high rate of interest on what remains – potentially wiping out the savings you’d made.
You can, but most normal balance transfer cards don’t have terms that are particularly good for spending. If you want a card that lets you transfer balances and spend money, a balance transfer and purchase credit card is a better idea.
Divide the amount you transfer by the number of months your interest-free deal lasts for. The result is the amount you need to pay each month to clear the debt.
If you do not clear the balance by the end of the 0% period, you will be charged interest on what you owe.
You will have to make at least a minimum payment each month.
If you know you’re not going to clear the balance within the 0% period, you could consider transferring to another card with an interest-free period.
Balance transfer and money transfer cards work in a similar way – helping you move expensive debts onto a cheaper and more manageable rate or 0% APR interest for a time. The difference is that they’re used for different types of debts. A balance transfer card lets you move debt onto it from another credit card or cards, while a money transfer card lets you move debt from your bank account instead – typically to pay off an overdraft.
Avoid exceeding your credit limit or you’ll face penalties such as losing your interest-free deal.
Make the necessary payments to the card or cards you move the balance from, especially if you do not clear the balance completely.
If you do not clear the balance by the end of the interest-free period, transfer that sum to another 0% balance transfer card.
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