Apply with confidence
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 with great rates for transfers and spending too
A balance transfer and purchase credit card is a flexible hybrid product, which lets you transfer balances from other credit cards AND spend money at the same time.
These two features usually appear on separate credit card products – making them useful for one or other but not both. But because so many borrowers need to use both functions, some providers have decided to combine them into a single handy package, but with so many options it can be difficult to know which deals are right for you.
MoneySuperMarket helps save you time – and, in the long run, money – by comparing deals from a wide range of providers without harming your credit score when you search.
MoneySuperMarket is a credit broker not a lender. You must be 18 or over and a UK resident.
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
These cards have low or 0% interest periods of up to three years, so you pay off your debts more easily
The 0% interest period effectively works as a free loan, making it a great way to save money while you repay
Providers charge a small transfer fee at the start, usually up to about 4% of the total balance you transfer
Purchase cards usually have a three-month window where you can buy things without interest
Once the 0% interest period is over, you’ll be charged a much higher APR on any balance that’s left over
Most balance transfer credit cards charge a fee to move a debt to the card. This is normally expressed as a percentage of the amount being transferred. For example, if the fee is 4% and you transfer a debt of £1,000, you’ll pay £40 and owe a total of £1,040.
There are several good reasons to use a balance transfer credit card:
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.
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
MoneySuperMarket works with a range of household-name credit card providers, including
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
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.
Always pay the minimum monthly payment on time to avoid penalties and interest charges.
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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MoneySuperMarket gives you lots of clever ways to save a lot, by doing very little.
So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.
But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?
We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.