Balance transfer credit cards

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Compare balance transfer credit cards

Compare deals for balance transfer credit cards with MoneySuperMarket. Consolidate your debts into one monthly payment with no interest, and pay off your debts quicker.

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What is a balance transfer credit card?

A balance transfer credit card lets you move your existing balance from one or more credit cards onto a new card – often with a low or 0% interest rate for a set period.

Information

How do balance transfers work?

When you take out a balance transfer credit card, you’ll be able to consolidate your current repayments into one single monthly payment, and you won’t pay any interest on the total sum you owe for this introductory period.

This reduces the total amount you have to repay, which can help you pay the overall balance off quicker.

Calendar

What happens when the 0% offer ends?

When the interest-free period comes to an end, interest will be charged on any remaining balance, so it is important to clear the outstanding balance within the interest-free period if possible.

What are the pros and cons of balance transfer credit cards?

A balance transfer card can be a good way to manage your existing debt, but there are some things you should be aware of before you
apply – here are the pros and cons:

Tick

You can save money on interest payments

Tick

You can consolidate several card balances

Tick

You can pay off your debt quicker

Cross

You might have to pay a fee to transfer your balance

Cross

You’ll need to pay a minimum amount each month 

Cross

If you miss a payment or make it late you’ll lose your 0% interest

When should I transfer my balance?

A balance transfer credit card could be a good option for you if:

You’re currently on a high
interest rate

Your existing credit card
charges high fees

You have multiple open
credit accounts

However a balance transfer card might not be worthwhile if it won’t let you pay your debt off quicker.

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Do balance transfer credit cards impact your credit rating?

There are a number of factors that affect your credit score, including the number of credit applications you’ve made, your employment status and whether you’re on the electoral register.

As such, making a new credit application – even for a balance transfer credit card – can cause an initial drop in your credit score. However as with any kind of credit product, if you make your repayments on time your score should eventually start climbing again.

How do I find the best balance transfer credit cards?

When you compare balance transfer credit cards, pay attention to the following factors to help you decide which card to take out:

  • Your 0% interest period: This is the length of time you won’t pay any interest on your balance
  • The standard APR after this period: This is the rate you’ll be put on once the introductory 0% interest period ends
  • Any fees you’ll need to pay: There may be a fee for transferring your balance over as well as a monthly or annual usage fee

What should I do with my old credit card?

When you get your new credit card, you should destroy any old ones you have – even though they may be expired or the account may be closed, an identity thief can still use the information on the card.

Can I transfer a balance from a different provider?

You should be able to transfer any existing credit card balances on to your new credit card.

How much can I transfer to a new credit card?

Most providers will let you transfer balances between £100 and £10,000 to a new card – at most, around 90% of your current credit limit.

What fees are involved in balance transfer credit cards?

Balance transfer fees are generally given as a percentage of the overall amount you’re transferring – this will usually be between 1% and 3%, but could range anywhere from 0.5% to 5% of the total sum.

Work out a payment schedule

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.

Don’t add to your balance

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.

What is the difference between balance transfer and money transfer?

Always pay the minimum monthly payment on time to avoid penalties and interest charges.

Stick to your limit

Avoid exceeding your credit limit or you’ll face penalties such as losing your interest-free deal.

Manage your old cards

Make the necessary payments to the card or cards you move the balance from, especially if you do not clear the balance completely.

Transfer again if necessary

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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