Compare Balance Transfer Credit Cards
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Your personalised chance of approval
We've used the details you gave us to show you how likely you are to be accepted for each card.
Why is this important?
Every time you apply for a credit card, your credit score takes a small hit, so it's better to make an application that has a high chance of success. Your scores help you understand which cards you have the strongest chance of getting.
It's easy!
The higher the score, the stronger chance you have of getting the card. If you see a very low score, it's unlikely you'll get the card, so it could be worth looking at others.
Our Smart Search uses the same criteria lenders do. If you have cards with high scores, you can be fairly confident in applying however the lender decides whether to say "yes" or "no".
If you see a guaranteed score, the lender won't do a further credit check, but will do additional fraud checks to verify your identity. Assuming everything you told us is correct, your application will be successful.
If you're rated "not eligible" for a particular card, this could be for one of several reasons. You may already have a card with that provider, and some lenders don't like giving a second one to the same person. Or, occasionally lenders will restrict cards to their current account holders only, meaning you'll be scored not eligible if you don't have one.
If you're rated as "not eligible" for a lot of the cards, then it's likely that your credit score's too low to qualify – perhaps you've missed payments in the past, or you've a CCJ or bankruptcy on your report? If not, but you have a lot of debt already, it could be that lenders are concerned about the levels of debt you already have.
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 to be able to do the smart search check.
What is a balance transfer card?
A balance transfer card allows you to pay off existing store and credit card debt by moving the balance onto a new card with a lower interest rate. It helps you clear debt faster because you reduce the amount you pay on interest.
Cut the cost of debts
Many of us have run up debts on several credit and store cards. This could be costing us a fortune in interest - the typical rate on some store cards is as high as 30%.
A balance transfer card could help you cut the cost of your debts. Simply switch the outstanding balance on your high-rate credit cards to a cheaper balance transfer deal. You could easily cut your 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 stay within the limit. This could, 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 on a credit card or a store card. If you transfer the debt 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 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 companies are fussy about their customers, reserving the best deals for applicants with a high credit score.
You can’t usually transfer a balance to another card from the same company
Penalty charges
Watch out for charges on balance transfer cards. You don’t normally have to pay an annual fee, but you’ll have to pay a penalty if you’re late with a payment, miss a payment, or go over your limit.
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, and save yourself some money.
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