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Compare Balance transfer credit cards

Compare Top 0% Balance Transfer Deals & Save

  • Save Up to £339 on Interest When You Transfer a Balance!¹

  • Enjoy 0% Interest for Up to 29 Months

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Annual saving based on 51% of customers transferring £2,000 from a 24% card, with a 5% monthly repayment (March 24). Representative example: transferring £2,000, 3.45% balance transfer fee, 0% over 28 months then 24.9% (variable). Representative 24.9% APR. Credit broker not lender. 18+. Subject to status.

What is a balance transfer credit card?

A balance transfer credit card lets you move your existing credit card balances to a new card with a lower or 0% interest rate. This can significantly reduce the interest you pay, helping you manage and pay off your debt more efficiently.

Keep in mind that most balance transfer cards require a fee of up to 3% of the transferred balance. To make the most of your new card, aim to pay off the balance before the introductory 0% or low-interest period expires.

Key Points:

  • Save money with 0% interest on transferred balances

  • Pay a one-time transfer fee, usually around 2.5% to 3%.

    • This fee is often outweighed by the savings you get with a 0% interest rate.

  • Manage and reduce your debt more effectively

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Our balance transfer card with the longest 0% period

Check your eligibility for our top balance transfer credit cards with the longest interest free transfer period.

Accurate as of Saturday, 22 June 2024

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Tesco Bank

Balance Transfer Credit Card

  • 0% period

    29 months, then 24.9%

  • Transfer fee

    3.49%


Representative example: If you spend £1,200 at a purchase rate of 24.94% (variable) p.a. your representative APR is 24.9% (variable)


Great for

  • Collect Tesco Clubcard points almost everywhere you use your card, on top of your usual Clubcard points in Tesco. Minimum spend applies
  • You're eligible to apply for this card even if you've already got another Tesco Bank credit card

But be aware that

  • Balance transfers and money transfers must be made within the first 90 days to get the promotional offer. You can't transfer a balance from another card issued by Tesco Bank and you must earn at least £5000 a year to be eligible for this card
  • Unless you have been pre-approved, you might get a different interest rate to the one shown here, because this depends on your circumstances

This is a selection of our top balance transfer card, ordered by 0% balance transfer period.

How does a balance transfer card work?

A balance transfer credit card allows you to transfer the balance from your existing credit card to a new card, usually with a new provider.

The 0% interest period means you won't pay interest on the transferred amount for an agreed time. You still need to pay off the debt but can save money by avoiding high interest rates, helping you manage your finances better.

Most 0% balance transfer credit cards charge a transfer fee, typically around 2.5%. This fee is generally much lower than the interest you'd pay on your old card.

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Why is it a good time to get a balance transfer credit card?

As of June 2024, the Bank of England base rate is 5.25%1, the highest in 16 years. High interest rates increase borrowing costs, including credit card repayments if you don’t clear your balance monthly. Moving your debt to a low or 0% balance transfer card can help you:

Clear Debt Faster: Repay more of what you owe rather than covering high interest rate charges.

Save Money: You might face a one-off fee for moving your debt, but you could save much more in interest repayments.

Improve Your Financial Position: Consolidating and clearing your debt can improve your credit score, aiding future financial applications.

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What is the best way to use a balance transfer credit card?

  1. Transfer the card balance ASAP: Don’t waste time in transferring the balance from your old card or you’ll continue to pay more than you need to

  2. Make the minimum repayment: If you don’t make at least the minimum payment, you may be a penalty and even lose the 0% rate

  3. Avoid spending on the card: If you need to carry on spending, consider a combined balance transfer and purchase credit card instead. Balance cards sometimes charge higher rates for purchase

  4. Clear your debt before the 0% ends: Make sure you’ve paid off your debt by the time the 0% period ends or transfer it to a new balance transfer card

Will I pay a balance transfer fee?

You will often have to pay a one-off fee to secure a 0% interest deal on a balance transfer card. Consider the following:

  • Fees are typically between 1% and 3.99%, depending on eligibility*

  • No-fee balance transfer cards may be available offering a shorter 0% interest period or a low-interest rate on your outstanding balance

  • Weigh up the size of the fee and the length of the 0% interest period against the amount of interest you will have to pay on a no-fee card

  • The card provider’s view of your credit status will also determine which deals you are offered.

*Accurate as of May 2024

Does transferring a balance hurt my credit score?

In the long term, using a 0% balance transfer credit card will help you boost your credit score, as long as you pay off the debt regularly.

However, you should remember that applying for a 0% balance transfer credit card will show up on your credit report as part of a so-called hard credit check. If you don’t get accepted and go on to apply for multiple cards, this could have a negative impact on your credit score.

Once you complete your transfer, don’t close lots of old credit cards at once, as this can also harm your score.

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Victoria Russell

Our expert says

"

Balance transfer credit cards can be a great tool for managing and, crucially, paying down debt without interest charges eroding your best efforts. Getting a balance transfer card could be a savvy move as interest rates are currently at a 16-year high. These cards usually come with an interest-free period and our top deal has a 0% period of 29 months (June 2024). Just remember, you’ll have to pay a transfer fee – so make sure to read the terms and conditions before applying.

"
- Victoria Russell , Money & Personal Finance Expert

Yes, there is nothing to prevent you from taking out a new 0% balance transfer credit card once the interest free period ends.

If you don’t, be aware that you’ll accrue interest on your existing balance at a higher rate. By moving it to another 0% card or paying the debt off in full, you will save yourself more money in the long term.

You should be able to transfer any existing credit card balances on to your new credit card. But it isn’t usually possible to transfer a card balance between two cards issued by the same bank or banking group. 

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.

If you have a balance on one or more credit cards that you can’t repay in full and you’re paying a high interest rate, then a balance transfer card could be right for you.

By taking out a 0% or low interest balance transfer card, you can shift the balance from the old card and pay down the debt faster. First check how much you will need to pay in fees. It’s usually between 1% and 3% of the transferred balance.

If you want to continue making purchases on your credit card, it might be better to apply for a combined purchase and balance transfer card instead.

There are no limits on how many times you can transfer a credit card balance from lender to lender. But remember your credit score can be negatively affected when you apply for credit, so if you make a lot of applications in a short space of time this could impact on your ability to get the best balance transfer deals.  

An online balance transfer to a new card can usually be done within a few days. But transfer times will vary between providers due to their different procedures. In some cases it could take a couple of weeks.

There are lots of reasons why transferring credit card balances is a shrewd move. But it's only worthwhile if it helps you pay off your debt faster during the interest-free period, so you pay less overall – and provided you’ll still be saving money after any balance transfer fee is paid. 

If you need a credit card to continue spending, there are likely to be better alternative options. 

When weighing up whether a balance transfer card is right for you, we recommend you...

  • Ensure the savings in interest you'll make outweigh the transfer fee

  • Are aware that the interest rate will rise steeply after the 0% period

  • Bear in mind that late or missed payments mean you could lose your 0% deal

  • Remember that you can't usually transfer balances between cards from the same provider 

As a general rule, you'll need a high credit rating to be eligible for a balance transfer card. Our eligibility checker will show you your chances of being accepted for individual cards when you search.

People generally look to switch to a balance transfer card because they do not have the money to pay off their credit card in full. If you can clear your balance in full, this is nearly always the preferred option because it will save you interest charges.

While balance transfer cards often offer 0% interest deals for a period – meaning you don’t have to clear your balance straight away, you will still face a one-off fee for transferring your debt onto the new card. 

If you’re unable to clear your balance before the low or 0% introductory period ends on a balance travel card, it is time to take action. Consider transferring your debt to a new balance transfer card or compare interest rates on loans to see if you can find a competitive deal.

Because the standard interest rates on balance transfer credit cards can be high once the 0% period ends, it is unlikely that the best move is to do nothing. 

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Want to find out more about balance transfer cards and how they could help you manage debt? Our specialist guides can give you the knowledge you need.

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