How long is the low-interest period?
For most people it'll likely be a case of the longer, the better. That’ll give you more time to clear the debt without accruing high interest
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 3.45% 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 3.45%.
This fee is often outweighed by the savings you get with a 0% interest rate.
Manage and reduce your debt more effectively
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.
Check your eligibility for our top balance transfer credit cards with the longest interest free transfer period.
Updated daily
Barclaycard
29 month Balance Transfer
Representative example: If you spend £1,200 at a purchase rate of 24.9% (variable) p.a. your representative APR is 24.9% (variable)
Great for
But be aware that
Virgin Money Cashback - Earn up to 15% Cashback at selected top retailers. Available to all Virgin Money Credit Card customers. T&C’s apply
Virgin Money
29 month Balance Transfer Credit Card
Representative example: If you spend £1,200 at a purchase rate of 24.9% (variable) p.a. your representative APR is 24.9% (variable)
Great for
But be aware that
This is a selection of our top balance transfer cards, ordered by 0% balance transfer period.
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
Make the minimum repayment: If you don’t make at least the minimum payment, you may be a penalty and even lose the introductory APR rate
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
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
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 3.45%, 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 August 2024
MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
As of September 2024, the Bank of England base rate is 5%, following a first rate cut since 2020 in August. However, compared to recent years, interest rates are still relatively high and this translates to higher 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.
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 approved 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.
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 high. These cards usually come with an interest-free period and our top deal has a 0% period of 29 months (October 2024). Just remember, you’ll have to pay a transfer fee – so make sure to read the terms and conditions before applying.
Low-interest/0% introductory period gives you the opportunity to pay down your debt quicker
You’re servicing a single debt that’s easier to keep track of
Once you’ve cleared your debt, you can usually expect your credit score to improve
If you fail to make your repayments on time and in full, you’ll lose the low introductory rate
You’ll be liable for a balance transfer fee, which could be 5% of the sum being transferred
Once the introductory term ends, the rate you’ll be paying will be much higher
Finding the best balance transfer card is a case of matching a card to your personal circumstances. Here’s what should take into account…
For most people it'll likely be a case of the longer, the better. That’ll give you more time to clear the debt without accruing high interest
Some cards charge as much as 5% to transfer your balance. Consider whether that fee outweighs any savings you’ll make in interest
Some cards charge as much as 35%. So if you don't repay your debt in full during the introductory period, your repayments could shoot up dramatically
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.
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 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 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 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.
Whilst you should aim to make the highest possible monthly payment, if you’re unable to clear your balance before the low or 0% introductory period ends on a balance transfer card, it is time to take action. Consider transferring your debt to a new balance transfer card or compare loan rates 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.
When transferring a balance, the credit limit on the new card may differ from your current one. Issuers set this limit based on your creditworthiness and financial profile. It's crucial to check that the new limit covers the amount you wish to transfer. If the credit limit is lower, you may not be able to transfer the entire balance, potentially leaving some debt on the original card.
Balance transfer cards let you move credit card debt to a new card with a lower or 0% introductory APR, helping reduce interest payments and pay off balances faster. Money transfer cards, however, allow you to transfer funds directly into your bank account. This money can be used to pay off various debts, like overdrafts or personal loans, and also typically incur a fee.
In short, balance transfer cards are ideal for credit card debt consolidation, while money transfer cards offer flexibility for managing other types of debt.
