About 0% Balance Transfer cards
A credit card balance transfer simply means moving your credit card debt from one card to another.
It's often a good way to save money, as many credit card providers offer new customers an interest-free period on the amount being transferred.
Cards are displayed by the duration of the 0% balance transfer offers.
Five top tips for credit card balance transfer offers
Playing the balance transfer game could save you a fortune in credit card interest rate payments, provided you stick to a few basic rules. Read on for our top five credit card balance transfer offers tips to help you compare and find the best balance transfer credit cards on the market.
1. Know how long the 0% balance transfer offer lasts
Credit card balance transfer offers don't last forever so when you transfer your credit card balance to a new card, always make a note of when the introductory 0% interest rate ends. When the period is up, credit cards with 0% interest will revert to a more expensive standard rate.
If you haven't paid off your balance by the time the 0% period is up, it might be a good idea to switch to another 0% balance transfer deal.
Start looking for your new card about six weeks before your deal is due to end to allow plenty of time to arrange your next transfer.
2. Double check the rate
The rate you see advertised isn't necessarily the rate you will get. Credit card providers only have to give the typical APR they advertise to around 50% of successful applicants – this means that if you’ve had credit problems in the past, you may be given a higher APR.
Check that the rate you see advertised is the rate you will actually get to avoid a shock when your first statement arrives.
3. See what the 0% rate covers
Credit cards with long 0% rates on balance transfers often have much shorter 0% deals on purchases – for example, a card with 0% on transfers for over 20 months may only give 0% on spending for three or six months.
Make sure you know what rates you’ll be paying on other credit card use, not just transfers.
4. Don't spend on your 0% balance transfer card
Balance transfer credit cards are always best for easing the pain of existing debt – start spending on the card and you risk ending up in deeper trouble.
The best advice would be not to spend on a card after transferring a balance to it. Instead, take out a separate card with a long 0% on purchases deal, or look for a card offering a good 0% deal on both purchases and transfers.
5. Check the balance transfer fee
Most credit card providers charge a balance transfer fee of around 3% when you shift your debt from one card to another, though this varies between cards and providers.
Consider whether paying a fee might outweigh the benefits of a 0% deal - balance transfers on credit cards with a low APR could be cheaper in the long run than doing so on 0% apr credit cards deals. It all comes down to individual circumstances and preferences, so check you have the facts before looking for the best credit cards for balance transfers.