Credit Card / Balance Transfer

Could a 0% balance transfer credit card work for you?

If you find you’re struggling to make much of an inroad on your credit card balance due to the high interest costs, it may be worth considering transferring your balance to a new card.

There are many cards on the market offering 0% interest on balances switched from your existing plastic which can save you a small fortune in charges and help you repay your balance much sooner.

Even though introductory terms have been falling, the longest 0% offers are currently in excess of 25 months – so that’s more than two and a half years with no credit card interest charges to worry about.

You’ll find there is a one off balance transfer fee to pay to your new credit card company when making the switch, this is typically around 3% – 4% of the amount transferred for the longest 0% offers, but as you’ll see from the examples below, a shorter 0% period often comes with a lower balance transfer fee.

Please be aware you will need a pretty decent credit record to be accepted for these best buy credit card deals.

These are some of the best deals currently on offer (19th September 2023)

  • Barclaycard – 29 months at 0% with 3.45% balance transfer fee
  • M&S Bank – 28 months at 0% with 2.99% balance transfer fee
  • Sainsbury’s Bank – 28 months at 0% with 3.24% balance transfer fee
  • HSBC – 27 months at 0% with 2.99% balance transfer fee
  • MBNA – 27 months at 0% with 3.49% balance transfer fee

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