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