This page is not up to date. Please find the latest 0% balance transfer credit cards on MoneyWeek.
Switching to a balance transfer credit card can help you avoid costly interest payments on your credit card debt.
In response to the cost of living crisis, credit card borrowing is growing according to The Bank of England, if you find yourself having a lot of credit card debt that needs paying off, you can save hundreds of pounds just by switching to a 0% balance transfer credit card.
Simply put, a balance transfer card allows you to transfer the debt from your old credit card to a new one, where you can pay off your debt with no interest charged for a certain time period.
There are many offers and right now, the best 0% balance transfer card can bag you nearly three years to pay off your debt, interest-free.
Note, some credit cards charge a fee to transfer the debt, but these are the ones that offer a longer period of 0% balance transfer. Whereas credit cards that don’t have a transfer fee offer a shorter timeframe in which to repay the balance.
It essentially means it’s a cheaper way to become debt-free as you won’t be paying interest on your repayments.
To make sure you don’t pay any interest, you will need to make at least the minimum repayment each month and repay the whole debt within the interest-free period. It is important to keep up with the repayments and do not use the card to spend on, or you will be charged a hefty interest.
When the 0% period ends, you’ll be charged interest on any balance on the card - so aim to pay off your debt in the timeframe you get.
Best 0% Balance Transfer Credit cards
Why you can trust The Money Edit Our experts spend hours analysing and reviewing products and services to help you find what's best for you. Find out more about how we analyse.
Longest 0% interest balance transfer cards
Here are some of the longest 0% balance transfer cards available. These ones include a transfer fee, but if you don't need as long to pay off your debt, then below we have also listed some cards with no transfer fee, but fewer months on the 0% balance period.
Note, you will need a good credit score to get the top deal; our links take you to the eligibility checker on our sister site GoCompare (select 0% balance transfer on the drop-down menu) so that you can see how likely you are to be accepted.
This list is updated regularly, with guidance from data analyst Defaqto.
Longest no-fee 0% interest balance transfer cards
Clear your debt with a credit card that offers a fee-free balance transfer. Note, this comes with a shorter time frame to pay off your debt (our list below goes down to 20 months), so it’s recommended to only go for this option if you are able to do that.
Be sure to check if you're eligible for your chosen credit card through our links which take you to the eligibility checker on our sister site GoCompare. Go on the drop down menu and select 0% balance transfer when on the site.
These are some of the best no-fee, 0% transfer cards available. This list is updated regularly, with guidance from data analyst Defaqto.
LONGEST NO FEE
HOW TO MAKE THE MOST OF YOUR 0% BALANCE TRANSFER CARD
Before applying for a 0% balance transfer credit card, it's important to know how to use one because if used incorrectly, it can prove to be costly. Here’s our guide on how you can take advantage of a 0% balance transfer credit card in the best possible way.
Remember, the recommended credit cards listed are purely for you to make the most of 0% balance transfers. You can find 0% on purchases on our best 0% purchase credit cards.
So If you withdraw cash or make purchases with your balance transfer card, you will be charged a high rate unless the same credit card offers 0% on balance transfers and purchases like the Santander All in One credit card.
That said, some 0% balance transfer credit cards may also come with 0% on purchases, but only for a certain period of time. For example the Santander Everyday No Balance Transfer Fee Credit Card offers up to 21 months 0% interest with no transfer fee and up to 3 months 0% interest on purchases.
Aim to pay off the balance before the 0% period ends, as you will face high interest charges after that. If you haven’t cleared it before the 0% term ends, switch to another balance transfer deal.
Always keep up with the minimum monthly payments. If you miss any, you will face a fee and could even lose the 0% deal. Set up a direct debit to minimise the risk of missed payments.
Complete your transfer within one to three months to get the 0% deal; transfer after this time period will be charged at a high interest rate.
You can't transfer a balance between cards from the same bank or banking group. So where you're transferring debt from will narrow down the choice. For example, Lloyds Banking Group owns Lloyds Bank, Halifax, Bank of Scotland so you couldn’t transfer debt from a Halifax credit card to a Bank of Scotland credit card.
WHO CAN GET A 0% BALANCE TRANSFER CREDIT CARD?
Typically, you’ll need a good credit score. It usually depends on the interest-free term you are going for, for a longer period of 0% balance transfer like 33 months, it would require a better credit score than if you were to opt for a 20 month 0% balance transfer credit card.
You can check your score for free at credit reference agencies Experian, Equifax or TransUnion.
Legally, credit card firms only need to give their advertised deals to 51% of successful applicants, so you may be offered a shorter 0% interest period than advertised.
-
Three energy firms pay £8m in switching compensation - has your provider paid out?More than 100,000 customers have received compensation after changing providers, but is now a good time to switch energy suppliers?
-
Save £300 on your supermarket shop with cashback accountsBanks, credit card companies and cashback sites are all offering cashback on your supermarket shop, but can you use them all to max out your savings?
-
Save £300 on your supermarket shop with cashback accounts
Banks, credit card companies and cashback sites are all offering cashback on your supermarket shop, but can you use them all to max out your savings?
-
More than 150,000 grandparents missing out on £1,500 state pension uplift: how to claimGrandparents who provide childcare by looking after their grandchildren could be missing out on valuable state pension money worth thousands. We look at how much extra you could get and if you’re eligible
-
Can you reclaim bank charges?If you’ve incurred bank charges over the years, these can add up to hundreds of pounds – but can you get your money back? We look at whether you can make a claim and how to do it
-
HSBC extends deadline for customers to secure bigger interest-free overdraftHSBC customers now have until 10 May to increase their interest-free overdraft limit from £25 to £500. First Direct, Lloyds and Nationwide also offer similar support. We explain everything you need to know
-
New banking hub locations revealed - is there one near you?The rise of banking hubs is in response to a stream of local branch closes. With more planned to launch soon, we look at what services they offer and where you can find one
-
April 2023 premium bond winners revealed - are you a millionaire?Two premium bond holders have won £1 million each this month and there are many other prizes for another 5,018,742 winners in April. We look at how to find out if you’ve won
-
Get more for your money with a stocks and shares ISAA stocks and shares ISA could grow your money faster than a cash ISA. But what is it exactly and who is it suitable for?
-
Help to Save scheme extended – act now for £1,200 bonusThe government has extended the Help to Save scheme - we explain how it works and who is eligible
