Best 0% balance transfer credit card deals

9 min Read Published: 18 Jun 2020

best 0% balance transfer credit cardsThe best 0% balance transfer credit card deal

The table below gives a roundup of the best 0% balance transfer credit card deals available now. Moving your existing debts to a 0% deal will reduce the cost of your existing debts and help clear them for good. Further down this page I explain what to do if you are struggling with debt.

For those looking for a good 0% balance transfer deal the good news is that there is currently a price war erupting. But before I reveal the best deals here are some tips of what to look for in a 0% balance transfer deal.

What to check to ensure you get the best 0% balance transfer credit card for you

Handling fee – when you move your money onto a new card with a 0% balance transfer offer there will typically be a handling fee of around 1-3% of the balance transferred, although some card companies now offer a 0% handling fee in exchange for a shorter interest-free period. So check exactly what you will have to pay.

While a lot of credit card companies will simply add this to the balance transferred, remember that as soon as your 0% promotional period is up you will pay the standard interest rate on this fee, as per the rest of your credit card balance, assuming of course you haven’t cleared your debt. But watch out as some providers apply the standard interest rate to the handling fee from the day the handling fee is applied to the account. Consequently your handling fee can work out more expensive than you first thought.

Alternatively, you could opt for a 'No-fee' balance transfer credit card. There are less 'No-fee' balance transfer offers available and the interest-free period will typically be less, however, you may consider that to be a good trade-off when it comes to not having to pay a fee.

The 0% cut off period – in order to secure a 0% balance transfer offer you will usually need to transfer any existing balances across to the new card within a certain period of time, i.e. 60 days. If you miss the boat then you will have to try and secure another 0%, which will likely prove more difficult.

Interest on new purchases – usually when you spend on a credit card you won’t be charged interest on the value of the purchases if you clear your balance by the end of the month. But some credit cards will only do this if you clear your entire balance, including any transferred balances. So check the small print and if in doubt don’t spend on a credit card where you’ve taken advantage of a 0% balance transfer deal.

Snooze and lose – remember if you are late paying your credit card bill any introductory offers are likely to be pulled by the lender. So set up a monthly direct debit to avoid late payment.

Typical APR – although you will want to move any unpaid balance away once the introductory 0% offer expires, keep an eye on the cards standard APR especially if you decide to move to a low interest rate card rather than a new 0% deal. Remember that the APR you see quoted in offers will be the’ typical APR’ which is only offered to those with impeccable credit records. EU rules state that the advertised APR only has to be given to 51% of applicants.

What to do if you are struggling with debt

If you are struggling with debt then first of all read my article ‘5 simple steps to clear your credit card debt’. There are also a host of charities and organizations offering free debt advice. But be careful of companies pretending to offer free debt advice or passing themselves off as other legitimate debt charities. Full details of the legitimate organisations that offer debt advice and counselling can be found in my article ‘Where to get free debt advice’.

Best 0% balance transfer credit cards

The table below shows our top 3 deals on 0% balance transfer credit cards where a handling fee will be applicable.

Check the terms and conditions as most card providers require that you transfer the balance within the first 60-90 days to take advantage of the offer. Those will poorer credit scores may be offered an alternative interest-free period or higher handling fees.

Card 0% reward period Handling fee Smallprint Minimum Repayment APR Good For
TSB 30 months 2.95% May be offered either 24 or 27 months interest free instead of 30 1% of balance plus any interest or £5, whichever the greatest 19.95%
Those wanting the longest interest-free period
MBNA 29 months 2.75% or 3.49% If accepted, you may be offered a shorter interest free period or a higher handling fee 2.5% of balance plus any interest or £25, whichever the greatest 20.93%
Those wishing to pay a lower handling fee (although you could end up paying higher)
M&S Bank 28 months 2.85% If accepted, you should get the full 28 months 1% of balance plus any interest or £5, whichever the greatest 19.90%
Those wanting additional rewards (You'll get bonus M&S points worth £5 straight away and then points every time you spend at
M&S

TSB balance transfer credit card     TSB

    • 2.95% fee on balance transfers
    • 0% interest up to 30 months for balance transfers
    • Time limit - must transfer a balance within 90 days to get the 0% offer
    • No minimum income required
    • Minimum repayment - 1% of balance plus interest or £5, whichever the greatest
    • Representative APR 19.95%

MBNA balance transfer credit card     MBNA

    • 2.75% or 3.49% fee on balance transfers
    • 0% interest up to 29 months for balance transfers
    • Time limit - must transfer a balance within 60 days to get the 0% offer
    • No minimum income required
    • Minimum repayment - 2.5% of balance plus interest or £25, whichever is greatest
    • Representative APR 20.93%

     M&S Bank

    • 2.85% fee on balance transfers
    • 0% interest up to 28 months for balance transfers
    • Time limit - must transfer a balance within 90 days to get the 0% offer
    • No minimum income required
    • Minimum repayment - 1% of balance or £5, whichever the greatest
    • Representative APR 19.90%

 Best 0% balance transfer credit cards with no handling fee

The table below shows our top deals on 0% balance transfer credit cards where no handling fee is payable.

Check the terms and conditions as most card providers require that you transfer the balance within the first 60-90 days to take advantage of the offer. Those will poorer credit scores may be offered an alternative interest-free period or higher handling fees.

Card 0% reward period Handling fee Smallprint Minimum Repayment APR Good For
Natwest/RBS 20 months 0.00% Existing customers only 1% of balance plus any interest or £5, whichever the greatest 19.90%
Existing Natwest customers who want to transfer a balance without paying a fee
Santander 18 months 0.00% If accepted, you may be guaranteed the full 18 months 1% of balance plus any interest or £5, whichever the greatest 18.90%
Those who want more flexibility in terms of when they transfer a balance

Natwest Credit Card     Natwest/RBS

    • 0% fee on balance transfers
    • 0% interest up to 20 months for balance transfers
    • Time limit - must transfer a balance within 90 days to get the 0% offer
    • No minimum income required
    • Minimum repayment - 1% of balance plus interest or £5, whichever the greatest
    • Representative APR 19.90%

     Santander

    • 0% fee on balance transfers
    • 0% interest up to 18 months for balance transfers
    • No Time limit - can transfer a balance at any point throughout the 18 month offer period
    • Minimum income of £7,500 required
    • Minimum repayment - 1% of balance plus interest or £5, whichever the greatest
    • Representative APR 18.90%

 

Looking for a financial adviser near you?

Do you need financial advice? An independent financial adviser can show you how to make the most of your money.

Simply find your nearest qualified and regulated adviser using the UK’s largest adviser search.

Send this to friend