Best 0% balance transfer credit card deals
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.
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.
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% period||Handling Fee||APR|
|Sainsbury's Bank||20 months||0.00%||20.95%|
|Virgin Money||27 months||1.45%||21.90%|
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