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Compare Balance transfer credit cards

Balance transfer credit cards allow you to move all or some of a debt balance to another lender, often from one credit card to another. Compare fees and interest free periods to make the biggest savings.

What is a balance transfer credit cards?

A balance transfer card allows you to pay off existing store and credit card debt by moving the balance onto a new card with a lower interest rate. It helps you clear debt faster because you reduce the amount you pay on interest.

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Let’s compare credit cards

Used wisely, a credit card is really rather handy. It’s great for those little emergencies, like when your car needs a new part or for those spontaneous shoe purchases that you just have to have. But it can be really confusing knowing which credit card to get – cashback , interest free credit or one where you can get rewards; sometimes it’s a case of too much choice and not enough information.

But we’re here to help – so if you don’t know your APR from your 0% and your idea of a balance transfer is shifting weight from one foot to the other, then let us help enlighten you. And if you need credit but worry you’re not credit worthy, get the lowdown on credit cards for bad credit.

How to find the best balance transfer for you

1. Decide how long you need to repay the balance you want to transfer. Divide this balance by the amount you can repay each month to work out the number of months you need. For example if you repaid £1,500 at £100 a month, it would take 15 months.

2. Use the comparison above to find the best deals. Look for cards with a 0% period long enough for you to repay the full balance interest free.

3. Check the fee that comes with each balance transfer card. This is charged as a percentage of the amount you transfer (although some cards come with no fee).

4. Choose the card with the cheapest fee that offers a 0% period long enough for you to repay the full balance. 

0% balance transfer cards

Let’s say you have built up debts on a credit card or a store card. If you transfer the debt to a card that charges 0% for 12 months, you would pay no interest for a year. If you clear the debt before the 0% period expires, the balance transfer card works like an interest-free loan.

It’s a good idea to set up a direct debit to make the necessary payments. You can then be sure to pay off the outstanding balance in time. And don’t forget to cut up your expensive credit cards once you’ve cleared the balances. Otherwise, you might be tempted to go on a spending spree and run up more debts!

Balance transfer fee

Most balance transfer cards charge a fee of between 2% and 3% of the amount you transfer. So, if you switch a balance of £1500, you could pay a fee of up to £45. But don’t let the fee put you off. In many cases, you can more than make up for the cost in the amount you save in interest.

Some balance transfer cards offer good deals on purchases as well as balance transfers, so you can also spend on the card. But you should check the terms and conditions. A card might, for example, charge 0% on balance transfers for 12 months, but 0% on purchases for only three months. You therefore have to manage your money carefully.

It often works out better to take out two separate cards, one for balance transfers and one for purchases. That way, you can take full advantage of the best deals on the market and make the best savings. Remember, though, that card companies are fussy about their customers, reserving the best deals for applicants with a high credit score.

You can’t usually transfer a balance to another card from the same company.

What are top deals?

One way to sort our table is by ‘top deals’, whereby we highlight cards that are market leaders for particular features. For example, of all the credit cards charging no transfer fee, the one with the best overall offering might be a top deal called ‘No transfer fee’.

Who do we include in this comparison?

We include unsecured loans you can get in the UK from our panel. Like other comparison sites, we make money when you click through to a product or service, or go on to purchase it after visiting our site. If you use one of our broker services, we make commission after you buy a product, but it doesn’t cost you anything extra. Our comparisons are free for you to use and you get the same or a better deal than going direct.

 

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