How to manage a new credit card after a balance transfer

Balance transfer credit cards can be an efficient way to free yourself from high interest and start consolidating your debt. Conducting a balance transfer is a simple process, but repaying your debt before the promotional offer runs out can sometimes be tricky.

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Name	Product	Finder score	Purchases	Balance transfers	Annual/monthly fees	Representative APR	Incentive	Link
Santander Everyday Long Term Balance Transfer Credit Card Santander Everyday Long Term Balance Transfer Credit Card		4.0 ★★★★★	0% for 3 months reverting to 23.9%	0% for 26 months (3% fee)	£0	23.9% APR (variable)	Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers. Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).	Check eligibility Read review	Compare	loading Fetching your data...
Royal Bank of Scotland Longer Balance Transfer Credit Card Royal Bank of Scotland Longer Balance Transfer Credit Card		3.5 ★★★★★	0% for 3 months reverting to 24.9%	0% for 23 months (3.49% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Go to site Read review	Compare	loading Fetching your data...
Royal Bank of Scotland Purchase & Balance Transfer Credit Card Royal Bank of Scotland Purchase & Balance Transfer Credit Card		4.0 ★★★★★	0% for 19 months reverting to 24.9%	0% for 19 months (2.99% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Go to site Read review	Compare	loading Fetching your data...
NatWest Longer Balance Transfer Credit Card NatWest Longer Balance Transfer Credit Card		4.0 ★★★★★	0% for 3 months reverting to 24.9%	0% for 23 months (3.49% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Go to site Read review	Compare	loading Fetching your data...
M&S Bank Credit Card Purchase Plus Offer Mastercard M&S Bank Credit Card Purchase Plus Offer Mastercard		4.1 ★★★★★	0% for 20 months reverting to 24.9%	0% for 12 months (0% fee)	£0	24.9% APR (variable)	1 point per £1 spent with M&S and 1 point per £5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card. Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Check eligibility Read review	Compare	loading Fetching your data...
HSBC Purchase Plus Credit Card HSBC Purchase Plus Credit Card		4.0 ★★★★★	0% for 18 months reverting to 24.9%	0% for 16 months (3.49%, min £5 fee)	£0	24.9% APR (variable)	Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away. Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable). You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.	Check eligibility Read review	Compare	loading Fetching your data...
NatWest Balance Transfer Credit Card NatWest Balance Transfer Credit Card		3.5 ★★★★★	0% for 3 months reverting to 24.9%	0% for 13 months (0% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Go to site Read review	Compare	loading Fetching your data...
HSBC Balance Transfer Credit Card HSBC Balance Transfer Credit Card		4.0 ★★★★★	0% for 3 months reverting to 24.9%	0% for 26 months (3.49% fee, min £5 fee)	£0	24.9% APR (variable)	Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away. When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable). You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.	Check eligibility Read review	Compare	loading Fetching your data...
NatWest Purchase & Balance Transfer Credit Card NatWest Purchase & Balance Transfer Credit Card		4.0 ★★★★★	0% for 19 months reverting to 24.9%	0% for 19 months (2.99% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Go to site Read review	Compare	loading Fetching your data...
M&S Bank Credit Card Transfer Plus Offer Mastercard M&S Bank Credit Card Transfer Plus Offer Mastercard		4.0 ★★★★★	0% for 3 months reverting to 24.9%	0% for 26 months (3.49%, min £5 fee)	£0	24.9% APR (variable)	1 point per £1 spent with M&S and 1 point per £5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card. Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Check eligibility Read review	Compare	loading Fetching your data...
Royal Bank of Scotland Balance Transfer Credit Card Royal Bank of Scotland Balance Transfer Credit Card		3.5 ★★★★★	0% for 3 months reverting to 24.9%	0% for 13 months (0% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Go to site Read review	Compare	loading Fetching your data...
Santander All in One Credit Card Santander All in One Credit Card		4.5 ★★★★★	0% for 15 months reverting to 23.9%	0% for 15 months (0% fee)	£3 per month	29.8% APR (variable)	0.5% after £1 of monthly spend. Maximum of £10 cashback paid per month. Cashback paid Monthly into Card Account. Maximum spend for cashback purposes is limited to credit limit. Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a. with a fee of £3 per month, your representative rate is 29.8% APR (variable).	Check eligibility Read review	Compare	loading Fetching your data...
The Co-operative Bank Balance Transfer Credit Card Visa The Co-operative Bank Balance Transfer Credit Card Visa		4.0 ★★★★★	0% for 4 months reverting to 20.6%	0% for 24 months (3% (minimum £5) fee)	£0	20.6% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 20.6% (variable) p.a., your representative rate is 20.6% APR (variable).	Read review	Compare	loading Fetching your data...
TSB Platinum Balance Transfer Card TSB Platinum Balance Transfer Card		4.0 ★★★★★	0% for 3 months reverting to 22.95%	0% for 24 months (2.95% fee)	£0	22.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 22.95% (variable) p.a., your representative rate is 22.9% APR (variable).	Read review	Compare	loading Fetching your data...
Santander Everyday No Balance Transfer Fee Credit Card Santander Everyday No Balance Transfer Fee Credit Card		3.5 ★★★★★	0% for 3 months reverting to 23.9%	0% for 12 months (0% fee)	£0	23.9% APR (variable)	Sign up for Santander Boosts to receive cashback, vouchers, offers and prize draws from selected retailers. Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).	Read review	Compare	loading Fetching your data...
HSBC Premier Credit Card HSBC Premier Credit Card		3.5 ★★★★★	0% for 9 months reverting to 23.9%	0% for 18 months (2.99% fee (min. £5) fee)	£0	23.9% APR (variable)	A selection of rewards from a range of partners. Earn 1 point for every £1 spent within the UK and earn 2 points for every £1 spent outside the UK. Points can be redeemed for shopping vouchers and frequent flyer miles. 1 point = 1p (no min) Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).	Read review	Compare	loading Fetching your data...
M&S Bank Credit Card Shopping Plus Offer Mastercard M&S Bank Credit Card Shopping Plus Offer Mastercard		4.0 ★★★★★	0% for 18 months reverting to 23.9%	0% for 15 months (3.49% fee)	£0	23.9% APR (variable)	1 point per £1 spent with M&S and 1 point per £5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card. Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).	Read review	Compare	loading Fetching your data...
Halifax Low Fee 0% Balance Transfer Credit Card Halifax Low Fee 0% Balance Transfer Credit Card		4.0 ★★★★★	0% for 6 months reverting to 24.94%	0% for 27 months (3.49% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.94% (variable) p.a., your representative rate is 24.9% APR (variable).	Read review	Compare	loading Fetching your data...
Tesco Bank Balance Transfer Card Tesco Bank Balance Transfer Card Finder Award		4.0 ★★★★★	24.9%	0% for 22 months (3.49% fee)	£0	24.9% APR (variable)	5 points per £4 spent (£4 minimum) in Tesco and 1 point per £8 spent (£8 minimum) outside Tesco. Must have available credit to earn points. Points are converted to Tesco vouchers or can be exchanged for Partner rewards to receive money off a variety of restaurants, entertainment or Avios points. Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Read review	Compare	loading Fetching your data...
first direct Credit Card first direct Credit Card		3.5 ★★★★★	24.9%	0% for 20 months (2.99% fee)	£0	24.9% APR (variable)	Representative example: When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).	Read review	Compare	loading Fetching your data...

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Pay attention to the details of the promotional offer

It’s important to look at these key details when you’re choosing a balance transfer card. Once your balance transfer goes through, take a look at them again:

• How long is the promotional offer? A balance transfer promotional period is generally between 6 months and around 30 months, and it begins as soon as your card is approved (note: this is not necessarily the same date as when you make the transfer). Set reminders on your calendar and/or your phone to prompt you to make regular repayments and to ensure you have plenty of notice before the promotional period ends.
• What’s the interest rate during the promotional period? If you didn’t manage to bag a 0% balance transfer offer, your balance will grow each month: you’ll need to factor this into your repayment plan if you’re going to repay your entire debt by the end of the promotional period.
• What will the interest rate revert to once the promotional period ends? Like all good things, the low promotional rate on your balance transfer won’t last forever. Once it ends, the revert APR will kick in and start collecting interest on your remaining debt. The revert rate is generally much higher. To avoid growing your debt again with interest once the offer expires, make regular repayments, don’t use your card for purchases and make sure you know when the promotional period is going to end.
• How is the minimum repayment calculated? Even if you have a 0% interest rate, you’ll still need to make minimum repayments each month. The amount you have to pay will vary from card to card. Making only minimum payments is unlikely to repay your entire debt by the time the promotional offer ends. Consider the size of your debt, the length of the promotion and the interest rate to calculate how much you will have to pay, or save, each month to ensure that your entire debt is repaid by the end of the offer. If not, your remaining balance will begin accruing interest at the higher revert rate, and you could get stuck in the debt trap once again.

Decide what to do with your old card(s)

Opening a balance transfer credit card doesn’t automatically close your old accounts. If your old card came with a monthly or annual fee, you should close the account to avoid paying fees for something you don’t use. Otherwise, there are pros and cons to keeping them open:

How long does a balance transfer take?

Using your balance transfer credit card for purchases: what you need to know

The purpose of a balance transfer is to consolidate your current debt. Using your balance transfer card to build up more debt on new purchases undermines that goal: here’s why.

• Balance transfer credit cards often charge high interest on purchases. You’re likely to be charged different rates of interest on different parts of your card balance, and your repayments will automatically go to whichever debt is collecting the most interest. That means if you make new purchases on your balance transfer card this month, some or all of your payment next month will go towards paying off those purchases, instead of paying off your balance transfer.
• Cash advances cost even more. A cash advance is when you use your credit card to withdraw cash at a cash machine or to get cashback at the till, and it’s likely to incur an even higher rate of interest than purchases, as well as a fee.
• Interest-free days may not apply to your purchases. Credit cards typically come with around 55 days interest-free on your purchases, but these will not apply if you fail to pay off your purchases each billing cycle.

If you anticipate using the card to make purchases, it may be worth considering a different type of credit card. Your options include a low or 0% interest rate on purchases card. Or if you do want to transfer a balance and make new purchases on the same card, it’s worth looking at “balanced” or “matched” credit cards instead, which offer a 0% interest rate on both purchases and balance transfers (although usually for a shorter introductory period).

After the offer ends

If you find yourself with a remaining debt at the end of your promotional period, you may want to consider doing a second balance transfer to another provider. However, since your credit history will show you weren’t able to repay your debt during the promotional period, lenders may be less likely to approve your application.

Applying for too many credit cards and rejected applications can have a negative impact on your credit file. Lower the risk of having a rejected credit card application by doing an “eligibility check” on the provider’s website first. This is known as a “soft search” which won’t affect your credit history.

If you can’t access another balance transfer, or if you find yourself in a pattern of building up debt and moving it around from card to card, it might be time to find another solution: read our guide to dealing with debt to get an idea of your options.

Bottom line

Balance transfer credit cards can be a worthwhile consolidation tool, but only when used properly: your goal is to pay your debt off, not just move it around. Plan your strategy, make regular repayments and follow the above simple tips to ensure you get the most out of your balance transfer; and if you find yourself relying too heavily on doing one balance transfer after another, consider whether it’s time to get some debt advice.

Frequently asked questions

• Do balance transfers hurt your credit score?

  When you apply for any credit card, including a balance transfer, this application will be recorded in your credit history. That’s why it’s so important to do your research before applying, to minimise the risk of being turned down and damaging your credit score.

  Using balance transfers responsibly can help you maintain a healthy credit score in the long run, as long as you make all your payments on time.

• How long will it take for the old balance to appear in my new account?

  While you could be approved for your credit card as low as 60 seconds, it can take between 1-2 weeks for your old balance to appear in the new account.

  Please note that, with most cards, the 0% balance transfer offer applies as soon as your card is approved rather than when your balance is in your account.

• Can I repay my card before the balance transfer period ends?

  Yes, you can repay your balance as early as you’d like. In fact, it’s wise to clear your debt as fast as possible to avoid reverting to more expensive standard rates and incurring any additional interest costs. Unlike a fixed-schedule personal loan or home loan, there are no penalties for clearing your credit card debt ahead of time.

• What happens to my old credit card when I've completed the balance transfer?

  Your old credit card will remain active even when your balance has been transferred. You can either continue using it or request that your old bank cancel the card. Don’t forget, your old card may have an annual fee or dormancy charge, so forgetting to cancel it could cost.