{"id":63519,"date":"2017-10-03T17:24:28","date_gmt":"2017-10-03T16:24:28","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?page_id=63519"},"modified":"2026-01-02T14:04:25","modified_gmt":"2026-01-02T14:04:25","slug":"0-balance-transfers","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/credit-cards\/0-balance-transfers","title":{"rendered":"Compare 0% balance transfer credit card offers"},"content":{"rendered":"

Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Defaqto.<\/p><\/div><\/article>

What is a 0% balance transfer credit card?<\/h3>

A 0% balance transfer enables you to move your current credit card debt to a new card that charges zero interest on your balance during the promotional period. The duration of this interest-free period varies by card, with some offering up to 40 months of no interest on balance transfers. After the promotional period ends, the balance transfer interest rate reverts to the card\u2019s standard interest rate.<\/p>

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How do 0% balance transfer credit cards work?<\/h3>

A 0% balance transfer credit card gives you the option to transfer an existing high-interest debt to a new card that offers a promotional 0% interest rate. You can initiate the balance transfer request during the application process for the new card. If your application is approved, your new credit card provider will pay off the outstanding balance on your old card and move it to your new account. Whilst the 0% promotional balance transfer offer is in place, you won\u2019t accrue any additional interest as you repay your debt.<\/p>

This means you can clear your balance without collecting more debt for a promotional period of up to 40 months depending on the card. Not only can you clear your debt faster, but you can save hundreds or thousands of pounds on interest charges at the same time.<\/p>

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How much interest will I save with a 0% balance transfer credit card?<\/h3>

If you have a credit card debt of \u00a31,000 and you make \u00a3100 repayments per month, a balance transfer offer can help you regain control of your finances and save:<\/p>
<\/th>Normal credit card without balance transfer offer<\/th>0% balance transfer credit card<\/th><\/tr><\/thead>
Interest rate<\/th>20% p.a.<\/td>0% p.a.<\/td><\/tr>
Months required to repay<\/th>12 months<\/td>10 months<\/td><\/tr>
Interest paid over this period<\/th>\u00a3200<\/td>\u00a30<\/td><\/tr><\/tbody><\/table>

As you can see in the example above, not only can you save \u00a3200 in interest costs, but you\u2019ll also repay your debt faster.<\/p>

This example assumes that the cardholder cleared the debt before the promotional offer finished. Once the 0% balance transfer period offer finishes, a higher standard interest rate will apply. So if you\u2019re unable to pay off your debt before the introductory offer ends, your remaining debt will be charged the standard variable interest rate for balance transfers.<\/p>

How to compare 0% balance transfer credit cards<\/h3>

Here are the most important factors you should keep in mind to find a 0% balance transfer card to consolidate your debt:<\/p>

  • Length of the balance transfer introductory offer.<\/strong> The 0% interest period on a balance transfer card usually ranges from 6 to 24 months, but will vary between cards and available offers. The more debt you have, the longer you want the introductory period to be so you have more time to pay it off.<\/li>
  • How much you are allowed to transfer.<\/strong> Depending on the bank, you can usually transfer between 90% and 95% of the approved credit limit. If you had an approved credit limit of \u00a35,000 and a maximum balance transfer of 90% of the limit, you could transfer up to \u00a34,500. <\/li>
  • Make sure you can transfer to the new bank.<\/strong> You can\u2019t transfer your balance to a new card under the same bank. This means that you also can\u2019t transfer balances between banks that are owned by the same provider. For example, you can\u2019t balance transfer between Royal Bank of Scotland and NatWest as they\u2019re both owned by RBS. <\/li>
  • Balance transfer revert rate.<\/strong> At the end of the balance transfer promotion, the 0% interest rate will revert to a higher standard variable rate (usually the cash advance or purchase rate). This means any balance that remains after this time will be charged interest, so you should aim to repay your debt before the promotional offer ends to avoid interest charges.<\/li>
  • Rewards.<\/strong> Credit card rewards are earned based on how much you spend on the card, so they are not usually a priority when you want to pay off debt. Plus, it\u2019s important to remember that balance transfers don\u2019t earn points. But if you want to earn rewards in the future, considering this feature when you apply for a 0% balance transfer could save you adding another card to your wallet later on.<\/li>
  • Complimentary extras.<\/strong> Many credit cards come with perks such as complimentary international travel insurance, extended warranties and purchase protection insurance. These benefits can add value to a card but are usually less important when compared to features such as the balance transfer offer and ongoing fees.<\/li>
  • The purchase rate.<\/strong> If you plan to make new purchases on the card before or after you\u2019ve cleared your debt, check the purchase rate. Note that this rate will be applied from the day of the transaction when you carry a balance. If you want to make purchases whilst repaying a balance transfer, some cards offer both 0% on balance transfers and purchases. <\/li><\/ul>

    Credit card expert Chris Lilly on choosing the right balance transfer card<\/h4>
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