Best Balance Transfer Credit cards
What is a balance transfer Credit card?
Balance transfer credit cards are used to move your outstanding debt from one card onto a new one, typically with lower interest rates. They are useful if you need more time to pay off a big purchase and want to avoid interest rate payments. When used effectively they can be a great financial tool, but learning how to manage them correctly is vital or you may end up in a worse situation.
Your eligibility will be dependent on your credit history and how you have managed your finances in the past.
You can view the pros and cons here.
Best Balance Transfer Credit cards
These Credit cards have long promotional periods where you will face 0% interest rates. If you pay off your debt within this time you will have avoided extra charges and this is the best way to use a balance transfer credit card.
Natwest
- 13 months of 0% fee
- You must make your transfers within the first 3 months of opening the account
- Your first 3 months there will be no interest on purchases
- Minimum Transfer amount = £100
- Maximum transfer amount = 95% of your credit limit
- APR = 24.9%
Tesco Bank
- 27 months of 0% interest
- 95% transfer fee
- You can collect Clubcard points and use in store.
- 0% interest on purchases
- Maximum Transfer Amount = 95% of your available credit limit
- Minimum Transfer Amount = £100
- Make sure to make your transfers within the first 90 days of opening the account to benefit.
Barclaycard platinum
- 0% interest on transfers for up to 28 months
- You must make transfers within the first 60 days of opening the account
- Transfer fee = 3.45%
- 0% interest on purchases for up to 3 months
- Minimum transfer = £250
- Maximum transfer = 90% of your credit limit
- The promotional period offered will depend on your credit history and you could be offered a lower time frame of 14 months of 0% interest.
