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Find the cheapest card for you

how a balance transfer works

Transfer your credit card balances to a 0% interest card.

See the best balance transfer cards that you can apply for today at MoneySuperMarket

In order to calculate the values below, we have made some assumptions about your card usage.

The results below assume:
  • You make fixed monthly repayments, always on time
  • You don't add any other new debt onto the card
  • Once the cheap promotional period ends, you don't switch again

Barclaycard Platinum 30 months Balance Transfer

Virgin Money Balance Transfer Credit Card

Lloyds Bank Low Fee Balance Transfer Offer Credit Card

Bank of Scotland Low Fee Balance Transfer Offer Credit Card

MBNA Platinum Credit Card

Fluid Fluid 32 Month Balance Transfer Card

Lloyds Bank 28 Month Balance Transfer Card

Bank of Scotland 28 Month Balance Transfer Card

Halifax 28 Month Balance Transfer Card

Tesco Bank Clubcard Credit Card for balance transfers

Virgin Money Balance Transfer Credit Card

Barclaycard Platinum Credit Card with Extended Balance Transfer

Virgin Money Low Fee Balance Transfer Credit Card

Halifax Balance Transfer Credit Card

MBNA Platinum Credit Card

Virgin Money 36 Month Balance Transfer Credit Card

Tesco Bank Clubcard Credit Card for balance transfers

Tesco Bank Clubcard Credit Card for balance transfers

Fluid 36 Month Balance Transfer Card

Sainsbury's Nectar Balance Transfer Credit Card

Barclaycard Platinum 24 Months

Virgin Money Balance Transfer Credit Card

Market leading

Lloyds Bank Platinum 36 Month Balance Transfer Card

Bank of Scotland Balance Transfer Credit Card

Virgin Money All Round Credit Card

HSBC Credit Card

Nationwide Building Society Select Card

Nationwide Building Society Credit Card

TSB Platinum 28 Month Balance Transfer Card

Santander 123 Credit Card

Balance transfer guide

Think of a credit card and you think of a flexible form of payment, perfect for a shopping spree. But credit cards are not all about spending. If you make the right choice, a credit card can also help you to manage your debts and save money on your interest payments.

Let’s face it, many of us have run up debts on several credit and store cards. What’s more, they could be costing us a fortune in interest. The typical rate on some store cards is as high as 30%.

Cut the cost of debts

But there is a way to cut the cost of your debts – with a balance transfer card. You simply switch the outstanding balance on your high-rate credit cards to a cheaper balance transfer deal. You could easily chop the interest payments in half, or even down to zero with a 0% balance transfer card.

The card issuer will set a limit on the amount that you can transfer, but you can switch debts from any number of cards as long as you remain within the limit – which might, for example, be 95% of your agreed credit limit on the new card.

0% balance transfer cards

Let’s say you have built up debts of £1000 on a credit card at 18% and £500 on a store card at 24%. If you transfer the total £1500 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 respective 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 firms are fussy about their customers, reserving the best deals for applicants with a high credit score.

You also will not be able to transfer to a balance transfer card offered by the same firm with which you have your current card.

Penalty charges

Watch out for charges on balance transfer cards. You do not normally have to pay an annual fee, but you will have to pay a penalty if you are late with a payment, miss a payment, or breach your limit. Of course, if you mismanage your account, you could also damage your credit rating.

There are a number of balance transfer credit cards on the market, but it’s easy to compare the best balance transfer deals with MoneySupermarket’s free independent comparison service. It’s a quick and easy way to find the right card for you that'll save you money.

We're free, independent and compare all UK credit cards as well as offering exclusive deals you can't get anywhere else.

Your personalised chance of approval

We've taken the details you gave, and used them to show you personalised scores to tell you the chance that your application for each card would be successful.

Why is this important?

Every time you apply for a credit card, a mark is left on your credit score. That means it's better get it right first time. Your scores help you understand which cards you have the strongest chance of getting.

It's easy!

The higher the score, the stronger chance you have of getting the card. If you see a very low score, you're probably better off choosing a different card.

Consider a different card Not eligible 1/10 2/10 3/10 4/10 5/10 Your chances are good 6/10 7/10 8/10 9/10 9.5/10 You've been pre approved

If you see a high score, you can be fairly confident. The scores aren't a guarantee, as acceptance of your application is at the sole discretion of the card issuer, but they should help guide your choice.

If you see a pre-approved score it may be subject to you passing additional fraud checks by the provider.

Not rated

In some cases, we will not be able to display a score for a product because we do not have enough information about the card issuer’s acceptance criteria or we have not been able to match your details at the credit bureau.

We work closely with our partners to improve our eligibility scores for all products that are of interest to you.

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