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Balance transfer credit cards let you move existing credit card debt to a new provider, so you can stop paying interest for a set period of time. With almost half of credit card customers paying interest each month, a balance transfer could help you focus on clearing debt rather than paying interest.
How do balance transfer credit cards work?
You move your existing credit card debt to a new card which offers 0% interest for a fixed period of time. You’ll usually pay a transfer fee of 2-4%, but this one-off cost is often much less than the interest you’d pay. Once you’ve transferred the balance, you can focus on paying off the debt without interest eating into your repayments.
How to apply for a balance transfer credit card
Compare the best deals
Find the longest 0% periods and lowest fees available to you. Keep an eye out for TotallySure offers which come with pre-approval and guarantees.
Check your eligibility
Before applying we’ll run a quick check to show you your chances of being accepted. This won’t affect your credit score.
Get accepted
Once you’ve been approved and you received your new card, transfer your existing balances within the promotional period.
Make a plan
Set up a Direct Debit to clear your balance before the 0% period ends, and avoid using the card for spending.
Types of credit card
There are a number of different types of credit card on the market, such as:
Balance transfer
If you want to cut the interest on your existing debts, a balance transfer credit card is for you. With a balance transfer credit card you can move balances you've accumulated on other credit cards and enjoy 0% interest for a set period of time.
Purchase
This is the simplest type of credit card. With a purchase card you'll get a 0% interest period for a set amount of time, allowing you to spend without accruing any interest, even if you don't pay your balance back in full each month.
Cashback
If you clear your credit card balance every month, and have no plans to build up any debt, a cashback credit card is a good option. These cards reward your spending habits by giving you a percentage of your spending back in the form of cash.
Rewards
An alternative option for people who clear their balance each month is a rewards credit card. Rather than paying you back with cash, these cards offer various forms of points in return from using them. These can range from airmiles to supermarket points.
Travel
An alternative option for people who clear their balance each month is a rewards credit card. Rather than paying you back with cash, these cards offer various forms of points in return from using them. These can range from airmiles to supermarket points.
Credit builder
If you have poor credit, a poor credit card can help you build your credit rating over time. While they have high interest rates, if you pay your balance in full each month, they can be an effective way of showing lenders you can be trusted.
What are the pros and cons of balance transfer credit cards?
There are advantages and disadvantages to having credit cards, such as:
Pros
Massive interest savings - Balance transfers let you save hundreds, if not thousands of pounds. Just remember that the best offers are usually available to those with the best credit scores.
Long interest-free periods - The best deals currently offer almost three years interest-free, giving you extra breathing space to clear your debt.
Simple debt management - Combine card balances from different cards into one monthly payment can make it easier to track and manage your debt.
Break the interest cycle - Stop spending money on interest payments, and put every penny towards clearing the actual debt.
Extra protection - Like other credit cards, balance transfers come with Section 75 protection on certain purchases over £100.
Massive interest savings - Balance transfers let you save hundreds, if not thousands of pounds. Just remember that the best offers are usually available to those with the best credit scores.
Long interest-free periods - The best deals currently offer almost three years interest-free, giving you extra breathing space to clear your debt.
Simple debt management - Combine card balances from different cards into one monthly payment can make it easier to track and manage your debt.
Break the interest cycle - Stop spending money on interest payments, and put every penny towards clearing the actual debt.
Extra protection - Like other credit cards, balance transfers come with Section 75 protection on certain purchases over £100.
Cons
Transfer fees apply - Most cards will charge a processing fee of 2-4% to move your balance, although this is usually much less than you’ll save in interest.
Need good credit - The best deals are reserved for customers with good to excellent credit scores – but there are offers available to those with poor credit ratings.
High rates after the offer - Once the 0% period ends, rates can jump to 20-40%, so you make a clear repayment plan, and try and stick to it.
Temptation to spend more - Having a clear balance on your old cards might tempt you to rack up more debt, so it can be best to close those accounts, and focus on clearing your debt.
No purchase perks - These cards are designed to help you pay off your debts, and won’t usually come with any rewards or cashback.
Transfer fees apply - Most cards will charge a processing fee of 2-4% to move your balance, although this is usually much less than you’ll save in interest.
Need good credit - The best deals are reserved for customers with good to excellent credit scores – but there are offers available to those with poor credit ratings.
High rates after the offer - Once the 0% period ends, rates can jump to 20-40%, so you make a clear repayment plan, and try and stick to it.
Temptation to spend more - Having a clear balance on your old cards might tempt you to rack up more debt, so it can be best to close those accounts, and focus on clearing your debt.
No purchase perks - These cards are designed to help you pay off your debts, and won’t usually come with any rewards or cashback.
Our expert says
Balance transfers are a powerful tool for anyone paying credit card interest. Current deals now last up to almost three years, helping you cut the cost of interest payments, so you can focus on repaying your debt.
Almost half of credit card customers are paying interest each month, and some might not even realise it. Check your most recent statements, see how much you’re paying, and check to see if you’re eligible for a transfer.
Alastair Douglas, CEO of TotallyMoney
How to find the right balance transfer card
Finding your best balance transfer will depend on how much debt you have, your credit score, and how quickly you can pay it back.
Standard balance transfer cards let you move existing debt and stop paying interest for a set amount of time. The longer the 0% period, the more you’ll save, but you’ll need a good credit score for the best deals.
It’s also worth remember that you can’t usually shift credit card debt to a balance transfer between the same lender or group of lenders.
Look for cards with higher credit limits and longer 0% periods. TotallySure offers guarantee you’ll get the credit limit you apply for, so you know you can transfer your full balance.
Even with less-than-perfect credit record, you could still qualify for shorter balance transfer deals. These can still deliver significant savings compared to paying standard credit card interest rates.
Money transfer cards are similar to balance transfers but allow you to move cash directly to your bank account. You can use this to clear expensive overdrafts that might be costing you almost 50% APR.
TotallySure balance transfer offers come with pre-approval and guaranteed credit limits, APRs, and 0% durations. That way you know exactly what you’ll get before you apply.
Why use TotallyMoney
With TotallyMoney, you can compare credit cards from across the UK market and check your eligibility before making an application. This will help protect your credit score as you can then only apply for cards you’re likely to be accepted for. Too many rejections can have a negative impact on your credit score.
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Credit card FAQs
A balance transfer lets you move existing credit card debt to a new provider who let’s you pay 0% interest for a set period of time. Just remember that you’ll need to pay a one-off transfer fee (usually 2-4% of the amount transferred). However, the savings can be considerable as you can often stop paying interest for months or even years, potentially saving you hundreds, if not thousands of pounds.
For those with excellent credit scores and carrying the average interest-bearing balances, the savings can thousands of pounds. It all depends on how much you owe, and how good your credit score is. So remember to shop around, and look out for pre-approved and guaranteed offers.
Most balance transfer cards charge a fee of 2-4% of the amount you transfer. For example, if you transfer £3,000 with a 3.5% fee, you’d pay £105 upfront. While this might seem like a lot, it’s usually much less than the interest you’d save over time.
This depends on your credit score and your personal financial situation. The best deals are usually reserved for borrowers with good to excellent credit scores. However, there are options available for those with less than perfect credit too.
Always check your eligibility first to avoid damaging your credit score with unnecessary applications.
The longest balance transfers at the moment last for more than 30 months. However, these are usually only available to those with the best credit scores. If yours is less than perfect, you might be eligible for a balance transfer of at least 9 months, which can still save you a considerable amount of money.
It is possible to make purchases with a balance transfer, but watch out because the rates are usually high. So, it’s best to use these cards for transferring and paying down existing debt. If you need to make purchases, look for a 0% purchase card, or a combo card which gives you 0% on what you buy and transfers.
Once the initial offer ends, you’ll start paying the card’s standard APR. That’s why it’s so important to make a plan to clear your balance before the 0% period ends, or be ready to move to another 0% deal if you need some more space.
If possible, yes. Moving your full balance will mean you can stop paying all interest on that debt. However, make sure the new card’s credit limit is high enough. TotallySure guarantees the APR, offer duration, and credit limit, giving you extra certainty when applying.
There’s no limit, but with each transfer you’ll usually pay a fee, and multiple applications can affect your credit score. It’s better to find a card with a long enough 0% period to clear your debt, and stick to the plan, rather than constantly moving balances around.
Avoid using your card for buying things unless it has a separate 0% purchase offer. You should also set up a Direct Debit so you can avoid missing payments, as this could end your promotional rate early.
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