The best 0% balance transfer credit card | 0% up to 29 months

If you are the custodian of expensive credit card debt, then one of the most valuable plastics you can get is probably a 0% balance transfer credit card.

These cards provide the opportunity to transfer debt to a new card from a different provider and avoid paying interest over a period of time. However, in many cases, the balance transfer fee will be applied to about 3% of the transferred debt.

If used properly, this arrangement can save you a considerable interest payment and can even help you pay off debts faster.

But which of the many balance transfer cards should you choose?

We did some research (July 2021) To organize some Best prices. We studied the longest 0% balance transfer duration and those cards that do not charge. We also considered other criteria-see below for more.

Before you begin, please keep in mind that not all applicants will get these cards under the stipulated terms.

For example, based on your credit score, you might get a shorter 0% balance transfer window and/or a higher representative APR (annual percentage rate). And you may not be eligible at all.

Please also note that although transactions are correct at the time of writing, they can and do change.

On behalf of APR: 21.9% (variable)

M&S Bank provides the longest combined interest-free period for balance transfers. However, unlike some other cards that advertise “the most”, if you are accepted by this card, you will get a 29-month guarantee. This is nearly 2.5 years to pay off your debts.

Compared with the 3% fee charged by the balance transfer card with the longest 0% discount, the 2.75% fee is also reasonable.

Please note that HSBC and M&S Bank belong to the same banking group and provide exactly the same cards. But the eligibility criteria may vary, so always use the “soft search” qualification checker first to assess your chances of being accepted.

On behalf of APR: 21.9 (variable)

HSBC will not charge you any balance transfer interest within 29 months, although its interest-free window is shorter than some 60 days compared to a typical 90-day window.

The balance transfer fee is 2.75%, which is reasonable. Starting from 30 months, if there is still an outstanding balance, you will pay interest at a representative 21.9% annual interest rate (variable).

Cardholders can take advantage of HSBC’s home&away, which is a recurring discount program that includes car rental, dining out, hotel reservations and entertainment activities.

Transfer fee: 2.69% (or 3.49%, depending on the application)

On behalf of APR: 20.9% (variable)

In addition to the 29-month 0% balance transfer interest of United Desktop, this card also provides 12-month 0% transfer (remittance from your credit card account to your current account).

However, depending on your personal circumstances, a smaller 14-month interest-free window may be provided for you, and the fee may be 3.49%. If you are keen to take advantage of the remittance discount, you need to pay a 4% fee.

Remember, balance transfer cards are used to pay off debts, so please carefully consider whether the transfer is right for you.

On behalf of APR: 21.9% (variable)

This Virgin Money card provides the same 29-month interest-free window as this Virgin Card. As long as you meet the conditions, you can guarantee 29 months.

Although the balance transfer card should be primarily regarded as a debt settlement tool, this card also offers 0% remittance (4% fee) for 12 months and 0% purchase for three months.

The card can also be used as a pass for the Virgin Money customer lounge.

0% duration: Up to 29 months

Transfer fee: 2% (or 3%, depending on your application)

On behalf of APR: 21.9% (variable)

Although the 29-month interest-free period is ahead, it is far from guaranteed. You might get a shorter 0% window of 21 months.

However, this card also has other benefits, which may be particularly attractive to Sainsbury’s shoppers.

For example, in the first two months, the card allows you to earn 7,500 bonus Nectar points (worth £37.50) when shopping. It also pays 750 points for every £35 or more you spend 10 times in the store. That is 7,500 points and is worth 37.50 pounds.

Finally, although you can make the most of this card by paying off your balance every month, the purchase in the first three months is indeed 0%.

If you don’t need a long time to pay off your credit card debt, some providers will offer shorter transactions without charging balance transfer fees.

This provides an opportunity to repay the debt for free, as long as you pay off the debt within the interest-free window and do not increase your balance during this period.

Here are some of the best free balance transfer offers we have found (July 2021).

On behalf of APR: 20.9% (variable)

Santander’s Everyday card provides 0% for one and a half years, without paying balance transfer fees, and the first three months of purchase will not attract interest.

You can also get 15% cash back through Santander’s retail discounts, participating retailers include Costa and Just Eat.

After the 18-month promotion period, the card will charge interest at a representative annual interest rate of 20.9% (variable).

On behalf of APR: 21.9% (variable)

This card, along with the same version of the sister bank Royal Bank of Scotland, provides the best free balance transfer options. But you need to be an existing customer of NatWest or RBS to qualify.

There are no balance transfer fees, and a 0% interest-free period, which means you will not pay anything more than the transferred debt-as long as you pay it off within 18 months and stay firmly within your credit limit.

The card does not provide purchase interest in the first three months, but you must make full use of it and clear the debt you owe. The representative APR thereafter is 21.9% APR (variable).

In order to rank 0% balance transfer cards, we considered the following criteria:

Read on to learn more about balance transfer cards.

You convert the debt accumulated on another credit card or credit cards (the interest usually charged is about 18% to 20% (variable)) into a balance transfer card, which provides zero interest for a certain period of time.

The new card needs to be issued by a different bank service provider. You can make multiple transfers from different cards, as long as within the specified period (usually 30 to 90 days) and the total balance does not exceed 95% of your allocated credit limit.

Just like any other credit card application, you need to pass the provider’s eligibility criteria and credit checks, and agree to monthly repayments.

If used in the right way, a balance transfer card can help prevent your debt from getting out of control, thanks to the 0% interest period.

By consolidating unsecured debt and not paying any interest to the credit card provider, every penny you repay will be used to repay the capital you owe instead of going into the lender’s vault.

This allows you to get out of debt faster.

Most balance transfer cards charge a “balance transfer fee”, which can be 1% to 3% of the amount of debt you transfer. Some do not charge a fee, but in this case, a shorter interest-free period is usually provided.

Weigh the amount of time and cost you actually need to pay off your debts to get the best deal. For example, if you have a debt of £5,000, if the card charges a full 3% fee, it may cost you as much as £150 to transfer the balance.

You can find a card that charges lower or even free. As long as you can afford to pay off your debts every month, you can save money by purchasing a card with a shorter interest-free period.

And always shop around for the best price.

Credit card providers are increasingly picky about who they lend to, and for those with the cleanest credit scores, the best deals are limited. Remember, if you do meet the conditions, you may not be able to get the full interest-free period advertised by the credit card company.

Credit card companies only need to provide advertising interest rates to 51% of applicants, which means that the other 49% can offer higher interest rates or be rejected outright.

Similarly, if your credit score is worse than most people, the 0% months you get may be less than advertised.

They need to plan to settle the balance before the end of the interest-free period and ask not to increase the balance during this period (0% only applies to debt transferred from other cards-not to new borrowings unless otherwise stated).

If you want to use this card to withdraw cash, remember this is especially important. Doing so will attract high fees and interest. From the date of withdrawal, you will be charged interest on the withdrawal amount until you pay off the balance. Cash advance fees will also be charged.

You should only keep cash from your credit card in an emergency.

When the interest-free period ends, ideally you will pay off the debt. If you are unable to clear the debt, please make sure you apply for a new card and move the balance again to avoid any interest charges.

If you leave the debt on the same card, the interest charge will increase by about 20%, but it may be higher.

It is prudent to set up direct debits so that you can always pay back at least the minimum monthly payment, preferably more.

If you completely miss a payment on a card with a zero interest period, this will not only affect your credit rating, but you may also lose the 0% promotional offer. If this happens, interest will begin to be charged.