Balance transfer credit cards
Shift existing card debt to 0% interest for up to 29 months
Are you paying credit card interest? It’s time to stop. A balance transfer credit card can save you thousands of pounds by significantly reducing the interest you owe. Our guide provides comprehensive information and top recommendations, and our Balance Transfer Eligibility Calculator will help you find the cards you’re most likely to qualify for.
Top-pick balance transfer cards
- Longest 0% cards
Tesco Bank 29 months, 3.49% fee
New. Virgin Money 28 months, 3.25% fee - 0% cards for poorer credit scorers
Virgin Money 16 months, 3% fee
Zopa 6 months, NO FEE - No-fee 0% cards
NatWest 13 months, NO FEE
What is a balance transfer card?
A 0% balance transfer involves obtaining a new credit card to settle existing debts on old credit and store cards. This way, your debt is transferred to the new card, but with a 0% interest rate. These cards come with a 0% interest period, often lasting several months, such as 28 months. During this time, you don’t pay any interest, though there might be a small fee associated with the transfer. This strategy helps you become debt-free faster since your repayments go directly toward reducing the principal balance instead of covering interest charges.
Which balance transfer card is best for me?
First, it’s important to note that you cannot transfer a balance between cards issued by the same bank or financial group. This limitation will influence your options for transferring debt. Once you’ve identified the banks you can work with, the next step is to determine which cards you qualify for, since you’ll need to pass a credit check as part of the application process.
To help with this, our eligibility calculator can estimate your chances of being approved for most of the top interest-free balance transfer cards listed in this guide, without affecting your credit score. If the calculator indicates that you’re eligible for several cards but you’re uncertain about which one to choose, follow this guideline…
Go for the card with the lowest fee in the 0% period you’re sure you can repay it in. If unsure, play safe and go long.
The five golden rules
- Always Clear Debt or Transfer Before the 0% or Low-Interest Rate Expires to Avoid High Costs
Cheap balance transfer deals are structured to benefit lenders once the 0% period concludes, as interest rates can significantly increase, typically to between 18% and 40%. However, you can avoid these high costs.
Pay Off the Balance Before the 0% Period Ends. To ensure you clear the balance before the 0% period expires, divide the total amount owed by the number of months you have at 0%, and make at least this payment every month.
Transfer the Balance Again if You Can’t Clear It in Time. If you’re unable to pay off the balance within the 0% period, consider transferring the balance to another card with a 0% offer. Should you be ineligible for new cards, another option is to transfer the debt back to the original card you used, provided it’s still open and has a lower interest rate than your current card.
2. Make Sure to Pay at Least the Monthly Minimum to Retain the Low Rate
Even if you’ve secured a 0% deal, it doesn’t mean you can neglect making payments. You need to pay at least the minimum amount each month, and ideally more. Failing to do so can result in penalties, and some credit card issuers may revoke the 0% deal, leaving you with a much higher interest rate.
How Much Should You Aim to Pay?
Strive to pay more than the minimum amount each month, unless you have other high-interest debts that should take priority. Minimum payments are structured to extend the debt payoff period, which is generally not in your best interest. For strategies to pay off your debt faster, check out our Credit Card Minimum Repayment Calculator.
3. Avoid Spending or Withdrawing Cash – It Can Be Costly
While balance transfers to the cards listed in this guide offer interest-free periods for several months, other transactions, such as spending and cash withdrawals, typically do not and will incur fees and interest charges.
Interest on Cash Withdrawals. For cash withdrawals, interest generally accrues from the date of withdrawal until the amount is fully paid off. This means you will likely see an interest charge on your first statement following the withdrawal, reflecting the interest accrued from the withdrawal date to the statement issue date.
Ongoing Interest Charges. You might also see interest charges on subsequent statements. There is usually a delay between your statement being generated and your payment being processed, ranging from a few days to a couple of weeks. During this period, interest continues to accrue on the withdrawal until the debt is settled.
Special Cards for Debt Shifting and Spending. If you need a card for both debt shifting and spending, it is advisable to opt for an all-rounder card that offers 0% interest for both balance transfers and spending. This way, you only need to apply for one card. For detailed information, check out our 0% balance transfer and spending guide. Alternatively, you can consider using a separate 0% credit card for purchases.
4. To take advantage of the 0% interest rate and avoid fees, you generally need to complete the balance transfer within the first one to three months.
For most credit cards, the 0% interest period is applicable only for balance transfers made within the first 60 or 90 days, although this timeframe can vary, so it’s essential to check the specific terms of your card. After this initial period, any transfers will accrue interest at the card’s standard rate unless they are paid off in full.
This rule often applies to the initial transfer fee as well, meaning that later transfers are likely to incur higher fees along with interest.
However, there are exceptions. Some cards require you to request the balance transfer at the time of application, while others permit transfers at any point during the 0% interest period. Keep in mind that the 0% period typically begins on the day the account is opened, so delaying the transfer reduces the amount of time you have to benefit from the interest-free period.
How to Request a Balance Transfer
When applying for a new card, there is usually a section asking if you want to transfer debts from other cards. You should enter the details of the other card(s) in this section. If your application is approved, the new card issuer will pay off the balance on the other card(s). If you don’t request the transfer during the initial application, you can usually do so later through your card’s online banking platform or by contacting the lender directly.
5. Balance Transfer Restrictions Between Cards from the Same Bank
When it comes to balance transfers, there’s a straightforward rule: you cannot transfer a balance between two credit cards issued by the same bank. For instance, transferring a balance from one Barclaycard to another is not permitted.
This rule can get more intricate with some cards, as certain providers also prohibit transfers between cards that belong to the same banking group.
| Banking group | Credit cards you can’t transfer a balance between |
| Capital One | Capital One, Littlewoods, Luma, Ocean, Post Office (cards issued after November 2019), Thinkmoney and Very |
| HSBC | First Direct, HSBC and M&S Bank. John Lewis cards applied for before 21 September 2022 are with HSBC group too. |
| NatWest | NatWest, Royal Bank of Scotland and Ulster Bank |
| NewDay | Amazon, Argos, Aqua, Fluid, John Lewis (if you applied for a card on or after 21 Sep 2022), Marbles and Opus. You’re also unable to transfer a balance from a store card or American Express |
| Santander | Cahoot and Santander |
| Virgin Money | B, Clydesdale Bank, Virgin Atlantic, Virgin Money and Yorkshire Bank. You’re also unable to transfer a balance from a non-UK issued American Express (for example, British Airways Amex) |
Top 0% Balance Transfer Credit Cards
While we have spotlighted some exceptional cards here, it’s important to know that our eligibility calculator offers a broader selection. Using the calculator will provide you with a customized best-buy table tailored to your needs. Additionally, it can indicate if you’re ‘pre-approved’ for any cards and, for some, even display a guaranteed credit limit.
When deciding between cards, opt for the one with the lowest fee within the period you are confident you can repay the balance. If you’re uncertain about your repayment timeline, it’s safer to choose a card with a longer 0% period.
Top-pick 0% balance transfer cards for new cardholders
| Tesco Bank | Longest 0% period, which all accepted will get. You’ll get the full 29 months at 0% if you’re accepted for this card, and if you’re pre-approved in our eligibility calculator you can be certain you’ll be accepted (provided you pass Tesco Bank’s ID & fraud checks). | |
| – 29 months 0%
– 3.49% fee – 24.9% rep APR |
Check eligibility | |
| Apply* | ||
| Virgin Money | New. Lower fee, long 0% card – all accepted get the full 28 months 0%. If you can clear your debt in this time it’ll beat the above card due to the lower fee. | |
| – 28 months 0%
– 3.25% fee – 24.9% rep APR |
Check eligibility | |
| Apply* | ||
| Barclaycard | Long 0% period, but some could get less time at 0% unless pre-approved in our eligibility calculator. If you’re pre-approved you’ll definitely get the full 28 months at 0% (as long as you pass Barclaycard’s ID & fraud checks), otherwise you could be accepted and get just 14 interest-free months. | |
| – Up to 28 months 0%
– 3.45% fee – 24.9% rep APR |
Check eligibility | |
| Apply* | ||
| NatWest | Longest 0% period with NO FEE – a winner if you can repay before the 0% ends. If you repay in full within 13 months, this transfer will cost you absolutely nothing. Plus, our eligibility calculator will now tell you if you’re pre-approved for a guaranteed minimum limit on this card. | |
| – 13 months 0% – NO FEE – 24.9% rep APR |
Check eligibility (i) | |
| The next best 0% balance transfer cards. Here are quick details of decent alternatives. | ||
| Lloyds Bank | – Up to 27 months 0%
– 3.2% OR 3.49% fee – 24.9% rep APR |
Check eligibility (i) |
| Santander | – 26mths 0%
– 3% fee (min £5) – 23.9% rep APR |
Check eligibility |
| Apply* | ||
| Virgin Money | – 20mths 0%
– 2% fee – 24.9% rep APR |
Check eligibility |
| Apply* | ||
| Barclaycard | – Up to 12mths 0%
– NO FEE – 24.9% rep APR |
Check eligibility |
| Apply* | ||
Important: Balance transfer fees are a percentage of debt shifted. To get the 0% and fee, you must usually do the balance transfer within 60 or 90 days of opening. You can’t balance-transfer between cards from the same bank/group.｜Representative APR (variable) after the 0% period is stated above – your balance transfer interest may be different. (i) NatWest and Lloyds have asked us to only link to our eligibility calculator.
Top Balance Transfer Cards for Bad Credit
To qualify for most of the offers listed earlier, you’ll typically need a good credit score. However, if your credit history isn’t perfect, there are still options available. Several providers offer balance transfer cards for individuals with less-than-ideal credit records, though the interest-free periods tend to be shorter. Some of these cards may even approve applicants with previous defaults or county court judgments (CCJs). For more detailed information on cards designed for those with poor credit, refer to our comprehensive guide.
The following cards are part of our eligibility calculator, but they deserve special mention due to one significant distinction…
Once the 0% introductory periods expire, the post-promotional interest rates surge significantly, necessitating careful planning regarding debt transfer amounts. It’s crucial to note that all the cards listed below carry hefty annual percentage rates (APRs) of up to 34.9% after the conclusion of their 0% periods. Thus, it’s imperative to juxtapose this against your existing card’s interest rate. If your current card imposes a higher rate, it’s advisable to transfer as much debt as feasible. Conversely, if your current card boasts a lower rate, it’s prudent to only transfer an amount of debt that you’re confident you can settle within the 0% introductory period.
Top poor credit balance transfer cards for new cardholders (i)
| Virgin Money | Longest 0% period available for poorer credit scorers. All accepted get the full 16 months at 0%. You must have a history of managing credit, even if you’ve had CCJs or defaults in the past, and a yearly minimum personal income of £15,000 (including non-salary income such as pensions). | |
| – 16 months 0% – 3% fee– 29.9% rep APR |
Check eligibility | |
| Apply* | ||
|
Zopa |
Longest 0% period with NO FEE for poorer credit scorers. All accepted get the full 6 months at 0%. You must have a minimum yearly personal income of £10,000, plus two active lines of credit such as a phone contract or overdraft. | |
| – 6 months 0%
– NO FEE – 34.9% rep APR |
Check eligibility (ii) | |
| The next-best poor-credit balance transfer cards. Here are brief details of decent alternatives. | ||
| Fluid | – 9 months 0%
– 3% fee – 34.9% rep APR |
Check eligibility (ii) |
| Capital One | – 6 months
– 3% fee – 34.9% rep APR |
Check eligibility(ii) |
Important: Balance transfer fees are a percentage of debt shifted. To get the 0% and fee, you must usually do the balance transfer within 60 or 90 days of opening. You can’t balance-transfer between cards from the same bank/group. (ii) These providers have asked us to link only to our eligibility calculator – as they don’t have these cards available to apply for directly.
Cashback sites may pay you for signing up
In addition, individuals who join specialized cashback platforms may receive compensation upon registering for certain financial services. However, it’s essential to verify that the offer remains identical, as terms might vary. It’s important to note that the receipt of cashback is not guaranteed until it reflects in your account.
Explore the comprehensive guidance and weigh the advantages and disadvantages provided in our comprehensive guide to top cashback platforms.
If you can’t get a new 0% card, try the credit card shuffle to cut interest
If none of the aforementioned cards are within your reach (utilize our eligibility calculator for confirmation), there remains a chance to reduce interest costs by negotiating for a low-rate or 0% deal with your existing card provider.
In cases where you possess multiple credit cards, you can strategically transfer debt to the card offering the most favorable rate. However, it’s essential to account for any one-time transfer fees.
Here’s a systematic approach:
- Evaluate your debts comprehensively. Take inventory of your financial situation and document all outstanding debts, including any overdrafts. Our credit card shuffle worksheet could assist in this process.
- Explore existing-customer offers on your accounts. Occasionally, lenders extend special deals (such as reduced rates or 0% APR for a specified period) for transferring new debt to your current cards, typically involving a one-time fee. These offers are usually accessible through your online account or via direct communication with your card provider.
For instance, if you’re servicing debts at 18.9% APR on one credit card and manage to secure a low-rate deal at 6.9% APR on another card in your possession, you could potentially save around £120 in interest over a year on a £1,000 debt.
- Transfer debts to the most economical card. Execute a balance transfer to relocate your debt from the card(s) imposing the highest interest rates to the one with the lowest rates (or spread across multiple low-rate cards if your credit limit permits). Consider shifting debt from cards offering 0% deals for balance transfers, albeit mindful of balance transfer fees that could offset potential savings.
- Prioritize repayment of the costliest debts first – a critical step. Once you’ve optimized your debt expenses, revisit the credit card shuffle worksheet to reorder them. Channel as much available cash as feasible toward clearing the most expensive debt initially, while maintaining minimum repayments on any less burdensome debts. Progress to the next highest-rate debt once the former is settled, continuing until you achieve debt-free status.
What if you have debts with varying interest rates on a single card?
If you decide to transfer your balance to a card offering a special low rate, but you already have existing debts on it with higher interest rates, the provider will prioritize your repayments towards the debts with the higher rates. This is advantageous, as it ensures that the most costly balance is paid off first, a reversal of the previous approach.
However, to maximize the benefits of this strategy, an additional step is necessary:
Concentrate your repayments solely on the high-interest debt until it is fully repaid. Once you’ve completed the balance transfer and identified the order in which you should repay each portion of debt, ensure that you cease payments once the high-interest portion is cleared. For instance, if you have:
Card A: £1,000 balance consisting of £700 at 6% and £300 at 25% interest. Card B: £400 balance at 18% interest.
Your priority should be to pay off the £300 with the 25% interest first, then proceed to clear the £400 balance, and finally tackle the £700. Always remember to meet the minimum payment requirement on the card you are not actively focusing on.
How much could I save doing the credit card shuffle?
The credit card shuffle needs careful management but if you follow the steps above, you could cut the total amount you have to repay by thousands.
Here’s an example, showing the interest you’d pay doing a credit card shuffle vs not doing the shuffle:
£7,000 debts repaying £100/month on each card until repaid in full
| Card & credit limit | WITHOUT SHUFFLE | WITH SHUFFLE | ||||
| Interest rate | Debt | Total interest (1) | Interest rate | Debt (2) | Total interest (3) | |
| Card A £3,000 | 14.9% | £1,500 | £141 | 14.9% on existing debt, 6.9% on new debt |
£1,500 £1,500 |
£526 |
| Card B
£3,000 |
16.9% | £0 | £0 | 0% for four months then 16.9% | £3,000 | £235 |
| Card C £2,000 | 19.9% | £500 | £23 | 19.9% | £0 | £0 |
| Card D £5,000 | 17.9% | £5,000 | £1,784 | 17.9% | £1,000 | £31 |
| Total | Avg rate = 17.4% | £1,948 | Avg rate = 14.1% | £792 | ||
| (1) £100 monthly repayments on each card until card fully repaid. (2) All debt now balance-transferred; to do this, it was moved off the card and returned. (3) Repaying most expensive debt prioritised while paying minimum on other cards. | ||||||
With normal debts of £1,500 on Card A, £500 on Card C and £5,000 on Card D, the average interest rate is 17.4%. Repay £100/month on each card and by the time you’ve cleared the cards in full, the interest totals £1,948.
Yet shuffle as much as possible on to Card A’s 6.9% existing-customer offer for new debt and the rest to Card B at four months 0% then 16.9%, and then repay the most expensive debts first. This way the average interest rate is reduced to just over 14%, meaning the interest is only £792, less than half the cost – meaning a massive saving of £1,156.
Balance transfer FAQs
Q – Should I apply if my eligibility odds are, say, only 20%?
A – No need to stress if your chances of eligibility seem low.
Keep in mind that percentages are just a statistical measure. A 50% chance indicates that half of the people in your situation will qualify. Even though 95% sounds nearly guaranteed, there’s still a possibility you could be the 1 out of 20 who doesn’t make it.
Q – What if my credit limit isn’t big enough?
A – You already have the application reflected on your credit file, so take advantage of it. Utilize the new card to transfer as much debt as possible to reduce expenses.
After handling that, you can use our 0% Balance Transfer Eligibility Calculator once more to assess your likelihood of approval for cards from other providers. However, be cautious not to submit multiple applications in a short period, as this can negatively impact your credit.
Q – Can I shift debt to my existing cards too?
A – If you have available credit, you can typically use it.
It’s definitely worth checking out. Some credit cards provide existing users with exclusive offers (e.g., 0% interest for 12 months with a 3% fee). While these deals might not be as attractive as those for new customers, they can still be beneficial, particularly since they typically don’t affect your credit report.
Even if you’re not offered a special rate, aim to consolidate your debt where interest rates are lower. For instance, if one card charges 18% APR and another charges 30%, contact the card with the lower rate to see if you can transfer the higher-interest debt. This strategy can help reduce costs. For detailed instructions, check out the credit card shuffle method.
Q – Should I try and pay off my biggest debts first?
A – It’s all about managing interest rates effectively.
The smartest approach is to list your debts according to their interest rates (APR), starting with the highest.
Direct any extra funds toward paying off the debt with the highest APR, as this one accumulates the fastest. Meanwhile, continue making the minimum payments on your other debts. For many, this will likely be their overdraft, since at around 40%, it’s often more than double the rate of a standard credit card. So, tackling this debt should be your top priority.
After eliminating the most expensive debt, redirect your available funds toward the next highest APR, and repeat the process. This strategy ensures you pay less interest overall and use more of your money to reduce the actual debt.
Q – Will transferring a balance close my old card for me?
A – No. When you transfer debt from one credit card to another, the original card remains active, and you can still use it if you choose. However, if your goal is to reduce debt, it’s generally not advisable to continue using credit.
If you wish to close your old card, you must inform the card issuer directly. Simply refraining from using the card or destroying it does not close the account. For a detailed look at the advantages and disadvantages of closing old credit card accounts, see “Should I cancel old cards?”
Q – Can a balance transfer hurt my credit score?
A – Transferring a balance from one card to another isn’t reflected in your credit report, meaning you can carry out balance transfers as often as you need. However, each time you apply for a new credit card, a mark is left on your credit file.
Making multiple applications within a short period, or carrying large amounts of debt, even with a 0% interest rate, may impact your ability to secure additional credit. For more details, refer to our Credit Scores guide.
To avoid issues, it’s crucial to space out card applications and use our eligibility checker to assess your approval odds before applying without preparation.
If your current 0% interest deal is about to expire and you need to transfer the balance again, aim to apply for a new card about six weeks prior. Use our eligibility checker to determine which card you’re most likely to be approved for. This allows sufficient time to apply, receive approval, and transfer the balance, while your existing card still offers 0% interest.
Q – Can I transfer my partner’s debt on to my 0% card?
A – Before proceeding, keep in mind that by taking on this debt, it officially becomes yours. Even if you have an informal understanding that the other person will handle the payments, the credit was extended to you, so you are ultimately responsible for repaying it.
It’s important to consider this carefully before assuming your partner’s debt—especially if you’re feeling any pressure to do so. Although your relationship may be strong now, there’s always a possibility that circumstances could change down the line.
However, if you are certain, some lenders do allow balance transfers from a card in someone else’s name (as long as it’s with a different provider).
Here are the policies of several major lenders:
| LENDER | CAN YOU TRANSFER DEBT FROM OTHERS’ CARDS? |
| Bank of Scotland | ❌ |
| Barclaycard | ✔️ |
| First Direct | ✔️ |
| Halifax | ❌ |
| HSBC | ✔️ |
| Lloyds | ❌ |
| MBNA | ❌ |
| NatWest | ❌ |
| New Day | ❌ |
| RBS | ❌ |
| Sainsbury’s Bank | ✔️ |
| Santander | ❌ |
| Tesco Bank | ❌ |
| TSB | ❌ |
| Virgin Money | ❌ |
| Last updated: Jan 2024. | |
If your lender doesn’t permit this and you’re unable to obtain a card from one that does, there’s a slightly more complex option: using a 0% money transfer credit card. These cards allow you to transfer funds into your bank account, which you can then use to settle your partner’s card balance. The amount will then be owed on the new card.
However, you’ll incur a one-time fee for this service (typically higher than a balance transfer fee), and while the card offers a 0% interest period, it’s generally shorter than the best balance transfer deals. For detailed guidance and top recommendations, check out 0% money transfer credit cards.
Q – I’m worried about debt. Is a balance transfer card right for me?
A – Obtaining a credit card may not always be the best decision, especially if you have a poor credit history or are already carrying significant debt. In such cases, you might face rejection when applying for one or more credit cards.
If you’re finding it difficult to cover your expenses, keep up with debt repayments, or are accumulating more debt just to manage everyday costs, applying for another credit card could potentially worsen your debt issues in the long run. Our comprehensive debt help guide outlines practical steps to take if you’re struggling with debt, along with details on specialized resources and charities that offer free, personalized debt counseling and advice.
Q – Can I transfer a balance from an American Express (Amex)?
A – Yes, in most instances, this is possible – although you might need to contact the new card provider if the online transfer request cannot be processed. American Express cards often have 15-digit numbers, unlike the standard 16, which means some systems may struggle to handle the shorter number (for example, Santander, Tesco Bank, and TSB have indicated this is the case for many transfers).
If you encounter this issue, your best option is to contact the provider directly, or you could attempt adding a ‘0’ at the beginning or end of the card number to potentially bypass the system.
However, there are certain exceptions. Cards issued by NewDay, such as Aqua, Fluid, and Marbles, do not allow transfers from Amex. Similarly, Sainsbury’s Bank recommends calling ahead to confirm if your Amex card(s) can be accepted, and Virgin Money will only accept Amex cards issued in the UK.