0% Balance Transfer Credit Cards

How 0% balance transfer credit cards work...

0% Balance Transfer cards are designed to allow you to transfer vast amounts of credit card debt from your existing card(s) to a card that will not charge you any interest whatsoever for a specified period.

:: How long can does it remain interest-free?

Depending on the issuer, this 0% period is usually around 6 months, but in some cases you can enjoy an 0% interest period of up to 12 months.

Our 0% balance transfer comparison table makes it easy to see the various periods of zero percent APR that you can enjoy. If you use the 'personalise your results' form, you'll be able to find out exactly what each card is offering, and you can even sort the cards by 'longest 0% offer' making it easy to choose the best card on the market.

:: What happens after the interest-free period?

This is where you have to be careful. Banks are hoping that you will be drawn in by the 0% balance transfer period and that once the period expires they can charge rather exorbitant rates of interest on any remaining balance.

The APR on many of these cards reflects that.

So it is worth keeping an eye on the APR after the 0% interest period runs out and be sure to either pay your balance off in full before that time, or attempt to move your balance to another 0% balance transfer credit card, or perhaps a life-of-balance credit card deal instead.

We recommend though that you attempt to pay the amount off in full before the period expires as it there is no guarantee that you will be able to get another 0% balance transfer credit card when the time arrives, leaving you to pay hefty interest rates.

:: Are there fees when I transfer my balance?

When 0% balance transfer credit cards were first introduced, transfers were free.

Those days are all but gone now as credit card issuers cottoned on to the so-called 'rate tarts' who jumped from one 0% credit card to another, enjoying years of interest free debt. Nowadays you can count on your hand the number of banks who do not charge a 'transfer fee'.

Do not be put off by the fee though. It is generally very small, at around 2% of the amount you are transferring, and is sometimes capped at a maximum of around £50.

To put it in perspective, this is probably less than you are paying in interest every month on your current credit card.

Compare 0% balance transfer credit cards