5 Best 0% Credit Card Balance Transfer Deals in UK

If you’ve built up a large balance on your credit card, one of the best things you can do is a 0% balance transfer.

A 0% balance transfer allows you to get a new card to pay off your debts on old credit cards.

You will still owe the debt, but the deciding factor is that you will not pay any interest. These cards will usually have a 0% period, about 28 months, during which you can pay off the debt.

There are also often fees to pay. 0% balance transfer agreements mean you can get off debt much faster, as your repayments will go towards reducing the principal debt rather than paying interest.

Which card is best for a 0% balance transfer?

An important point to keep in mind is that you cannot transfer a balance between cards in the same bank or in the same group.

Your choice of card will be determined by eligibility criteria. You will also need to pass a credit check as part of the application.

After determining which cards you are eligible for through an eligibility calculator (many of these cards online), you will be able to make a choice based on your credit score.

Once you’ve achieved a 0% balance transfer, follow these simple rules:

• Clear your balance before the end of the 0% period

Make sure to clear your balance before the end of the 0% interest period. If you go past this period, interest rates will jump dramatically which is usually between 18% and 40%, so it’s important to pay off that balance before the deadline.

• Transfer the balance to another card if you can’t pay the debt on time

If you cannot clear the balance in time, then you need to transfer the balance back to another 0% offer.

• Pay off the monthly minimum because you can lose your benefits if you don’t.

• Do not spend or withdraw money as the fees are extremely high on transactions.

5 best 0% balance transfer cards

These are the 5 best credit cards for 0% balance transfer for October 2021. They all have a long 0% period, so you should go for the lowest fees. The longer ones charge a one-off fee of around 2.5% to 3% for every £ 1000 moved.

There are also shorter options at no cost. This means that there is no charge if you can clear your balance within 21 months or less.

1. Santander

Longest 0% period of all cards over 2.5 years – and all cards accepted get the full 31 months at 0%.

However, you cannot transfer from a Santander or Cahoot card.

  • 0% term and fees 31 months 0%, fees 2.75% (min £ 5)
  • To get the 0% you have to transfer anytime in the first 31 months, although you would have less interest-free time if you waited
  • Balance transfer interest after 0%: 20.9%
  • Minimum repayment: greater than 1% of the balance plus interest or £ 5
  • Minimum annual income: £ 7,500
  • Representative APR (variable): 20.9%

2. Sainsbury’s bank

Long 0% with low fees, although some accepted can get 24 months at 0%. Request the transfer when you request to pay the 1.5% fee. If you wait, you will pay the fees charged at that time, which could be higher.

You cannot transfer the balance from another Sainsbury’s Bank card.

  • 0% duration and costs Up to 30 months 0%, 1.5% one-off costs (min £ 3)
  • To get the 0% and the fees, you must request the transfer when you request
  • Balance transfer interest after 0%: 19.95%, although some poorer credit assessors may pay 28.95%
  • Minimum repayment: the greater of 1% of the balance plus interest, 2.25% of the balance or £ 5
  • Minimum annual income: £ 10,000
  • Representative APR (variable): 19.9%

3. MBNA

A good 0% length, low fee, and a £ 30 refund if you transfer more than £ 1000 in the first 60 days, albeit ‘up to’ 27 months. So the poorest credit scorekeepers might get just 14 months at 0% and / or the much higher fees of 3.49%.

For cashback you must apply by Monday 25 October and transfer over £ 1,000 within 60 days (note that you cannot transfer the balance from another MBNA credit card to this one) and 30 £ will be credited to your account within 180 days of the transfer.

When you transfer between £ 1,000 and £ 3,000, the cashback is more than the fee you’ll pay, so you’ll all be sorted.

  • 0% duration and fees: up to 27 months 0%, 1% one-time fee (some will pay 3.49%)
  • To get the 0% you must transfer within 60 days
  • Balance transfer interest after 0%: 21.94%, but some will pay 27.94%
  • Minimum repayment: greater than 2.5% of the balance plus interest or £ 25
  • Minimum annual income: N / A
  • Representative APR (variable): 21.9%

4. Virgin money

Decent 0% duration and low fees, plus all accepted get the full 27 months at 0%. However, you cannot transfer the balance from another Virgin Money, Virgin Atlantic, Clydesdale Bank, Yorkshire Bank, or “B” credit card.

  • 0% duration and fees: 27 months 0%, 1.2% one-off fees
  • To get the 0% you must transfer within 60 days
  • Balance transfer interest after 0%: 21.9%
  • Minimum repayment: greater than 1% of the balance plus interest or £ 25
  • Minimum annual income: £ 7,000
  • Representative APR (variable): 21.9%

5. HSBC

There is no charge if you can write off your debts within 20 months – anyone accepted can transfer balances at 0% free of charge.

However, you may not have had an HSBC credit card in the past six months and you will not be able to transfer a balance from an M&S Bank, First Direct, John Lewis or any other HSBC Group card.

  • 0% duration and fees: 20 months 0%, no fees
  • To get the 0% you must transfer within 60 days
  • Balance transfer interest after 0%: 21.9% but some might pay up to 24.9%
  • Minimum repayment: the greater of 1% of the balance plus interest, 2.5% of the balance or £ 5
    Minimum annual income: £ 6,800
  • Representative APR (variable): 21.9%

About Gérald Fenech PRO INVESTOR

An experienced financial and information journalist with over 17 years of experience. Specialized in crypto, blockchain, forex and market news.

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