Paying credit card interest?Balance Transfer tips

Pay credit card interest? Stop. A balance transfer credit card can drastically cut the interest you pay and save you £1,000. Our guide provides complete information on precautions and a list of best purchases.

The financial worries of the coronavirus have caused lenders to tighten revenue and expenditure standards, but there are still good deals-our balance transfer eligibility calculator will show you the card with the highest odds.

How do balance transfers work?

With balance transfer, you can get a new card to pay off debts on your old credit and storage cards, so the card you owe is usually 0% interest-sometimes a small fee is required.

Your debt-free is faster because more repayment reduces debt instead of paying interest. If you’re not sure which one to choose, use this golden rule…

Cards above not for you? More 0% balance transfer cards

If the cards above don’t work for you, here are some quick details on sub-optimal cards. The 0% period is not that long, or they come with a higher balance transfer fee, but they are still a good choice.

CREDIT CARD 0% LENGTH + FEE (i)APR (ii)
First Direct – Existing customers only
Apply direct to lender (not in eligibility calc)
27mths 0%, 2.29% fee – min £518.9%
Sainsbury’s Bank – Must have had a Nectar card for 6mths+, sadly not open to anyone self-employed
Check eligibility / Apply*
Up to 27mths 0%, 3% fee (iii)21.9%
Sainsbury’s Bank – Must have had a Nectar card for 6mths+, sadly not open to anyone self-employed
Check eligibility / Apply*
Up to 25mths 0%, 1.85% fee – min £3(iv)20.9%
MBNA
Check eligibility / Apply*
Up to 24mths 0%, 1.5% or 3.49% fee (v)20.9%
Virgin Money
Check eligibility / Apply*
20mths 0%, 1.5% fee21.9%

Important note: To get 0%, the balance must usually be transferred within 60/90 days after opening the account. (I) Debt transfer percentage. (Ii) On behalf of the variable APR, your balance transfer interest may be different (see all official APR examples).

(Iii) You can be accepted and provide 23 months or 19 months of service at a price of 0%. (Iv) The strange thing is that 1.99% of the fee was initially charged, but 1.85% of the fee was refunded within 60 days of your transfer.

You can be accepted and provide 21 months or 17 months of service at a price of 0%. (V) You can use this card and provide 14 months of service at a fee of 0% and/or higher 3.49%.

Balance Transfer Credit Card

Best NO-FEE 0% balance transfer cards

If you can settle your debts in 20 months or less, why pay the full cost? If you can only pay it off within the 0% deadline, they are the best option, even though there are only two decent cards left because many top no-fee transactions have been cancelled recently.

NatWest / RBS / Ulster Bank – 20mths 0%, no fee (19.9% interest after)

Existing customers only. If you already have an account with NatWest, RBS or Ulster Bank, there is no charge for the maximum period of 0%.

This NatWest balance transfer card (applied through the qualification calculator)-also provided by sister banks RBS (applied through the qualification calculator) and Ulster Bank (via the app, but not included in our qualification calculator)-together provide the longest 0% free period.

If accepted, you will receive a full 20 months (0%). However, you need to be an existing customer to apply. Every bank says that if you have an existing savings, credit card, mortgage or current account, you will be eligible-but please note that you cannot transfer balances between the credit cards of these three banks.

Important note: NatWest and RBS have asked us to direct people to our qualification calculator, so only those who are more likely to be accepted can actually apply, thus reducing demand and inquiries, because it has exceeded capacity and needs priority Provide coronavirus help to vulnerable people.

Balance transfer length and fee: 20 months 0%, free To get 0%, it must be transferred within three months Important note: Please clear the card in full before the end of the 0% period to avoid interest (always pay at least the monthly minimum repayment amount).

And do not spend/withdraw cash on this card Balance transfer interest after 0%: 19.9% ​​to 29.9% Minimum repayment amount: 1% of the balance plus interest or £5, whichever is higher Minimum annual income: £10,000 Representative APR (variable): 19.9% ​​(see official APR example).

Santander – 18mths 0%, no fee (18.9% interest after)

Joint-longest open market 0% period with no fee, and you’ll definitely get the full 18 months if accepted.

This Santander bank card (check eligibility/application*) can provide a fee of 0% for 18 months free of charge. If you are accepted, you will definitely get this fee – this fee is not always guaranteed on other cards.

Normally, if you transfer at any time within 18 months, you will not have to pay any fees, although your interest-free time will be reduced if you wait.

Note: You cannot transfer your balance from Santander or Cahoot credit cards to this credit card.


Sainsbury’s Bank – up to 18mths 0%, no fee (20.95% interest after)

Nectar members only. A nice free option, although you cannot get this option if you are self-employed, and you can get fewer months in 0% of cases.

This Sainsbury’s bank card (check eligibility/applicable*) does not charge any fees to transfer your balance, and provides up to 18 months at a 0% interest rate.

However, you may be accepted and offered 0% compensation for 14 or 10 months, which is not a good thing.

You need to have a Nectar card for at least 6 months to apply, but unfortunately, if you are self-employed, Sainsbury’s will not accept you at this time.

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