All you need to know about balance transfer credit cards.
Best Balance Transfer Credit Cards
Frequently Asked Questions
Can a Balance Transfer Impact My Credit Score?
Taking out more credit will affect your credit score. However, if you use your balance transfer credit card to consolidate any other debt and continue to pay back the balance, you can increase your credit score further down the line.
Will a Balance Transfer Close My Old Card?
No. Once the balance has been paid back, the card will remain open. We recommend closing the account to reduce your credit utilisation. You must contact your old card provider to shut down the account.
Is There a Catch to Balance Transfer Credit Cards?
A balance transfer card helps you save money overall as it allows you to move your credit card debt to one card, usually with lower interest rates. There may be balance transfer fees depending on the card provider.
Which Credit Card is Best for Money Transfers?
Suppose you’re looking for a balance transfer card with the most extended interest-free period; we recommend the NatWest Longer Balance Transfer Card as it has a 30 months interest-free period with a 2.99% transfer fee and a representative APR of 23.9%.
However, if you’re looking for a balance transfer card with no transfer fee, we suggest the MBNA No-fee Balance Transfer Card; it has a 0% interest duration of up to 15 months, no balance transfer fees, and a representative APR of 22.9%.
Is It a Good Idea to Balance Transfer?
If you’ve got existing credit card debt, a balance transfer is an excellent way to reduce this debt, as you can transfer balances from one card to another. The idea is to take advantage of introductory offers of interest-free periods, which allow you to pay back the debt without paying interest.
If you choose a balance transfer credit card with a lower APR rate than your current card, you’ll save more money in the long run. However, we recommend paying off the balance during the interest-free period to avoid paying more interest.
Get Bank Deals & More
Sign up for our email updates on the best bank deals, money savings tips and more.