Super Balance Transfers Shift loans or overdrafts to 0% cards

It it a bird? Is it a plane? No it's a Super Balance Transfer! While normal balance transfers just let you shift debt from other cards, when they're super, you can shift debt from your bank account. This allows you to move overdrafts or loans onto 0% cards for up to 20 months, saving you £1,000s.

In this guide

• Super Balance Transfers?
• Best Buys: Top Cards
• Related Articles / Discuss

 

What is a Super Balance Transfer?

A balance transfer is a credit card transaction that lets you shift debts from one provider to another, so you now owe the new card the money, hopefully at a much cheaper rate. These are designed for people with existing debts on credit cards, allowing you to slash the interest you pay, possibly saving £1,000s over the life of the debt. Read the full guide to Balance Transfers.

Super Balance Transfers are a much rarer beast.

On top of allowing standard balance transfers, a few credit cards permit you to pay money straight into your bank account for a fee, yet you still get the special cheap balance transfer interest rates. Therefore, you now have the 0% debt on the card and the cash in your bank account. This allows you all types of opportunities, hence why I call them Super Balance Transfers. Example uses include...

• Clearing Overdrafts. This effectively shifts the overdraft to the card, so it's now at 0% plus the fee (also see the Best Bank Accounts guide).
  
  
• Shifting Loans. Once the money's in your bank account, then use the cash to pay any loan off. However, first check that there are no penalties for doing that (also see Cut Existing Loan Costs guide).
  
  
• Making a big purchase. As the money is in cash it's a way of paying for something, where credit cards won't usually be accepted. Of course though, be very wary of borrowing, keep the amount as low as possible, plan and do a Budget for the repayments.
  
  
• Stoozing. This is an advanced technique for making free cash from credit cards (see the Stoozing guide).
  

The Top Super Balance Transfers

First and foremost, a huge warning... many cards allow you to pay cash into your bank account; the difference is most charge a fortune for it. The key to a super balance transfer is that you’re charged the special promotional interest rate. So, to get this, never ever withdraw cash and never try and spend on the credit card. Instead, just ask the card provider to...

"Do a balance transfer to my current account"

This way you'll get the cheap balance transfer deal, and the cash will end up in your bank. For double surety, you can even explain exactly what you think will happen, and get them to confirm it. Don't use the term "super balance transfer" as that's a term we've coined and unless they use this site the customer service rep won't have heard of it.

Also, it's crucial you set up a direct debit to make AT LEAST the Minimum Repayment each month; if not you’ll lose the special deal and pay the 20%+ APR on all debts. Though it's massively preferable to pay more than the minimum amount, so the debt is cleared by the end of the intro deal.

Which cards let you do this?

There's currently only one card that charges 0% on super balance transfers for an introductory period with a one-off fee of 4% for shifting the money. Yet always treble-check the details before making any payment, as terms and conditions can be changed at any time.

Plus just like when applying for any card, you'll need to pass a a credit check (see credit rating guide).

Pay it off or shift the debt before the 0% ends.

Of course once you've got the cash in the bank, you can use it for whatever you intended. Yet as well as always meeting the minimum repayments remember to ensure the debt is cleared before the end of the 0% period.

There are two simple ways to do this. Hopefully you can simply repay it, if not, six weeks before it ends, you need to apply for a new 0% Balance Transfer card to shift the debt again. If you want a free text or email reminder to do this, use the Tart Alert.