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balance transfer credit cards

Balance Transfer Credit Cards

Shift existing card debt to 0% interest for up to 29mths

Martin Lewis
Martin Lewis
Updated 20 July 2021

Paying credit card interest? STOP. A balance transfer credit card can save you £1,000s by slashing the interest you pay. Our guide has full info and top picks, plus our Balance Transfer Eligibility Calculator will show the cards you've the best odds of getting.

Top-pick balance transfer cards

Other MSE credit card guides... 

0% Money Transfer Cards | 0% Credit Cards for Spending | All-Rounder 0% Cards | Debt Help | How credit cards work

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How do balance transfers work?

With a 0% balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, but at 0% interest. A card will have a 0% period, during which you pay no interest – for example, 28 months – and sometimes you'll pay a small fee. It means you become debt-free quicker, as more of your repayments reduce the debt, rather than pay interest. 

Balance transfer

Which balance transfer card is best?

First up, you can't transfer a balance between cards from the same bank/group. So where you're transferring debt from will narrow down the choice. Of those left, which to go for will largely be determined by which cards you're eligible for, as you'll need to pass a credit check as part of any application.

Our eligibility calculator will show your chances of acceptance for most of the top cards in this guide, with no impact on your credit score. If it shows you're eligible for many cards but you're unsure which to pick, follow this rule...

Go for the card with the lowest fee in the 0% period you're sure you can repay it in. If unsure, play safe and go long.

The five golden rules

Get this wrong and it can cost you large, so please read the following.

  • 1. Always clear debt or shift again before the 0% or cheap rate ends, or costs can rocket

    Cheap balance transfer deals are designed to make lenders money when the 0% period ends, as interest rates jump massively (typically to between 18% and 40%). Yet this can be avoided...

    • Aim to clear the balance before the 0% period ends. Quite simply,  divide the amount you owe by the number of months at 0%, then pay at least this every month to pay it off in time. To see the cost of paying off different cards over varying time periods, use our Which card is cheapest? calculator.

    • If you can't clear it in time, balance-transfer again to another 0% offer. If you can't afford to repay in time, the next best bet is to shift the debt again, before your 0% period ends. If you're not eligible for any cards, you could consider transferring back to the original card you shifted the debt from, if it's still open and cheaper than the interest rate on your current card.

  • 2. Repay AT LEAST the monthly minimum or you may lose the cheap rate

    Just because you grabbed a 0% deal DOESN'T mean you can get away with paying nothing – you must pay at least the minimum monthly payments, preferably more. Otherwise you will be hit with penalties and some card providers will withdraw the deal, leaving you on an expensive rate.

    How much should I aim to pay?

    Your aim should be to pay more than the minimum – unless you've pricey debts elsewhere, in which case focus max repayments on them. Minimum payments are designed to make debts last as long as possible, which you should try to avoid – see our Credit Card Minimum Repayment Calculator for tips to beat this.

  • 3. Don't spend or withdraw cash – it's usually at an expensive rate

    While balance transfers made to the cards in this guide are interest-free for a number of months, other uses such as spending and cash withdrawals are usually not – and will incur charges and interest. 

    For cash, you'll usually pay interest from the date of the withdrawal until it's paid off.

    This means you'll most probably see an interest charge on the first statement after the withdrawal, which is the interest charged from the date you made the withdrawal until the date the statement was issued.

    But you may also see interest charged on the following statement. There'll be a delay between your statement being drawn up, and you paying it. It may be a couple of days, it may be a couple of weeks. But you'll be charged interest on the withdrawal until you pay it off.

    There are special cards if you need to shift debt AND spend

    If you also need to spend on the card, it's best to get an all-rounder card, which has a 0% length for balance transfers AND spending, and means you only need to apply for one card. Check our 0% Balance Transfer & Spending guide for full info, or alternatively you could try a separate 0% credit card for purchases.

  • 4. To get the 0% and fee, you usually have to do the balance transfer within the first 1-3 months

    For most cards, the 0% period is only reserved for balance transfers that are made within the first 60 or 90 days – though always check your card for its time limit, as it does vary. After this has passed, any transfers would incur expensive interest at the card's normal rate, unless it's paid off in full.

    This can sometimes apply to the one-off transfer fee too, so it's likely you'd pay a higher fee on later transfers, in addition to interest.

    There are some notable exceptions to this though, with certain cards requiring you to request the balance transfer when you apply, and others allowing transfers at any point during the 0% period. But as the 0% period usually starts on the day the account is opened, you'd have less interest-free time if you waited.

    How to request a balance transfer

    When you apply for the new card, it will usually include a 'Do you want to transfer debts from other cards?' section. Here, put in the details of the other card(s). If you're successful in getting the new card, it will pay the other one(s) off. 

    If you don't do it at the initial application, you can usually submit the request via your card's online banking or by calling the lender. 

  • 5. You can't balance-transfer between two cards from the same bank or often the same banking group

    For balance transfers, one rule is clear – you can't transfer a balance between two cards issued by the same bank (eg, from one Barclaycard to another).

    However, for some cards it's a bit more complicated, as certain providers extend this to prevent transfers between cards from the same banking group:

    Banking group Credit cards you can't transfer a balance between
    Capital One Capital One, Littlewoods, Luma, Ocean, Post Office (cards issued after November 2019), Thinkmoney and Very
    HSBC First Direct, HSBC, John Lewis Finance and M&S Bank
    NatWest NatWest, Royal Bank of Scotland and Ulster Bank
    NewDay Amazon, Argos, Aqua, Burton, Debenhams, Dorothy Perkins, Evans, Fluid, House of Fraser, Laura Ashley, Marbles, Miss Selfridge, Opus, Outfit, Topman, Topshop and Wallis. You're also unable to transfer a balance from a store card or American Express
    Santander Cahoot and Santander
    Virgin Money B, Clydesdale Bank, Virgin Atlantic, Virgin Money and Yorkshire Bank. You're also unable to transfer a balance from a non-UK issued American Express (eg, British Airways Amex)

 Credit Card Eligibility Calculator

See which balance transfer cards you've the best chance of getting, in your own personal best-buy table.

Usually, applying is the only way to know if you'll be accepted for a credit card. Yet that marks your credit file, affecting your ability to get future credit. To help, our tool uses a 'soft search' to find your chances of acceptance before you apply.

Check your chances of acceptance

Top-pick 0% balance transfer cards

Here are our top-pick cards, all with a long 0% period – go for the lowest fee in the time you're sure you can repay. The longest charge a one-off fee, as a percentage of the amount of debt you transfer (eg, 2% is £20 per £1,000). But there are shorter options with no fee, so no cost if you can clear your debts within 18 months or less. If unsure, play safe and go for a long 0% period.

Important: These include 'up to' cards, where poorer credit scorers may get a shorter 0% period than advertised – unless you're showing as pre-approved in our eligibility calculator. This is the best route as it shows which cards you're most likely to be accepted for. Where a card isn't in our eligibility calculator, we just include a link allowing you to apply direct.  

Top-pick 0% balance transfer cards for new cardholders

LENDER 0% PERIOD + FEE (i) APPLY



M&S Bank		 This card gives £25 cashback, which makes this card cheapest if  you're shifting less than £3,330 and you need the longest 0%.  When transferring £100-£900, the cashback is actually bigger than the fee, so you're up a little – it even beats the top no-fee card from Santander below. All accepted get the full 29 months at 0%, after which it's 21.9% rep APR. Full card spec
- 29mths 0%
- 2.75% fee (min £5)
- £25 cashback if shifting £100+ in first 90 days		 Check eligibility
Apply*



Sainsbury's Bank		 The joint-longest 0% with the lowest transfer fee, so beats M&S above for transfers over £3,334 – though some won't get the headline deal. As it's an 'up to', unless showing as pre-approved in our eligibility calc, some accepted could get 21 months at 0% and/or the higher 3% fee. Request the transfer during your application to pay the 2% or 3% fee – you could pay more if you wait. After the 0%, it's 21.9% rep APR. Full card spec
- Up to 29mths 0%
- 2% or 3% fee (min £3)		 Check eligibility
Apply*



MBNA		 A much lower transfer fee, so beats the cards above if you can clear your transferred balance in 27 months or less – though it's an 'up to'. You'll get the headline deal if you're showing as pre-approved – use our eligibility calculator to check – otherwise some accepted could get just 14 months at 0% and/or the higher 3.49% fee. This card has a 21.9% rep APR. Full card spec

- Up to 27mths 0%

- 1% or 3.49% fee

 Check eligibility
Apply*



 

Virgin Money

 Similar to MBNA above with a long 0% and low fee combo, though here all accepted get the headline deal. So it's a good option if you've decent odds in our eligibility calc. It's 21.9% rep APR after the 0%. Full card spec
- 27mths 0%
- 1.2% fee		 Check eligibility
Apply*



Santander

 Easy no-cost winner if you can clear debt within 18 months – transfer balances to 0% for no fee. Though if you're shifting £100-£900, take a look at M&S Bank above. All accepted get a definite 18 months at 0%, then it's 20.9% rep APR. Full card spec

- 18mths 0%

- NO FEE

 Check eligibility
Apply*
The next-best 0% balance transfer cards. Here are quick details of decent alternatives.
HSBC - 29mths 0%
- 2.75% fee (min £5)
- 21.9% rep APR		 Check eligibility
Apply*
MBNA - Up to 29mths 0%
- 2.69% or 3.49% fee
- 21.9% rep APR		 Check eligibility
Apply*
Sainsbury's Bank - Up to 26mths 0%
- 1% fee (min £3) (ii)
- 21.9% rep APR		 Check eligibility
Apply*
Barclaycard

- Up to 24mths 0%

- 0.9% fee
- 21.9% rep APR

 Check eligibility
Apply*
NatWest (iii)
Existing customers only		 - 18mths 0%
- NO FEE
- 21.9% rep APR		 Check eligibility 
The card above is also available for existing RBS (check eligibility) and Ulster Bank (apply) customers. 

Important: (i) Fee as a percentage of debt shifted. To get the 0% and fee, you must usually do the balance transfer within 60/90 days of opening. You can't balance-transfer between cards from the same bank/group. (ii) To get the 1% fee, you need to request the transfer as you apply. (iii) You'll need an existing savings, credit card, mortgage or current account to apply. NatWest and RBS have asked we send people to our eligibility calc, to reduce demand on them during the pandemic.｜Representative APR (variable) after the 0% period is stated above – your balance transfer interest may be different.｜See all official APR examples. 

Top-pick balance transfer cards for poorer credit scorers

To be accepted for most of the deals above, you need a decent credit score, but there is hope for those with a patchy credit past.

Warning – after the 0% rate these are VERY expensive, so plan how much to shift. All cards below have a horrid rep APR after the 0% (up to 34.9%), so compare against your current card's interest rate. If that's more, shift as much debt as possible, which'll depend on the credit limit you get. If less, only shift what you're sure you can clear within five to nine months, depending on the card you choose.

Top poor credit balance transfer cards for new cardholders (i)

LENDER 0% LENGTH + FEE (i) APPLY



New. Capital One		 The longest 0% for poor credit with a lowish fee. Credit limits are from £200 to £1,500 and all accepted get the full 9mths at 0%. It's then 34.9% rep APR. Full card spec
- 9mths 0%
- 3% fee		 Check eligibility
Apply*


Chrome by Vanquis Bank (ii)		 The lowest transfer fee for poorer credit scorers, so the cheapest option if you can clear your debt in six months or less. All accepted get a credit limit of £1,000 (max transfer of £900, min £100) and 6mths at 0%. It's then 29.3% rep APR. Full card spec
- 6mths 0%
- 2.9% fee
 Check eligibility
The next-best poor-credit balance transfer cards. Here are quick details of decent alternatives.
Fluid (iii)

- 9mths 0%

- 4% fee

- 34.9% rep APR

 Check eligibility
Aqua (iii)

- 6mths 0%

- 3% fee
- 34.9% rep APR

 Check eligibility
Marbles (iii)

- 5mths 0%

- 3% fee

- 34.9% rep APR

 Check eligibility

Important: (i) Fee as a percentage of debt shifted. To get the 0% and fee, you must usually do the balance transfer within 60/90 days of opening. You can't balance-transfer between cards from the same bank/group. (ii) We've only included a link to our eligibility calc as this card isn't available on Chrome's site. (iii) Aqua, Fluid and Marbles have asked we send people to our eligibility calc, to reduce demand on them during the pandemic.｜See all official APR examples. 

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Balance Transfer Calculator: Which card is cheapest for you?

Based on how much you can afford to pay each month, this calculator gives you an indication of which card might be cheapest, when factoring in any one-off transfer fee. However, do note that not every card above is included within the tool.

Cashback sites may pay you for signing up

As an extra boon, members of specialist cashback websites can be paid when they sign up to some financial products. Do check that it's exactly the same deal though, as terms can be different. And remember that the cashback is never 100% guaranteed until it's in your account. 

There is full help to take advantage of this and pros and cons in our Top Cashback Sites guide.

If you can't get a new 0% card, try the credit card shuffle to cut interest

If you're unable to get any of the cards above (use our eligibility calculator to check), you may still be able to slash the interest by asking for a low-rate or 0% deal on the card you already have.

If you've more than one credit card, you can then shift debt to the card which offers the lowest rate, though you'll need to factor in any one-off transfer fees.

Here's how to do it step by step:

  1. List all your debts. Take stock of your current situation and note down all your existing debts, including an overdraft if you have one. Our credit card shuffle worksheet may help.

  2. Check your account(s) for existing-customer offers. Lenders sometimes offer special deals (either a lower rate or 0% for a set period) for transferring new debt to your existing cards, though usually for a one-off fee. You can usually find these on your online account or by calling your card provider.

  3. Shift debts to the cheapest card. Do a balance transfer to shift your debt from the card(s) charging the most interest to the one charging the least (or the cheapest ones, if your credit limit isn't big enough to allow you to move it to just one card). You could even consider shifting debt away from any card that will offer you a 0% deal for transferred balances. You can then transfer it back along with debt from other cards to get the 0%. Though be aware of balance transfer fees that could wipe out the gain. 

  4. Repay the most expensive debts first – the most crucial part. If you can't shift all your debt to one card, focus as much cash as possible on the most expensive one first and just pay the minimum repayments on any less expensive card. Once that's repaid, shift focus to the next highest-rate card and continue this until you're debt-free.

If you're paying debts at 18.9% APR on one credit card, and you can get a low-rate deal for 6.9% APR on another card you have, you could save about £120 interest in a year on a £1,000 debt.

  • What if I've debts at different rates on one card?

    If you balance-transfer to a card at a special cheap rate, but already hold debts on it with a higher interest rate, the provider biases your repayments towards the higher rate debts first. This is good, as it means the most expensive balance disappears first (it used to be the other way around).

    However, it means to get the absolute most out of the shuffle, there's an extra step to follow:

    Only focus repayments until the expensive debt's repaid.     Once you've done the shuffle, and you know the priority with which you should pay off each lump of debt, make sure you stop once all the expensive layer is gone. For example, if you had

    Card A. £1,000 balance: £700 at 6%, £300 at 25% interest.
    Card B. £400 balance at 18% interest. 

    You'd want to pay enough to clear the high-interest £300 first and then switch to clearing the £400, before finally paying off the £700. Though remember to always pay at least the minimum on the card you're not focusing on. 

  • How much could I save doing the credit card shuffle?

    The credit card shuffle needs careful management but if you follow the steps above, you could cut the total amount you have to repay by thousands.

    Here's an example, showing the interest you'd pay doing a credit card shuffle vs not doing the shuffle:

    £7,000 debts repaying £100/month on each card until repaid in full

    Card & credit limit WITHOUT SHUFFLE
    		 WITH SHUFFLE
    Interest rate
    		 Debt Total interest (1)
    		 Interest rate Debt (2)
    		 Total interest (3)
    Card A  £3,000
    		 14.9%
    		 £1,500
    		 £141
    		 14.9% on existing debt,
    6.9% on new debt    		 £1,500
    £1,500    		 £526

    Card B

    £3,000

    		 16.9%
    		 £0
    		 £0
    		 0% for four months then 16.9% £3,000 £235
    Card C £2,000
    		 19.9%
    		 £500
    		 £23
    		 19.9% £0 £0
    Card D £5,000
    		 17.9%
    		 £5,000
    		 £1,784
    		 17.9% £1,000 £31
    Total Avg rate = 17.4%
    		 £1,948
    		 Avg rate = 14.1%
    		 £792
    (1) £100 monthly repayments on each card until card fully repaid. (2) All debt now balance-transferred; to do this, it was moved off the card and returned. (3) Repaying most expensive debt prioritised while paying minimum on other cards.

    With normal debts of £1,500 on Card A, £500 on Card C and £5,000 on Card D, the average interest rate is 17.4%. Repay £100/month on each card and by the time you've cleared the cards in full, the interest totals £1,948.

    Yet shuffle as much as possible on to Card A's 6.9% existing-customer offer for new debt and the rest to Card B at four months 0% then 16.9%, and then repay the most expensive debts first. This way the average interest rate is reduced to just over 14%, meaning the interest is only £792, less than half the cost – meaning a massive saving of £1,156.

Coronavirus credit card help

If you're struggling to pay off debt on an existing credit card due to coronavirus, lenders should provide support. Yet the blanket payment holiday help that used to be available has ended.

So if you're struggling to pay your credit card debt now, or you're coming off an agreed payment holiday, lenders are now supposed to provide 'tailored support'. Under this, you could be offered a (further) payment holiday or a period of reduced payments, reduced interest or a repayment plan – lenders should take into account how much you can afford and how your finances are likely to change in the near future.

Providers are expected to report any support they give you to credit reference agencies, which could affect your future creditworthiness. Yet don't let that put you off from contacting your provider – missing payments or defaulting is likely to have a far worse impact.

For the latest updates and full information on the support available, see our Coronavirus Finance & Bills Help guide.

Balance transfer FAQs

  • What if the credit limit I get isn't high enough?

    Your balance transfer limit will usually be 90-95% of your total credit limit, so you wouldn't be able to transfer more than that amount.

    If you can't shift all your debt over, move what you can and check your chances of acceptance for another provider's card. If there's a good chance, apply and move the rest there. 

    Otherwise, just pay the minimum repayment on the new card with the 0% period and concentrate all of your cash on clearing the rest of the debt you couldn't shift over. Once that's paid, you can move your payments back to clear the balance at 0%.  

  • Will transferring a balance close my old card for me?

    No. When you transfer debt from one card to another the old card stays open, and you're able to use it if you wish – although if you're trying to pay debt off, it's usually not wise to keep spending on credit.

    If you want to close your old card, you will have to let your old card provider know. Just not using the card or cutting it up doesn't close the account. Read full pros and cons of closing old credit card accounts in Should I cancel old cards?

  • Can a balance transfer hurt my credit score?

    Shifting a balance from one card to another isn't recorded on your credit file, so you're free to balance transfer as many times as you like. However, a footprint is added to your file every time you apply for a new credit card. 

    Multiple applications, especially close together, and high outstanding debts, even at 0%, can affect your ability to get further credit. See our Credit Scores guide for full information.

    The most important preventative measures are to spread card applications out and use our eligibility calculator to check your chances of acceptance, before applying blind.

    If you've a current 0% deal that's ending and you've a need to transfer the balance again, the best time to apply is roughly six weeks before. Use our eligibility calculator to see which card you've the best chance of getting. This gives you enough time to apply, find out if you've got the card, and shift the debt, while your other card is still at 0%.

  • Can I transfer my partner's debt on to my 0% card?

    Before you think about doing this, be aware that the debt then becomes yours. Even if you have an informal agreement between you that they will make the payments, the credit has been provided to you, so it's your responsibility to pay it off.

    Make sure you think carefully before taking on your partner's debt – especially if you're feeling pressured to do it – as while you may be in a trusted relationship now, there's always a risk things could go wrong in future.

    But if you're sure, some lenders allow you to transfer a balance from a card that's in someone else's name (as long as it's not with the same provider). 

    Here are the policies of several major lenders:

    LENDER CAN YOU TRANSFER DEBT FROM OTHERS' CARDS?
    Bank of Scotland ❌
    Barclaycard ✔️
    First Direct ✔️
    Halifax ❌
    HSBC ✔️
    Lloyds ❌
    MBNA ❌
    NatWest ❌
    New Day ❌
    RBS ❌
    Sainsbury's Bank ❌
    Santander ✔️ (1)
    Tesco Bank ❌
    TSB ❌
    Virgin Money ✔️ (1)
    (1) You need to add your partner as an additional cardholder.｜Last updated Feb 2021.

    If your lender doesn't allow this, and you can't get a card from one that does, there is a slightly trickier option of taking out a 0% money transfer credit card. These cards give the option of moving money to your current account, which you can use to pay off your partner's card. You'll then owe the amount on the new card.

    You'll pay a one-off fee to do it (often higher than a balance transfer fee) and while it will have a 0% period, these are shorter than the top balance transfer offers. For full help and top picks, see 0% Money Transfer Credit Cards.

  • Can I transfer a balance from an American Express (Amex)?

    Yes, in most cases – though you may have to call the new card provider if it can't process the transfer request online. American Express usually has 15-digit card numbers, rather than the standard 16, so some systems are unable to process the shorter number (eg, Santander, Tesco Bank and TSB have told us this is the case for most requests).

    If this happens, calling the provider is your best bet or you could try adding a '0' to the beginning or end of the card number to 'trick' the system. 

    There are some notable exceptions though, as cards issued by NewDay such as Aqua, Fluid and Marbles above won't accept any transfer from an Amex. Equally, Sainsbury's Bank advises to call to check the Amex card(s) you hold can be accepted in advance and Virgin Money will only accept UK-issued cards.

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