MoneySavingExpert's Money Tips Email

Ends Mon. Top long 0% balance transfer card gives you interest-free debt till 2029, plus £25 cashback

Can't afford to clear debt in full? Then you can't afford not to check if you can shift it to 0%

Right now, there are three credit cards offering a definite 36 months interest-free for debt shifted to them - so all accepted customers get the full 0% period. Plus HSBC will even pay you £25 to sweeten the deal, which could lessen - or even eliminate - the transfer fee... but that's ending soon. There are also a number of decent options for poorer credit scorers. So if you're paying interest on credit card debt, it's a perfect time to check what you can get...

What's a 0% balance transfer? It's where you get a new credit card that pays off debt on your existing cards, so you owe it instead, but interest-free. This means your repayments reduce the actual debt, rather than just cover the interest - getting you debt-free quicker (just don't borrow more). Three key tips before we start...

• Avoid rejections using an eligibility checker. Our Eligibility Calculator shows your odds of getting each card, so you can hone in and apply (via the calc) for the one likeliest to accept you, minimising 'applications' on your credit file.
• Go for the lowest-fee card with a 0% long enough to clear your debt. The longer the 0% the bigger the one-off fee (eg, 3% = £30 per £1,000 of debt shifted), so shorter 0% cards are cheaper. Unsure? Play safe & go long.
• Usually rejected when you apply? MSE's free Credit Club (available via the MSE App on Apple | Android) can analyse the problem. Plus you can also access our eligibility calc there too.

If you can't usually get the top cards, ensure you use our eligibility calculator as it will show you the cards you've the best chances of acceptance for. These include...

- Capital One's definite 22mths 0% (2.9% fee) 26.9% rep APR after. Note: You'll see the card in results if you've a chance of getting it. If you have no chance, you won't see it (but will see other cards).
- Fluid's 'up to' 15mths 0% (3% fee) but extreme 49.9% rep APR after, ensure it is cleared within 15mths if you get it.
- Capital One's definite 9mths 0% (3% fee) 34.9% rep APR after. Again, you'll only see it in your results if you can get it.

None of these exclude those with County Court Judgments (CCJs), defaults, or cleared bankruptcies, and Fluid allows income as low as £5,000/yr. Yet with all, acceptance depends on a host of factors.

The thing to watch with poor credit scorer cards... the APR (interest rate) after the 0% ends is often higher and with some cards it can be 49.9%, as you'll see above. So, compare that rate to the card(s) you're shifting debt from...

• Current card(s) APR is lower? ONLY shift debt you're certain you can clear within the 0% period.
• Current card(s) APR the same or higher? Shift as much as is allowed.
  
  

When you get the card, the best thing to do is apply at that point to shift the balance from your existing credit and store card(s). The new card firm will then pay the old card firm the money, so you now owe the same amount (plus any fee) to it instead. Getting the right card's just the start. Here are the four golden rules...

1. Clear debt before the 0% ends. Pay it off or balance-transfer again before the 0% ends or you'll pay the higher rep APR.
2. Never miss the minimum monthly repayment. Or you can lose the 0% rate. Best to set up a Direct Debit.
3. Don't spend / withdraw cash on the card. It usually isn't at 0%, so will be expensive.
4. Try to avoid further borrowing. Think carefully before borrowing any more. Do a money makeover and a budget.

It doesn't stop there though - we get many questions about how balance transfers work. These are the most common.... 

• Should I apply if my best eligibility score's only 20%? While 20% odds are low, it means two in 10 who apply will likely succeed - and it could be you. If you're rejected, barring a minor credit file application mark, you're no worse off. After all, cutting debt costs is what you try to protect your creditworthiness for (usually only trumped by a mortgage application), so go for it.
  
  As Adam emailed: "I just felt inspired to thank you. I applied to one of the top results on your eligibility checker, which estimated I had only a 20% chance and, guess what? I was accepted with an interest-free period of 2yrs. This debt was costing 20% APR!"
  
  
• Should I pay an equal amount on every card (spoiler... NO)? List all your debts in APR order from highest to lowest. Include your overdraft if you have one (as these days overdrafts are often the most expensive form of mainstream borrowing). Then, if possible, focus every penny of spare cash at trying to clear the debt with the highest interest rate, as it's growing quickest, and just pay the minimums on all the others. Once that's clear, shift focus to the next highest.
  
  
• What if the credit limit they give me isn't enough? In most cases, you won't know your credit limit until after applying, though some cards in the eligibility calc will show a guaranteed credit limit before applying.
  
  If you find the limit given is too low, shift as much of your highest APR debt as you can to the new card (usually you can move up to 90% of the credit limit). Then go back to the eligibility calc to see your chances of acceptance for other providers' cards to move the rest.
  
  
• What if the eligibility calculator says I've "no chance" for all cards? That can happen, especially for those on lower incomes or with a poor credit history (see how to improve it in MSE's Credit Club).
  
  So check if your credit limits on all existing cards aren't full in case you can shift debt from one card to another if it's cheaper. For example, if one credit card charges 18% and has half the credit limit left, and the other card is at 30%, ask the cheaper card's firm if you can shift debt from the more expensive one to it, saving you cash. Even better, some cards also have 'existing-customer balance transfer offers', eg 12mths at 0%. See the credit card shuffle for more.
  
  

The tips above are for those who can afford to meet their credit card payments and want to make them cheaper. If you can't, you'll likely need a different tack. Here's Martin's snap test...

1. Do you struggle to meet minimum monthly payments or pay all bills?
2. Is your total debt (not mortgage/student loan) over a year's salary?
3. Do you have sleepless nights or depression/anxiety over debt?

If you answered yes to any of these, you need a stronger intervention, so get free, one-to-one debt-counselling help from Citizens Advice, StepChange, or National Debtline. They have powers to give you breathing space on your debt or can put you in a repayment plan or similar. While this may impact your ability to access credit, it's usually worth it to get you out of the debt hole. Or if you need emotional support too, try CAP. 

Read inspiring stories in the Debt-free wannabe forum, plus see Mental Health & Debt and Debt crisis for more help.