The Bank of England cut its base rate in December, and with another one predicted next month, this is filtering through to the credit card balance transfer market. In the last week alone, we've seen the new top balance transfer cards both cut their balance transfer fees and shift from 'up to' deals to 'definite' ones - so all accepted customers get the full rate.
What is a 0% balance transfer? It's where you get a special new credit card that pays off debt on your existing cards, so you owe it instead, but interest-free. This means more of your repayments reduce the actual debt, rather than just cover the interest charge - getting you debt-free quicker (just don't borrow more). Three key tips...
Apply via the eligibility calc to find which cards will accept you. It shows which cards you're most likely to get, minimising applications to protect your credit score.
Get the lowest fee within a 0% period long enough to clear the debt. Longer balance transfers usually have a bigger one-off fee, so if you can go shorter it's 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
