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Martin's analysis: "For most of the last year, apart from the usual competitive flick-flacks, top balance transfer deals - which let you cut the cost of existing debt - have barely budged. Yet that could soon change, with markets pricing in that the Bank of England may increase the UK base rate up to four times over the next 12 months, starting next month.

"When UK rates rise, the change to balance transfer and credit card deals in general can be subtle. 0% lengths may shorten, fees and standard APRs can climb, but most difficult to spot is when lenders keep headline deals the same but tighten their acceptance criteria. I don't know what'll happen, but if you're paying interest on credit card debt, my hunch is it's safest to sort sooner, especially as there are some strong deals this week. To help, the team and I have put this together..."

Jump to: Balance transfers for beginners | Top 0% balance transfers | Top deals if you're rejected | FAQs

A balance transfer is where you get a new credit card that pays off your existing credit or store cards for you, so you now owe it instead, but now it's interest-free. If you know what you're doing, jump to balance transfer best buys, otherwise...

How do you do it? Once you've been accepted, you get a credit limit - the max debt you can put on the card - and can usually balance-transfer up to 95% of that amount. The process is simple: just fill in the 'do a balance transfer' or similar section on the new card's app or website, or in some cases call up and request a 'balance transfer'. It'll sort it from there.
I'm worried I'll be rejected? Our eligibility calculator shows your odds of getting each card (including cards for poorer credit scorers) so you can hone in and apply via it for the one most likely to accept you, minimising 'applications' on your credit file. Also, our free Credit Club (best via MSE App on Apple | Android) can help analyse why you're rejected too.
How do I pick the right card for me? If the eligibility calc shows you've got a choice of cards, go for the lowest-fee card with a 0% term long enough to clear your debt. The longer the 0% period, 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.
Will it help? Massively. It means your repayments reduce the actual debt, rather than just cover the interest, getting you debt-free quicker (just don't borrow more). As Mr Ahmed emailed us a while ago... "We had to use our credit card due to rising costs on everything. We quickly racked up nearly £6,000 in a short time. Our anxiety worsened on the £90+/mth interest we were being charged and feeling we couldn't get out of a hole. Then my wife remembered about your eligibility checker. Within minutes we got approved for 0% balance transfer for 27 MONTHS." [Saving over £2,000 interest]