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A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you take control of your debt. That’s because these credit cards usually come with a 0% interest offer for a limited time.
If you pay interest on your credit card and can't afford to clear the balance in full, then a balance transfer credit card is your secret weapon. It's a special type of interest-free credit card that lets you move your existing card debts to it, so you can clear your debts faster.
- Key Takeaways
- What Is A Credit Card Balance Transfer?
- What Is A Balance Transfer Credit Card?
- What Do I Need to Consider Before Transferring A Balance?
- How Do Balance Transfer Credit Cards Work?
- How Long Does A Balance Transfer take?
- What Are The Pros and Cons of A Balance Transfer Card?
- Will Transferring A Credit Card Balance Affect My Credit Score?
- What Is A 0% Interest Balance Transfer?
- What Fees Are Associated with Transferring A Balance?
A balance transfer credit card allows you to move an outstanding balance from one or more existing credit cards to a new cardCompare credit cards to find the best deal and look for a 0% balance transfer period that suits your repayment timelineTransferring a balance can temporarily affect your credit score due to changes in credit utilisationBe aware of one-time transfer fees (usually a percentage of the balance) and focus on paying off the debt promptlyAt its simplest, a credit balance transfer is when a credit card holder moves their existing balance to another credit card from an alternative provider. Typically you may want to carry out a balance transfer for these reasons.. 1. So you can keep all your borrowing in one place 2. To take advantage of a low rate, which could help you clear your ba...
A balance transfer credit cardis a special type of credit card designed to receive an outstanding balance transferred from one or more other credit cards. A balance transfer card will typically have a very low or 0% interest charge on the transferred debt for a set period of time, typically 12 months. This gives you time to pay off what you owe wit...
There are a number of things to consider before you apply for a balance transfer credit card. These include: 1. Decide how long you’ll need to pay off your credit card.You can work this out by dividing your balance by the amount you can afford to repay each month. For example, if you have a £2,000 debt and can afford £100 per month, it will take 20...
Balance transfers work by shifting debt from one credit card to another. The balance of your old card is paid off by your new card, effectively swapping who you have to repay. Balance transfer cards will usually offer a promotional period where you’ll be charged a low or 0% interest rate on your card balance for a number of months. At the end of th...
There is no set period, but you can generally expect a balance transfer in the UK to be completed in around five to seven days – although some credit card providers can take a few weeks. It relies on the speed of the processes of your old and new credit card issuers to ensure the balance is moved efficiently.
Advantages of a balance transfer card
1. Clear debt faster.If you have an outstanding balance on one or more credit cards, moving the debt to a low or 0% interest balance transfer card can mean big savings in interest repayments. That means you can get rid of the debt quicker 2. Consolidate debts so they’re easier to manage.A balance transfer card allows you to bring balances from other credit cards together onto a single card. When you do this, you’ll only have one monthly repayment to make, so it’s easier to manage 3. Help your...
Disadvantages of a balance transfer card
1. Temptation to spend on it. While a balance transfer card is designed to help you clear debt at low or 0% interest, if you use it for spending you may face high interest charges. If this is likely to be the case, you may be better off considering a combined balance transfer and purchase credit cardinstead 2. Not clearing the debt quickly enough. If you don’t clear the debt within the initial 0% interest period you could face a hike in interest payments. These could be even higher than the A...
Transferring a credit card balance could affect your credit scoresimply because any change in your credit use can affect your credit score. However, this impact is likely to only be temporary and if the balance transfer helps you to manage your finances better, clear your debt faster and not miss any repayments, then over time it should give your c...
A 0% interest balance transfer is when you move what you owe from one credit card to a dedicated balance transfer credit card without having to pay any interest for a fixed period. The best 0% card deals for balance transfer credit cards can offer 0% interest for up to 36 months, but there are a few things to watch out for. You are likely to have t...
A balance transfer feeis a one-off charge you’ll usually have to pay to switch a balance. It’s usually a percentage of the amount of debt that you transfer – the typical fee is around 3%, with a minimum charge of about £3. If you transferred a debt of £1,200, then 3% of this would mean you would pay a £36 fee. Some transfer cards charge lower fees ...
A balance transfer allows you to transfer debt from one credit card provider to another. To do this you must open a new balance transfer credit card, which are specifically designed for this process and often come with deals which mean you pay no interest on your debt for a set number of months.
Sep 2, 2024 · What is a balance transfer credit card? With a 0% balance transfer credit card you can shift debt from expensive credit and store cards and freeze the interest for a set period - with some deals lasting up to 28 months.
Jul 25, 2024 · Balance transfer credit cards are designed to help you clear your balance by providing low or 0% interest rates. But if you use the card for spending it could be expensive, with any new debt charged at a much higher interest rate.
Feb 6, 2023 · A 0% balance transfer credit card allows you to shift debt from expensive credit cards and freeze the interest for a set period – with some deals lasting up to 30 months.
