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Balance Transfer Cards

If you have debt on a high interest credit or store card you can transfer it to a 0% balance transfer credit card and save LOADS on your repayments

You could save HUNDREDS and take some of the pressure off paying back your debts

If paying off debt is your priority these are the best credit cards online for you

 

Need to know

  • The term and the handling fees are the most important factors with these credit cards- pick the card that will give you enough time to pay it off interest free and then look at other rewards from there
  • With a 0% balance transfer credit card you pay off debt from an existing high interest card by transferring it to a credit card with a 0% interest rate
  • This will allow you to cut interest and make monthly repayments more manageable
  • These are the best credit cards for making your bills more straightforward. You can transfer debt from several different cards into one monthly (and interest free) repayment
  • Most providers charge a handling fee to do a balance transfer. This is normally 3% so you need to weigh this up against what you will save with 0% interest
  • At the end of your deal ie. 0% on balance transfers for 24 months, your interest rate will rise to that provider’s standard rate and you will have to start paying interest on your balance
  • Make yourself a payment plan, if you have £2000 to pay off over 20 months make sure you are paying £100 a month
 

Balance Transfer Cards

If you have debt on a high interest credit or store card you can transfer it to a 0% balance transfer credit card and save LOADS on your repayments

Watch out! Four rules for all credit cards

  • Don’t use your credit card to withdraw cash unless you have to. Your credit card is VERY likely to have a high interest rate on any cash that you take out which you will start getting charged from the moment you withdraw it. There is also likely to be a withdrawal fee (we’ve only found a couple with no fees at all). These rates won’t be affected by another deal you might have
  • Look out for annual fees. The fees tend to be charged so you can access higher rates of cashback, airmiles or similar. If you’re not getting a superb deal that makes up for the fee then the cards are not worth applying for
  • Be careful! A lot of 0% or low interest credit cards will automatically set your direct debit amount very low each month so that at the end of the interest free period you end up with a large outstanding balance
  • If you don’t make the minimum monthly repayment then you may lose your deal
 

The inside track

  • If you want to get a good deal for spending AND paying off debt have a look at this guide to all round credit cards online
  • Your salary and your credit rating will affect your eligibility for the cards. Have a look at this guide for more information 
 
 

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