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With a 0% balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, but at 0% interest. A card will have a 0% period, during which you pay no interest – for example, 28 months – and sometimes you'll pay a small fee.
Get up to 21 months 0% on purchases & 18 months 0% on balance transfers. Benjamin Taylor | Edited by Chris Collier. Updated 6 November 2024. Most credit cards are good for new spending OR cutting the cost of existing debt, but some offer cheap intro rates on both.
Some cards let you transfer a balance over to the same 0% period you would receive for spending, after a one-off fee around 3% of the balance you're transferring. See our Best all-rounders guide for full info.
A 0% money transfer allows you to shift cash from a card to your bank account to clear your overdraft or give yourself a 0% cash loan for up to 12 months. This guide has full info and the best deals, though not many cards offer these transfers any more.
How balance transfers work. A 0% balance transfer is where you apply for a new card with a special offer to pay off debts on your existing credit or store card (s) for you, so you owe it the money instead, but it's interest-free for an extended period.
If you've run up a balance on your credit card that you can't afford to clear at the end of every month, then a 0% balance transfer credit card is almost a no-brainer. However, as with most financial products, there are some key things you need to know to make sure you use the card correctly.
Balance Transfers-Cut existing debt costs. A balance transfer's when you use one card to pay off other credit or store cards, so you owe the new one but at a far lower rate - often 0% - making you debt-free quicker, as repayments cover debt, not interest.
0% balance transfer cards – transfer existing credit card debt from other cards and pay no interest for an agreed number of months. Be mindful of transfer fees though; 0% purchase cards – spend upfront and get an agreed number of months to pay off the debt interest free
Five best-buy 0% balance transfer deals have been cut this week, with the longest card now offering up to 36 months at 0%, and the longest no-fee card 28 months. If you've credit card debt to shift, act now before deals worsen.
21 January 2021. Can't afford to clear your debt? You can't afford not to try to move it to 0%, MoneySavingExpert.com founder Martin Lewis writes. You could save £1,000s on credit cards, mortgages, overdrafts, loans, store cards, buy-no-pay-later (BNPL) and more - here's how.