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When you’re attempting to pay off your credit and store card obligations while avoiding late fees, it makes sense to transfer them to a credit card with no Interest. It is a choice that may help you eliminate debt quicker and more effectively by consolidating current debts. Choosing the best balance transfer credit card will be determined mostly by your eligibility and the location of your present debt since you cannot transfer to the same bank or organisation. If you have a credit card or overdraft debt, switching to a balance-transfer card with a 0% Interest rate may help you save money. This article contains the top ten debt transfer offers, as well as recommendations on how to pay off a credit card bill.
Best Balance Transfer Credit Cards - Top 10 Credit Cards
1. Virgin Money
The Virgin Money balance transfer card boasts a longer introductory period than many other cards, as well as a 0% Interest rate on purchases. Virgin Money has extended the balance transfer card’s interest-free period.
It previously provided a 32-month interest-free term, but it now provides a generous 34-month duration, making it the market’s longest.
2. Sainsbury’s bank
The Sainsbury’s credit card is a wonderful alternative for consumers who buy at Sainsbury’s and utilise the Nectar programme since it offers additional points for pounds spent at Sainsbury’s, TU Clothing, or Argos.
Our rating for Sainsbury’s Bank’s no-balance-transfer-fee credit card is four stars. It provides up to 21 months of interest-free credit. It is the market’s second-longest period for a card with no balance-transfer charge. The only reason it doesn’t earn five stars is that it charges certain clients a pretty high Annual Percentage Rate of up to 29.90 per cent after their promotion term expires.
3. MBNA
The MBNA credit card has a soft-check option, which allows you to test whether you’d be approved without hurting your credit score. To qualify for the opening incentives, all balance transfers must be completed within 60 days.
The duration of the introduction period will be determined by eligibility.
4. Barclaycard
The Barclaycard Platinum card provides perks such as £30 cashback, early entrance, and VIP tickets to the hottest movies, concerts, and events. The no-cost platinum balance transfer card from Barclaycard offers the fourth-longest 0% duration among the fee-free cards, delivering 15 months with no Interest.
It also features a comparatively low APR of 21.9 per cent if you have a debt to pay after your promotional term expires.
5. Santander Everyday
The Santander Everyday credit card offers an excellent selection of rewards, including up to 15% back at certain merchants. Santander’s Everyday card is interest-free for 21 months. It is one of the longest 0% Interest rates available, and there is no balance transfer charge.
That is, if you make your monthly payments and do not use the card for anything else, you may borrow money for free. It also has a cheaper Interest rate after the introduction period (which is shorter than that of other banks).
6. Tesco Bank
Although the Tesco Bank credit card does not provide a 0% introductory rate on purchases, it does provide Tesco consumers with Clubcard points and other advantages and prizes. If you desire a lengthy transfer time, this card should be on your shortlist.
That is, if you make your monthly payments and do not use the card for anything else, you may borrow money for free. It also has a cheaper Interest rate after the introduction period (which is shorter than that of other banks).
7. The First Direct
The First Direct balance transfer card is exclusively accessible to First Direct bank members; however, beyond the promotional period, it provides a special Interest rate.
8. HSBC
An HSBC balance transfer credit card features no annual fees and offers special deals and discounts to cardholders. Although there is a cost of 2.7 per cent, HSBC offers the second-longest 0 per cent period presently accessible on the market.
Be aware that HSBC is at the bottom of our customer experience rankings, ranking 27th out of 30 brands.
9. Cooperative Bank
The Co-Operative Bank balance transfer card is exclusively available to Co-Operative Bank clients and offers a reasonable introductory term and no yearly charge.
10. M&S Bank
Sparks Card points are earned on all M&S credit card purchases, including those made outside of M&S shops. This M&S Bank credit card has one of the longest interest-free balance transfer periods available, at 32 months.
There is a cost, but it is cheaper than competitors providing the same balance transfer term at 1.99 per cent.
Will I get approved for a credit card?
A credit card application will be denied if the applicant has a poor credit score.
A credit score is calculated by reviewing a person’s lending history.
Anyone who has never borrowed before will have a poor credit score.
Anyone who has a track record of borrowing money and returning it on time will get a high score since it demonstrates that they can trust to handle debt.
A credit report will contain a history of any personal loans, mortgages, credit cards, and mobile phone contracts utilised.
Late payments are a black mark that lowers someone’s credit score.
A poor credit score will make it difficult to get a credit card with a low APR or an extended interest-free period. A severely low score may result in an application being entirely turned down for a credit card.
Conclusion
When you use a credit card, you accumulate a debt that you must repay. It may pay in whole throughout each billing cycle or in minimum monthly instalments, which normally entail Interest costs. When there is a debt on a credit card that has to be paid off, the Interest rates might make it more costly and take longer. Transferring a credit card balance to a new card with a low or zero Interest rate allows you to pay off the debt quicker and with fewer costs, making the most of each payment. The new card should have a 0% Interest rate for a fixed length of time or at the very least a very low-interest rate.
