Balance Transfers

It is estimated that one third of credit card holders fail to pay off their balances in full each month. These people could save themselves a small fortune by regularly switching to a 0% deal, especially as there are now a number of 0% balance transfer credit card deals on offer. We provide a summary of some of the leading balance transfer rates on offer below.  You can see at a glance who offers the longest 0% intro period for transferring a card balance. It is estimated that if everyone switched their credit cards to another provider, more than £2 billion a year could be saved in all.

If you're intending to shift your debt, do your sums carefully as you may not save as much as you'd hoped. Card companies have recently introduced balance transfer fees, so you might  find that a credit card with a life of balance rate would save you more.

Below is a summary of the best balance deals currently available in the UK.

Click on the card for full details / apply online.

Credit Card Click card for more details or to apply	Promotional Rate for Balance Transfers (Balance transfer fee rates in brackets)	Promotional Rate for Purchases	Representative APR (variable)
Barclaycard Platinum Balance Transfer	0% for 24 months (3.2%)	0% for 3 months	17.9%
	Freeze your interest at 0% until 2014!
	Representative Example 17.9% representative APR variable 17.9% p.a.variable on purchase £1,200 credit limit
HSBC Bank	0% for 23 months (3.3% - min £5)	0% for 3 months	17.9%
	Representative Example 17.9% representative APR variable 17.9% p.a.variable on purchase £1,200 credit limit
Barclaycard Platinum Barclays Bank PLC 1 Churchill Place, London, E14 5HP	0% for 22 months (3.2%)	0% for 3 months	17.5%
	Refund offer which reduces the handling fee to equivalent of 2.9% for everyone
	Representative Example 17.5% APR representative variable 17.5% p.a. variable on purchases £1,200 assumed credit limit
Halifax Balance Transfer	0% for 22 months on balance transfers up to £3,000 (3.5% - min £3.50)	0% for 3 months	17.9%
	You must have an annual income of £20,000 or more to apply
	Representative Example 17.9% APR representative variable 17.95% p.a. variable on purchases £1,200 assumed credit limit
Virgin	0% for 20 months (2.99%)	0% for 3 months	16.8%
	Cardholders can take advantage of exclusive instant savings across the Virgin group with discounted holidays, wine, gym membership, experience days and more
	Representative Example 16.8% representative APR variable 16.8% p.a.variable on purchase £1,200 credit limit
Halifax	0% for 20 months (3% - min £3)	0% for 3 months	16.9%
	You must have an annual income of £20,000 or more to apply
	Representative Example 16.9% representative APR variable 16.94% p.a. variable on purchase £1,200 example credit limit
RBS Platinum The Royal Bank of Scotland plc. 36 St Andrew Square, Edinburgh, EN2 2YB	0% for 20 months (2.9% - min £5)	0% for 6 months	17.9%
	1% off the APR for Royalties Gold customers
	Representative Example Representative 17.9% APR (variable) based on an assumed credit limit of £1,200. Standard interest rate for purchases: 17.95% p.a. (variable) In the Representative Example above we have used an assumed credit limit of £1,200. The actual credit limit assigned to individual accounts will vary depending on our credit assessment of you. Pay 0% on balance transfers for 20 months (2.9% fee, min £5). This offer is only available online. Over 18s only. Minimum income to apply: £10k p.a.
NatWest Platinum	0% for 20 months (2.9% - min £5)	0% for 6 months	17.9%
	1% off the APR for Advantage Gold customers
	Representative Example Representative 17.9% APR (variable) based on an assumed credit limit of £1,200. Standard interest rate for purchases: 17.95% p.a. (variable) In the Representative Example above we have used an assumed credit limit of £1,200. The actual credit limit assigned to individual accounts will vary depending on our credit assessment of you. Pay 0% on balance transfers for 20 months (2.9% fee, min £5). This offer is only available online. Over 18s only. Minimum income to apply: £10k p.a.
Bank of Scotland Plus	0% for 18 months (3% - min £3)	0% for 3 months	16.9%
	Representative Example 16.9% representative APR variable 16.94% p.a. variable on purchase £1,200 credit limit
Halifax	0% for 17 months (3% - min £3)	0% for 3 months	16.9%
	Representative Example 16.9% representative APR variable 16.94% p.a. variable on purchase £1,200 credit limit
Virgin All Round	0% for 16 months (1.99% - min £3)	0% for 6 months	15.8%
	Cardholders can take advantage of exclusive instant savings across the Virgin group with discounted holidays, wine, gym membership, experience days and more
	Representative Example 15.8% representative APR variable 15.8% p.a.variable on purchase £1,200 credit limit
AA Balance Transfer	0% for 16 months (2.9%)	0% for 3 months	17.9%
	Earn AA Rewards Points on all purchases plus double points on fuel and motoring spend Collect AA Rewards Points and exchange them for a range of motoring products and services. Earn AA Reward Points every time you spend. Collect 1 AA point for every £1 you spend with double points on fuel and motoring purchases. Use your points to purchase from a range of motoring products and services
	Representative Example 17.9% representative APR variable 17.9% p.a.variable on purchase £1,200 credit limit
Lloyds TSB Platinum	0% for 15 months (3%)	0% for 3 months	17.9%
	Representative Example 17.9% representative APR variable 17.95% p.a. variable on purchase £1,200 credit limit
Halifax All In One	0% for 15 months (3% - min £3)	0% for 15 months	17.9%
	The APR and length of the promotional offer are dependent on your personal circumstances
	Representative Example 17.9% representative APR variable 17.95% p.a. variable on purchase £1,200 credit limit
Bank of Scotland Advantage	0% for 13 months (3% - min £3)	0% for 13 months	17.9%
	To qualify you will need to have a Bank of Scotland Current Account which you pay £1,000 or more into each month or hold an Ultimate Reward Current Account.
	Representative Example 17.9% representative APR variable 17.95% p.a. variable on purchase £1,200 credit limit
NatWest YourPoints World	0% for 13 months (2.9% - min £5)	0% for 13 months	17.9%
	Introductory 2,500 bonus points to all new customers The card gives you one reward point for every £1 you spend. Bonus points are also gifted on a yearly basis thereafter. Points can be redeemed against flights, holidays, shopping vouchers and experiences and at retail outlets including Marks & Spencer, Boots, easyJet, Harvey Nichols and Amazon
	Representative Example Representative 17.9% APR (variable) based on an assumed credit limit of £1,200. Standard interest rate for purchases: 17.95% p.a. (variable).
Virgin Retail	0% for 13 months (2.89%)	0% for 13 months	18.9%
	Representative Example 18.9% representative APR variable 18.9% p.a.variable on purchase £1,200 credit limit
Lloyds TSB Advance	4.9% for 12 months (3%)	0% for 6 months	11.9%
	Representative Example 11.9% representative APR variable 11.95% p.a. variable on purchase £1,200 credit limit
AA Credit Card	0% for 12 months (3% - min £3)	0% for 10 months	16.9%
	Earn AA Reward Points every time you spend. Collect 1 AA point for every £1 you spend with double points on fuel and motoring purchases. Use your points to purchase from a range of motoring products and services
	Representative Example 16.9% representative APR variable 16.9% p.a.variable on purchase £1,200 credit limit
Bank of Scotland All In One	0% for 12 months (3% - min £3)	0% for 12 months	17.9%
	Representative Example 17.9% representative APR variable 17.95% p.a. variable on purchase £1,200 credit limit
Play.com MBNA Europe Bank Limited Stansfield House, Chester Business Park, Wrexham Road, Chester, CH4 9QQ	0% for 6 months (1.5% - min £3)	0% for 9 months	16.9%
	Receive 1,500 bonus Play Points if you spend £150 on your card within the first 90 days Suitable for homeowners with a good credit history, aged at least 23 and in full time employment Collect Play Points and redeem them for Play.com gift vouchers. Earn 2 points for every £1 you spend at Play.com and 1 point for every £1 you spend elsewhere
	Representative Example 16.9% APR representative variable 16.9% p.a.variable on purchase £1,200 credit limit
Barclaycard Initial Barclays Bank PLC 1 Churchill Place, London, E14 5HP	-	29.9%	29.9%
	Representative Example 29.9% representative APR variable 29.9% p.a.variable on purchase £1,200 credit limit
British Airways American Express	-	19.9%	19.9%
	Get 9,000 bonus Avios when you spend £1,000 on your card within the first 3 months Earn 1 Avios for virtually every £1 you spend. Avios can be redeemed for flights, hotels, car hire, holidays and experiences
	Representative Example 19.9% representative APR variable 19.9% p.a.variable on purchase £1,200 credit limit
Barclaycard Simplicity Barclays Bank PLC 1 Churchill Place, London, E14 5HP	7.9% (no fee)	7.9%	7.9%
	Representative Example 7.9% representative APR variable 7.9% p.a.variable on purchase £1,200 credit limit
Capital One Click Capital One, Trent House, Station Street, Nottingham, NG2 3HX	9.9% (no fee)	9.9%	9.9%
	If you love shopping online, the Click Card is designed for you Suitable for applicants with a very good credit rating and an annual income of over £20,000 This card gives you access to exclusive brand discounts when you use it to shop online. New deals and retailers are added every quarter which are valid for a 3 month period
	Representative Example 9.9% APR representative variable 9.94% p.a. variable on purchases £1,200 credit limit
RBS YourPoints World	0% for 13 months (2.9% - min £5)	0% for 13 months	17.9%
	Introductory 2,500 bonus points to all new customers The card gives you one reward point for every £1 you spend. Bonus points are also gifted on a yearly basis thereafter. Points can be redeemed against flights, holidays, shopping vouchers and experiences and at retail outlets including Marks & Spencer, Boots, easyJet, Harvey Nichols and Amazon
	Representative Example Representative 17.9% APR (variable) based on an assumed credit limit of £1,200. Standard interest rate for purchases: 17.95% p.a. (variable).
Capital One World MasterCard Capital One, Trent House, Station Street, Nottingham, NG2 3HX	19.9% (no fee)	19.9%	19.9%
	Earn 5% cashback on purchases for the first 3 months Suitable for applicants with a perfect credit rating and an annual income of over £20,000 Earn 5% cashback on purchases for the first 3 months (max £100) and up to 1.25% unlimited cashback thereafter
	Representative Example 19.9% APR representative variable 19.94% p.a. variable on purchases £1,200 credit limit
American Express Platinum Cashback	-	14.0%	18.5%
	Earn 5% cashback for the first three months up to a maximum of £100 plus 2.5% cashback in the anniversary month when you spend £10,000 a year £25 annual fee Up to 5% cashback on purchases
	Representative Example Representative 18.5% APR variable. Based on annual fee of £25 and assumed credit limit of £1200. Interest rate for purchases: 14.0% p.a. variable
Capital One Classic Capital One, Trent House, Station Street, Nottingham, NG2 3HX	34.9% (3%)	34.9%	34.9%
	Great for people who want to build or rebuild their credit rating
	Representative Example 34.9% APR representative variable 34.94% p.a.variable on purchase £1,200 credit limit
aqua	-	35.9%	35.9%
	Representative Example Your interest rate for purchases is 35.95% p.a with a representative 35.9% APR if you borrowed £1,200 and repaid it over 12 months

Transferring a credit card balance sounds complicated, but is actually very simple. To transfer a balance from one card to another you simply inform your new card provider where to transfer the balance from and they will then pay off your debt.  You then owe the new card the money instead. The main reason for transferring a balance is to benefit from better rates of interest.

0% intro rates for new customers
It’s not just about what the rates of interest are but for how long the rates last that counts. Many cards now offer interest free debt to new customers for an introductory period usually lasting around 6 months.  Anyone who has debts on a credit card, and a reasonable credit history, should be able to obtain 0% for balance transfers.  However is is important to note that 0% interest does not mean there is nothing to repay it just means all you have to do is meet the credit card minimum payments each month and pay nothing in interest on what is left over. 

If you still have a debt when the 0% period come to and end there is nothing preventing you from shifting the balance again to another card. The time to switch the money is the month before the deal ends – which usually means applying for a new card about 6 weeks before the deadline date. 

Life of Balance Deals

If you anticipate carrying over a balance for longer than the intro periods available and don’t want to repeatedly switch should use ‘life of balance’ transfers where the special rate lasts until the entire balance transferred is paid off. Examples of these are Morgan Stanley Platinum.