If you’re looking for a credit card, we have all the resources you need. Whether you’re looking for a 0% balance transfer credit card, a card that charges 0% interest on purchases, or even a cashback credit card that rewards you as you spend, we have all the tools to find the right one for you.
This table shows you our best buy 0% balance transfer credit cards. These are often a great way to pay off an existing balance at a 0% Annual Percentage Rate.
Choosing a suitable credit card is essential - small print and flashy offerings can lead to more problems than the card solves. Fortunately, we can guide you through the minefield to get the best deal.
The most important factor in choosing your credit card is deciding what you want it to do for you. Do you want to lower the APR you pay by switching cards? Do you pay off your balance every month and want to make your card work for you? Or do you need to transfer a balance to shake off high interest charges?
0% balance transfer credit cards allow you to transfer the amount on an existing credit card to a new one, which charges you 0% interest for a fixed period. This means you can pay off this balance faster, and without putting your pounds towards a high APR. However there are two things to bear in mind.
The first is that most credit cards charge a balance transfer fee, which is normally around 2 or 3% of the card balance. Before you transfer any amount, make sure the charge will be less than any interest you’d pay in the time it takes to clear the balance.
The second point to remember is that a balance transfer credit card should be only that. Unless you choose a card which also offers 0% on purchases, you could be dragged back into costly interest if you spend on your new card. The best solution? Don’t.
As well as these points, it’s worth being aware that credit card providers are out to make a profit. High standard interest rates (known as APRs), obscene charges for cash withdrawals, and extra, hidden fees are just some of the card tricks you don’t want to fall for. It’s also worth avoiding low minimum monthly repayments. If you pay off the minimum amount or just a portion of your balance each month, your debt could escalate faster than you can repay it. Interest charged could exceed the low payments your provider suggests, and you could see the debt snowball as your credit card provider profits.
Finally, credit card holders should beware of a nasty, but legal way in which providers extract extra cash. Payment protection insurance (PPI), also known as card repayment protection, is an add-on insurance for your credit card debt. Without a doubt, payment protection insurance is a colossal waste of money, increasing the cost of your credit-card spending by an average of 9.15% each year, even if you pay your bill in full each month.
So, consider your needs carefully, and be wise to the wiles of credit card providers. Love your money and let us help to find the right card for you.
Read our comprehensive guide to learn more about 0% balance transfer credit cards.