Balance transfers give you bargaining power and room to breathe. Credit card got you down in terms of interest rates every single month? Well, it’s time to break ties with that card and move the balance over to another credit card. That’s the essence of a balance transfer. We want to save money while enjoying all of the benefits a credit card has to offer.
Keep in mind that balance transfers are generally aimed at people who are in good standing credit-wise. You don’t want to do this unless your credit rating is as high as possible. You also will have a time limit for when you can perform the balance transfer. With 0% benefits waiting for you, there’s no reason to wait around. The same credit card rules apply: pay the amount due on time, without question. You also need to make sure that you’re not just charging up the full amount of the card limit, or you should run the risk of over the limit fees. Since this is all common knowledge, we won’t waste too much time beating you over the head with it.
Here are our picks for great UK credit cards, if you want to do a balance transfer this spring.
1. Barclaycard Platinum w/ Balance Transfer
This card lets you pay off your balance transfer at 0% APR for 31 months! You have read that correctly: if you get approved for this card, you can transfer your balance and then pay it off within 31 months without incurring additional fees. There is a balance transfer fee, but that’s pretty standard. You have a purchase APR of 0% for six months, which definitely makes this card good for balance transfers more for purchases. Still, if you needed to make some purchases you could. The APR after the intro period is 18.9%. If you can do better than this APR, we recommend doing so and just leaving this as a balance transfer card.
2. Tesco Bank Clubcard Credit Card
This card stands out in the pack because it has a very low balance transfer fee, along with a 0% balance transfer fee for 12 months. The nice part is that even after you pay of the balance transfer fee, your purchases are going to be at 0% for 12 months. This would be a great way to get some of those holiday purchases out of the way early! 🙂 The balance transfer fee is extremely low, at just 0.65%. This means that you can transfer a big balance and then whittle it down easily over 12 months.
3. Halifax Balance Transfer Card
This card gives you 0% on balance transfers for 28 months. That’s definitely something to look into, and this card is known to be a lot more reasonable for applications than others. The fee is a bit higher, at about 2.45%. But when you look at how long youíll have to pay the balance transfers, it makes perfect sense.
A balance transfer card should be at the top of your list, if youíre trying to consolidate your finances. Check out these offers and see how much you could save!