0 Percent Balance Transfer Deals: Switch & You Could Save Money On Expensive Repayments

If you have an existing credit card, and are finding that the amount of interest you are paying is running away with itself, maybe it's time to change cards. Many cards are now offering new customers 0 percent balance transfer deals. This means that if you transfer your balance then you will not have to pay any more interest on the amount for 6 months or more. Some companies are even offering up to 15 months or more interest free.

There are currently so many card companies offering 0 percent on balance transfers that it is worth visiting a comparison site to help decide which is best suited to your needs. These sites provide all of the information that you need to know along with any of the small print.


The first thing to be aware of is that these deals are often only available to new customers. Many cards, that on the surface may appear different, are managed by the same company or banking group. For example, there are a number of affinity cards available, such as ones belong to football clubs, which are all managed by one market leader. When transferring balances it is a good idea to keep this in mind, as you may not be eligible for these introductory offers.

Some companies are now even offering 0 percent balance transfer deals for the life of the card. This means that if you transfer your existing balance, to one of these cards, then you will be entitled to a 0 percent APR for as long as you have the card. Of course any new purchases will have the cards standard interest rates. It is also worth noting that some of these cards also have further requirements that you will have to fulfil in order to keep receiving the 0 percent offer. For example, you may have to spend a certain amount each month in order to qualify.

Once you have identified your ideal card it will then be a simple matter of applying directly to the card provider. The majority of credit cards now have an on-line application process. This makes signing up much easier than having to making lengthy phone calls, or calling into the banks in person. Often, once the online application has been made, forms will be sent through the post and a decision will be made. However, some organisations are now offering instant online decisions.

Another couple of important things to keep in mind are going to be the standard APR and the date that the interest free period draws to a close. Once the period ends you will obviously be charged interest at the standard rate - too often people are caught out by forgetting when the offer period ends or they just delay transferring the balance again for whatever reason. Balance transfers can certainly help make repayments easier but you certainly need to keep on the ball - remember, make regular repayments above and beyond the monthly minimum and keep aware of a time when you may need to consider transferring once more.

By: Stephanie Hamilton

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Stephanie Hamilton, a writer for Money-Now.co.uk, has published several articles on the subject of personal finance and enjoys breaking down the jargon about 0 percent balance transfer deals. If you're looking for further impartial advice about credit cards why not visit Money Made Clear.

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