Balance Transfer Credit Cards

The Best Money Transfer Credit Cards In The UK In 2023

Introduction

If you’re looking to consolidate your debt or save money on interest, a balance transfer credit card could be a good option for you. These cards offer a period of time where you can transfer debt from other cards to your new card and pay no interest. This can help you save money on interest and pay off your debt faster.

The Best Money Transfer Credit Cards in the UK in 2023

There are a number of balance transfer credit cards on the market, so it’s important to compare your options before you choose one. Here are a few of the best balance transfer credit cards in the UK in 2023:

Card NameInterest-free periodTransfer feeAnnual fee**
MBNA Long 0% Money Transfer Card24 months3%£25
Tesco All Round Credit Card18 months2.99%£0
Virgin Money All Round Credit Card23 months2.99%£0

These cards all offer a long interest-free period and a low transfer fee. They also have no annual fee, which can save you money in the long run.

How to choose a balance transfer credit card

When choosing a balance transfer credit card, there are a few things you should keep in mind:

  • Interest-free period: This is the length of time you will have to pay no interest on your balance transfer.
  • Transfer fee: This is a fee charged by the card issuer when you transfer money from your credit card to your bank account.
  • Annual fee: Some cards charge an annual fee.
  • Your credit score: You will need a good credit score to qualify for the best balance transfer credit cards.

How to use a balance transfer credit card

To use a balance transfer credit card, transfer the balance from your old card to your new card. The transfer will be processed within a few days, and you will then have a period of time when you can pay off the balance without paying any interest.

It is important to note that you will still need to make minimum payments on your balance transfer credit card. If you do not make your payments on time, you will be charged interest.

5 FAQs about balance transfer credit cards

Q1. What is a balance transfer credit card?

A balance transfer credit card is a type of credit card that allows you to transfer debt from another credit card to your new card. This can help you save money on interest and pay off your debt faster.

Q2. How do balance transfer credit cards work?

When you transfer a balance to a balance transfer credit card, you will be charged a transfer fee. This fee is usually a percentage of the amount you are transferring.

Once the transfer is complete, you will have a period of time when you can pay off the balance without paying any interest. This period is called the interest-free period.

Q3. What is the interest-free period?

The interest-free period is the length of time you have to pay off your balance without paying any interest. This period is usually between 12 and 24 months.

Q4. What is the transfer fee?

The transfer fee is a fee charged by the card issuer when you transfer money from your credit card to your bank account. This fee is usually a percentage of the amount you are transferring.

Q5. What are the benefits of using a balance transfer credit card?

There are a number of benefits to using a balance transfer credit card, including:

  • You can save money on interest.
  • You can pay off your debt faster.
  • You can improve your credit score.

Conclusion

If you’re looking to consolidate your debt or save money on interest, a balance transfer credit card could be a good option for you. These cards offer a period of time where you can transfer debt from other cards to your new card and pay no interest. This can help you save money on interest and pay off your debt faster.

It’s important to compare your options before you choose a balance transfer credit card. Consider the interest-free period, transfer fee, annual fee, and your credit score when making your decision.

  • Adam Grant

    Adam Grant is a highly qualified writer with a solid educational background in finance, holding a Bachelor's degree in Economics and a Master's degree in Business Administration (MBA). With his expertise in financial matters and a deep understanding of investment principles, Adam shares his insights to educate readers on the importance of financial literacy and smart investing strategies. Additionally, he has pursued courses in health and wellbeing, allowing him to offer a holistic perspective on achieving overall wellness in conjunction with financial stability.

    View all posts