Transfer your credit card balance

Got a massive credit card debt? You’re not alone. There is now more than £62 billion of debt on credit and private label cards in the UK*.

And if you’re just making the minimum repayments, your debt will steadily grow. (You should always aim to pay off more than the minimum repayment).

But don’t fret. There is a solution. You can transfer your balance to a credit card with a low interest rate for life or a 0% introductory rate. It could save you hundreds of pounds over the next year.

Find the best card to transfer your balance to.

How it works

We have teamed up with uSwitch.com to provide you with a free and impartial comparison service. You can compare balance transfer credit cards and see how much you could save. You can even transfer the balance from several cards to one.

Once you see your results and how much you could save, you will no doubt be ready to switch. No problem. You can do it online. We will redirect you to the provider’s website where you can complete their application. It should take about ten minutes to complete.

You should receive a decision from the card provider within either minutes or a few days. They just need to run a few credit checks and if you’ve been accepted, your new card will arrive in days.

Transfer your balance, change your life

When you have signed up to your new card, you usually have a deadline by which you must transfer your balance(s) to be eligible for the introductory 0% rate. Your new provider will let you know this when you apply. If you use online banking, you can do it immediately.

Some credit card companies charge a transfer fee, others don’t. But we take this into account when we calculate your results.

Once you transfer your balance, try not to make new purchases on your card. They will be charged at a higher interest rate, and any repayments will go towards your existing debt. So, until you have paid your balance in full, you will be paying a high rate of interest on new purchases. So, it’s better to use a different card if you want to keep spending.

Once your balance is transferred you can really make a dent in your debt, rather than just paying off interest.

Find a card now

The sooner you transfer your balance, the sooner you can start saving. So why not compare balance transfer cards now?

Source: Datamonitor report ‘ UK Plastic Cards 2004’