If you have a good credit rating, paying interest could be a thing of the past if you take advantage of the many 0% credit card deals which can be found right now.
Sticking to just one lender is no longer the best way to manage your finances and in many cases to get the best value for money you need to switch in order to access the best 0% credit cards.
The idea of this is not to simply rack up more debt with a new lender, but instead to move your outstanding balance to 0% cards as it will allow you to repay your capital borrowing far more quickly without extra interest getting added.
If you aren't sure about the idea of switching, we provide all the facts you need to know.
Balance transfers are simpler than they sound
If you have an outstanding balance on your credit cards 0% interest offers you the chance to ensure every penny you pay goes towards clearing what you owe rather than being eaten up by interest.
However, you may feel apprehensive about the process and how complicated it might be.
The good news is that in reality, the lenders arrange more or less everything between them; you just need to sit back and wait for the balance transfer to be completed on your behalf.
0% transfers on credit cards work in just the same way as any other balance transfer; when applying for the new card, simply state that you want to transfer your existing balance. You'll usually need to provide your existing credit card account number to help ensure the process is dealt with quickly and with the minimum of fuss.
The two lenders will then communicate and once you've signed all the necessary paperwork, your outstanding balance will be moved from your existing card to your new one. Voila! It really is that straight forward.
What to consider before making a 0% balance transfer
Of course, whilst the process might be surprisingly easy, you still have to make the decision about which 0% credit card to balance transfer to.
Out of all of the credit cards 0% interest deals are amongst the most popular so nearly every lender offers their own version. However, the number of months' interest free will vary hugely. The one off percentage-based balance transfer fee will also differ greatly between lenders.
As there is so much to choose from, it's essential that you compare 0% credit cards before making your final decision.
During the comparison you should ensure you look at factors such as the length of the interest-free period and the fees you will be charged for the transfer. The key is to work out how many months it will realistically take you to pay off your outstanding balance if no more interest is added then apply for the credit card that offers a long enough 0% period and has the cheapest handling fee.
You should also check the application criteria to make sure that you stand a chance of getting approved before you complete the application.
In order to compare best 0% credit cards for balance transfers, a comparison table can help to highlight the different options and let you see the different deals on the market, all in one place. If you want the 0% interest rate to apply to new purchases too, you should take a look at 0% balance transfer and purchase credit cards.
As with any type of finance, make sure you understand what the minimum repayment will be and that you can afford it before you sign on the dotted line.
Make sure that you specify your balance transfer request as soon as possible when you apply for a credit card with 0% interest. This will ensure you get maximum benefit from the interest free period and eliminates the risk you'll leave it too late and leave the balance transfer window.