With so many great offers on the market, there's no excuse to stick with your existing credit card provider if you aren't getting a decent deal. This is all the more important if you're looking to make a balance transfer.
Whether you go for a 0% balance transfer credit card or one that guarantees you a cheap rate ongoing via a life of balance transfer deal it doesn't actually matter whether you opt for a Visa or MasterCard credit card.
This is because while Visa and MasterCard run the payment services, they don't directly provide the cards themselves. In terms of acceptance and availability of deals, both are equal.
It's more important to look for the best balance transfer deal you can get and apply for it irrespective of whether the credit card bears the Visa, MasterCard or American Express symbol.
Even if you do have a preference for Visa credit cards you should still look at the other options before applying because you can balance transfer Visa to MasterCard, MasterCard to Visa, Visa to American Express etc.
If you are a Visa credit card fan and already have a credit card, you can take advantage of the best Visa balance transfer offers on the market - this is especially the case if you have a good credit history.
We take a look at how to carry out a Visa card transfer and how to get the best deal.
What is a Visa balance transfer?
If you already have an existing credit card on which you're paying a high rate of interest it's possible to save a significant amount of money and pay off your balance faster by changing your card issuer to get a lower APR.
You do this by making a balance transfer.
Whether you have a regular card or one which is gold or platinum balance transfer Visa options are easy to arrange.
When you apply for a card with the new provider, you simply tell them you want to make a balance transfer. They will liaise with your existing card holder and your entire balance will be switched to your new provider.
Many providers are offering deals with free balance transfers which means you don't have to pay interest for a certain number of months (although you will need to pay a handling fee).
I already have a Visa card can I transfer balances?
Visa is a company that provides the means of making payment, it doesn't actually issue credit facilities itself. Companies that offer credit cards use Visa as the network. Therefore, one Visa card may have completely different terms to another; there isn't any connection.
What this means is that if you want to take advantage of a competitive Visa balance transfer rate, there is nothing to stop you.
Some providers offer more than one type of Visa credit card; you will generally not be able to carry out a transfer between cards from the same provider. This is because providers put these on the market to attract new customers, and if you are already with them, there is no advantage for the company! That's not to say it isn't worth calling up and negotiating a cheaper interest rate if you're concerned about applying for a new card.
What to look for to compare Visa balance transfer credit cards
A Visa balance transfers comparison will help identify the card issuers providing the best deals in the market but you need to work out how long it'll take you to clear your credit card debt before you do anything else. Do this by thinking carefully about how much you can pay off each month.
To minimise costs look for Visa balance transfer 0% deals that apply the lowest handling fee for the number of months that you need to pay off your credit card completely.
Carry out a pre application check if you can and make sure you meet the eligibility criteria before you apply to maximise your chance of acceptance.
Not all providers offer 0% balance transfers but that doesn't mean you shouldn't consider them as an option.
Some may offer extremely low interest rates for the life of balance and if you carry out a Visa balance transfer comparison you might find this works out more worthwhile in the long run. Especially if you need a long while to clear your balance and can't see yourself remembering to make multiple balance transfers.