Compare our best balance transfer credit cards

You usually need to be a “new customer” to get introductory offers on a credit card. If you have had the same credit card for a while, you might be able to move to a new credit card from the same provider and get the new customer benefits. It all depends on each credit card provider’s rules. However, when transferring a balance, you can only switch from one credit card provider to another and not between two cards with the same provider (this includes the same banking group).

A fee charged by providers for the service of moving debt. This is added to your account balance automatically when the transfer goes through.  Fees of up to 3.5% are normal for balance transfers, but you should expect to pay slightly more — usually about 5% — for money transfers.

Credit card introductory offers include bonus reward points, extra cashback, 0% on balance transfers or 0% on purchases.

Introductory offers are used to attract new customers, but once they expire, they revert to the standard offer or rate. When this happens, you should check if you’re still getting the best deal or whether you need to switch to a different credit card.

The total figure outstanding on your account at any given time. It combines your borrowing — used for purchases or transfers — with any account fees or interest charges. If this amount is not paid off in full, it is carried over as debt.

This is the smallest sum accepted by your provider to keep your account active without penalties. It is calculated based on a small percentage of your total balance (or a fixed sum like £5 if the balance is low). While paying the minimum stops you from defaulting, it does not clear your debt efficiently. We recommend paying as much as you can afford to minimise interest costs.

Your credit limit is the amount you can borrow on your credit card at any one time. If you exceed this amount, you can be charged a fee — typically £12 — and it can leave a mark on your credit report. You won’t usually find out your credit limit until the end of an application process, although you can ask your provider to increase — or decrease — your credit limit at any time.

Credit limits are set based on your credit history and your earnings. Once you've reached your credit limit, you need to make a payment to bring down your balance before you can use the card again. Find out more in our guide to credit limits.

Your credit score is calculated based on your credit history. Each credit reference agency has its own method of calculating this. Your credit score will go up for things like making payments on time and down for things like being late or defaulting on a loan. Typically, the higher your score, the more likely you are to be offered a lower rate of interest or higher credit limit.

There is no absolute pass or fail mark attached to a credit score, with each lender making its own decision on what it considers acceptable.

It might only be a few days before you get your new credit card, but it could take up to two weeks. It will then take up to another week to make the balance transfer.

Yes. Money transfer credit cards let you move money from your card to your bank account, with some cards offering 0% interest for several months. You can then use these funds to pay off an overdraft or loan or pay for a purchase, for example. Here is how to make a money transfer.

The best way is to work out how much you need to pay each month to have cleared your balance by the end of the 0% period. Then set up a Direct Debit for this amount so you never miss a payment or pay interest.

Once you've transferred the balance from an old card, you have two options: you can either close the card or keep it. Closing the card can impact your credit rating as it will affect your credit utilisation, which is the amount of debt you have compared to the amount of credit available to you.

Your provider will confirm your credit limit after they approve your application. Here is how credit limits work and how much it costs if you exceed them.

Being pre-approved means you have a good chance of being accepted for a particular credit card and shows you the interest-free period and APR you should be offered based on your details. However, this doesn’t guarantee acceptance as you’ll still need to undergo a hard credit check and pass the lender’s ID checks.

Yes, your credit record matters as lenders use it to decide whether to offer you a balance transfer credit card as well as what APR and credit limit they are prepared to give you.

Your provider will let you transfer a percentage of your credit limit (usually 90-95%), e.g. 90% of a £2,000 credit limit would mean you could use £1,800 towards balance transfers.

You should apply for a balance transfer at least three weeks before you need the balance on your old card to be paid off.