Best balance transfer credit cards for 2024

• How does a balance transfer credit card work?
• How do I find the best balance transfer card for my needs?
  
  
• Balance transfer cards with low transfer fees
  NatWest Balance Transfer Credit Card
  Barclaycard Platinum (no fee balance transfer credit card)
  Santander All in One Credit Card
  
• Balance transfer cards with a long zero interest period
  Balance Transfer Credit Card by Barclaycard
  M&S Credit Card Transfer Plus
  HSBC Balance Transfer Credit Card
  
  
• What do I need to look out for?

Paying off debt becomes harder when combined with interest charges - especially not knowing what to expect with interest rates in 2024. Credit card debt can be particularly challenging as interest rates can be steep.

The average credit card interest rate in the UK reached 23.8% in October 2023, the highest for 27 years. Although this rate may be cheaper than many overdrafts and certainly more affordable than a short-term loan, depending on the amount of debt, it will add up over time.

Of course, this is an average; interest rate charges vary by credit card type and for good and bad credit scores. In the right circumstance, a balance transfer credit card can help reduce these costs.

How does a balance transfer credit card work?

A low rate balance transfer credit card lets you move your current credit card balance to a new credit card with a lower interest rate. Or, in the case of a zero balance transfer credit card, no interest is charged. As a result, these cards can save you money and help you pay off your credit card debt faster.

However, your transfer balance's zero interest period will be limited to several months, for example, 6 or 12 months. Additionally, you may have to pay a fee to transfer your credit balance - normally between 3% to 5% of the amount you want to transfer.

How do I find the best balance transfer card for my needs?

When comparing zero interest balance transfer credit card options, consider prioritising choices by:

1. The lowest transfer fees. And,
2. 0% interest periods that are long enough for you to repay the balance. If you’re not sure what is realistic for you, you could go with options which offer a longer interest free period to play safe and have more flexibility.

Another factor to consider is eligibility. Lenders will require you to pass their credit checks during application; the better your credit score, the more likely you’ll be approved. And you may also get a better offer.

So be sure to check your credit report before applying and avoid making multiple applications at the same time. Lenders can view multiple hard credit searches on your credit file negatively. Many credit providers will also have a minimum annual income requirement.

TIP: You can't transfer your balance between two cards that belong to the same financial organisation or group, which may limit options. For example, from one HSBC card to another credit card within the same group (which would include First Direct and M&S Bank).

When looking for the best balance transfer credit cards, we’ve made two lists:

1. Cards with the lowest fee. And,
2. Cards with the longest zero interest period.

Balance transfer cards with low transfer fees

Many balance transfer credit cards charge a balance transfer fee, usually a percentage of the amount transferred. However, there are a few providers who do not charge a fee. We’ve listed three examples below. We also show the interest rates, application requirements and perks. Please note that the zero interest period, interest rates, terms, and offers may differ according to the lender's assessment of your application.

NatWest Balance Transfer Credit Card

If approved, the balance transfer credit card by Natwest offers no fee on balance transfers. Plus, you get 0% interest for 14 months and zero interest on purchases for the first 3 months.

Summary

• Transfer fee: zero
• 0% interest period: 14 months
• Representative APR: 24.9% (variable)
• Purchase rate: 24.9% p.a (variable)

(Assumed credit limit £1,200)

Note: Transfers must be made within 3 months of opening an account to benefit from the 0% offer. To be eligible, you must have an income of over £10,000 per year, as well as be over 18 and a permanent UK resident. Other requirements may apply.

Barclaycard Platinum (no fee balance transfer credit card)

Barclaycard also offers a zero balance transfer fee with the No Fee Platinum Credit Card and a 0% interest period of up to 12 months, depending on approval.

Summary

• Transfer fee: zero
• 0% interest period: up to 12 months
• Representative APR: 24.9% (variable)
• Purchase rate: 24.9% (variable)

(Assumed credit limit £1,200)

Note: Balance transfers must be made within 60 days of opening an account to benefit from the 0% offer period. Zero interest on purchases for the first 3 months. Other requirements may apply.

Santander All in One Credit Card

If you successfully open a Santander All in One Credit Card account, you can get 0% interest on balance transfers for 15 months with zero balance transfer fee. There are a few perks, too, including no foreign exchange fees on purchases overseas and no interest on purchases for 15 months. However, there is a £3 monthly fee.

Summary

• Transfer fee: zero
• 0% interest period: 15 months
• Representative APR: 29.8% (variable)
• Purchase rate: 23.9% p.a (variable)

(Assumed credit limit £1,200)

Note: There is a £3 monthly fee. To be eligible, you must have an income of over £10,500 per year, as well as be over 18 and a permanent UK resident. Other requirements may apply.

Balance transfer cards with a long zero interest period

Below are three transfer credit cards with the longest 0% interest period we could find currently on the market - this may change. We also mentioned perks and highlighted the balance transfer fee. Please note that the zero interest period, interest rates, terms, and offers may differ according to your application assessment.

Balance Transfer Credit Card by Barclaycard

If approved by Barclaycard, you could get 0% interest on balance transfers for up to 29 months (from the date you open your account), depending on your application assessment. This is the longest 0% interest period we could find at the time of writing.

Summary

• 0% interest period: up to 29 months
• Transfer fee: 3.45%
• Representative APR: 24.9% (variable)
• Purchase rate: 24.9% p.a (variable)

(Assumed credit limit £1,200)

Note: The 0% interest period starts from the date you open your account, and transfers must be made within 60 days to benefit from the 0% offer. Other requirements may apply.

M&S Credit Card Transfer Plus

The M&S Credit Card Transfer Plus has the second longest 0% interest period that we could find - up to 28 months on balance transfers - depending on approval. This card offers additional perks, including earning rewards points (converted into M&S vouchers) when you shop.

Summary

• 0% interest period: up to 28 months
• Transfer fee: 3.49% (min £5)
• Representative APR: 24.9% (variable)
• Purchase rate: 24.9% p.a (variable)

(Assumed credit limit £1,200)

Note: Balance transfers must be made within 90 days of opening an account to benefit from the 0% offer period. Other requirements may apply.

HSBC Balance Transfer Credit Card

The HSBC Balance Transfer Credit Card offers up to 27 months interest-free for balance transfers, subject to approval.

Summary

• 0% interest period: up to 27 months
• Transfer fee: 3.49% (min £5)
• Representative APR: 24.9% (variable)
• Purchase rate: 24.9% p.a (variable)

(Assumed credit limit £1,200)

Note: Balance transfers must be made within 60 days of opening an account to benefit from the 0% offer period. You must have an annual income or pension of £6,800 or more (before tax), as well as be over 18 and a UK resident. Other requirements may apply.

What do I need to look out for?

It is worth highlighting that what you see advertised may not be what you get. For example, if you’ve had problems with credit, you might be offered a shorter zero-interest period (also referred to as an introductory period).

The same applies to Annual Percentage Rate, or APR. Credit card providers show the typical APR offer 51% of successful applicants get. For example, you might be given a higher APR if you have a bad credit score.

Check when the 0% interest offer period ends. When it does, you will be charged interest on any unpaid balance. An option may be to move the balance to a new transfer card to avoid paying interest. Be sure to make the minimum payments monthly, preferably more. Otherwise, you may be hit with penalties and the deal withdrawn. 

Also, the zero interest period on balance transfer cards may not apply to everyday spending (unless specified), which means you’ll be charged interest on those transactions. As with all credit cards, avoid cash withdrawals and similar transactions known as credit card cash advances.

And don’t forget, there may be alternative ways to pay off your credit card, including a debt consolidation loan. There are also many other types of credit cards that you may find suitable or have other financial advantages, including interest-free credit cards.

In conclusion

Balance transfer cards help reduce the cost and time needed to pay off your credit card debt. When comparing balance transfer credit cards, look at the fees charged for making the transfer (some cards have no transfer fees as listed above) and the length of the promotional period (or zero interest period).

Other factors to weigh include APR, perks (for example, no interest on purchases) and your credit history. As with most credit products, you may not be offered the same terms you see advertised. What is offered will depend on your financial circumstances and borrowing history. Finally, if you don’t get the deal you wanted, consider alternative ways to pay off your debt.

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