Balance Transfer Tips

The UK credit card market has a wide number of credit cards available with an introductory 0% balance transfer offer, which can be for as long as 18 to 20 months, so here are our tips on choosing a balance transfer credit card to suit your needs.

Almost all credit cards offering a 0% balance transfer offer now come with a balance transfer handling fee of around 3% of the value of the amount transferred. When comparing credit cards you should not only compare the length of the balance transfer offer but also the cost of the handling fee. Ideally you want the longest balance transfer period for the lowest fee.

Read the small print of your new credit card agreement carefully. Yes we know it can appear as mumbo jumbo but you need to know what to look out for. In many cases if you are a late, even by a day with your monthly repayment on your card the credit card company can withdraw the introductory balance transfer offer, costing you money.

If you do transfer a balance to a credit card to take advantage of an introductory transfer offer, then we would recommend that you do not also use that same credit card for purchases during the length of the balance transfer offer, but have a separate credit card for use when making purchases.

More balance transfer tips can be found at Balance Transfer Expert