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5. Can’t afford to fully repay your credit or store cards? You can’t afford not to try a balance transfer.
If you pay interest on card debt, quickly put your details into our 0% Balance Transfer Eligibility Calculator to see your odds of being accepted for a deal. These cards pay off debt on old cards for you, so you owe the new card instead, but at 0% interest for a set time. You get debt-free quicker as more of your payments cover the debt, not interest.
If you’ve lots of choice, go for the card with the lowest fee in the time you’re sure you can repay in. If you’ve little choice, as cutting debt costs is a priority, apply even if your best chance is only, say, 20%.
The longest 0% is from Santander (gives Amazon voucher)* which allows accepted new cardholders to shift debt to it for 31mths 0% with a 2.75% fee (min £5). If accepted you can claim (don’t forget) a £40 Amazon voucher after 30 days. Ends 11:59pm Thurs 16 Dec.
If you can repay quicker, Sainsbury’s* is up to 21mths 0% NO FEE, though some accepted will get fewer months. If you get a card, follow the Best Balance Transfer Golden Rules (also see APR examples)…
a) Clear the card before the 0% ends, or they’re 20%+ rep APR interest.
b) Never miss the min monthly repayment or you can lose the 0%.
c) Don’t spend/withdraw cash. It usually isn’t at the cheap rate.
d) You must usually transfer within 60 days to get the 0%.
PS: 0% balance transfer cards are better in a freezer than a wallet. These aren’t usually cards you should spend on, so if you struggle with self-control, put it in a bag in a bowl of water, then pop it in the freezer. That way you’ll need to smash the ice to spend on it – a good punctuation mark to decide if it’s worth it.
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