5 Best Credit Card 0% Balance Transfer Deals UK – October 2021

If you’ve racked up a large balance on your credit card then one of the best things you can do is a 0% balance transfer.

A 0% balance transfer allows you to get a new card to pay off your debt on old credit cards.

You will still owe the debt but the clincher is that you will not be paying any interest. These cards will usually have a 0% period, around 28 months or so, in which you can repay the debt.

There is also often a fee to pay. 0% balance transfer deals mean that you can become debt-free much quicker, as your repayments will go towards reducing the principal debt rather than paying interest.

Which Card Is Best For A 0% Balance Transfer Deal?

An important point to keep in mind is that you cannot transfer a balance between cards from the same bank or group.

Your choice of card will be determined by eligibility criteria. You’ll also need to pass a credit check as part of the application.

After determining which cards you are eligible for through an eligibility calculator (plenty of these online), you will be able to make a choice based on your credit score.

Once you have secured a 0% balance transfer, follow these simple rules:

• Clear your balance before the 0% period ends

Make sure you clear your balance before the 0% interest period ends. If you go over that period, interest rates will take a huge jump that’s typically between 18% and 40% so its important to settle that balance before the deadline.

• Transfer balance to another card if you cannot clear the debt in time

If you cannot clear the balance in time, then you should balance transfer again to another 0% offer.

• Repay the monthly minimum as you can lose your benefits if you don’t.

• Don’t spend or withdraw cash as the charges are extremely high on transactions.

5 Best 0% Balance Transfer Cards

These are the best 5 credit cards for a 0% Balance Transfer for October 2021. They all have a long 0% period so you should go for the lowest fee. The longest charge a one-off fee of around 2.5% to 3% for every £1,000 moved.

There are also shorter options with no fee. This means that there is no cost if you can clear your balance within 21 months or less.

1. Santander

The longest 0% period of any card at over 2.5 years – plus all accepted get the full 31 months at 0%.

However, you can’t transfer from a Santander or Cahoot card.

• 0% length and fee 31 moths 0%, 2.75% fee (min £5)
• To get the 0%, you must transfer at any point within the first 31 months, though you’d have less interest-free time if you waited
• Balance transfer interest after 0%:  20.9%
• Minimum repayment:  Greater of 1% of balance plus interest or £5
• Minimum annual income:  £7,500
• Representative APR (variable):  20.9%

2. Sainsbury’s Bank

Long 0% with a fee that’s on the low side, though some accepted could get 24 months at 0%. Request the transfer during your application to pay the 1.5% fee.  If you wait you’ll pay the fee charged at that point, which could be more.

You can’t transfer a balance from another Sainsbury’s Bank card.

• 0% length and fee Up to 30mths 0%, 1.5% one-off fee (min £3)
• To get the 0% and fee, you must request the transfer during your application
• Balance transfer interest after 0%:  19.95%, though some poorer credit scorers could pay 28.95%
• Minimum repayment: Greatest of 1% of balance plus interest, 2.25% of balance or £5
• Minimum annual income: £10,000
• Representative APR (variable): 19.9%

3. MBNA

A good 0% length, low fee and £30 cashback if shifting £1,000+ in the first 60 days, though it’s ‘up to’ 27 months. So poorer credit scorers could get just 14 months at 0% and/or the much higher 3.49% fee.

For the cashback, you must apply by Monday 25 October and transfer £1,000+ within 60 days (note that you can’t transfer a balance from another MBNA credit card to this one) and £30 will be credited to your account within 180 days of the transfer.

When transferring between £1,000-£3,000 the cashback is larger than the fee you’ll pay, so you’ll be all sorted.

• 0% length and fee:  Up to 27mths 0%, 1% one-off fee (some will pay 3.49%)
• To get the 0%, you must transfer within 60 days
• Balance transfer interest after 0%:  21.94%, but some will pay 27.94%
• Minimum repayment:  Greater of 2.5% of balance plus interest or £25
• Minimum annual income: N/A
• Representative APR (variable): 21.9%

4. Virgin Money

A decent 0% length and low fee, plus all accepted get the full 27 months at 0%. However, you can’t transfer a balance from another Virgin Money, Virgin Atlantic, Clydesdale Bank, Yorkshire Bank or ‘B’ credit card.

• 0% length and fee: 27mths 0%, 1.2% one-off fee
• To get the 0%, you must transfer within 60 days
• Balance transfer interest after 0%: 21.9%
• Minimum repayment: Greater of 1% of balance plus interest or £25
• Minimum annual income: £7,000
• Representative APR (variable): 21.9%

5. HSBC

There’s No cost if you can clear debt within 20 months – all accepted can transfer balances to 0% for no fee.

However, you can’t have had an HSBC credit card in the last six months and won’t be able to transfer a balance from an M&S Bank, First Direct, John Lewis or any other HSBC Group card.

• 0% length and fee: 20mths 0%, no fee
• To get the 0%, you must transfer within 60 days
• Balance transfer interest after 0%: 21.9% but some could pay up to 24.9%
• Minimum repayment: Greatest of 1% of balance plus interest, 2.5% of balance or £5
  Minimum annual income: £6,800
• Representative APR (variable): 21.9%