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A balance transfer credit card lets you move debt from an existing card to a new one, potentially saving you money if the new card has a lower interest rate.
Many offer an introductory 0% interest period, making them ideal for paying down debt faster, though you’ll usually need a good credit history to qualify for the longest interest-free offers.
Be aware that most balance transfers come with a fee — typically 2-4% of the amount transferred — though some cards offer free transfers for shorter 0% periods.
When comparing balance transfer cards, focus on the factors that matter most to your personal needs. Always review the terms and conditions to make sure the card works for you.
Most cards offer an introductory 0% interest period. A longer period gives you more time to pay off your debt without accruing interest, while a shorter period may come with lower balance transfer fees.
Some cards offer 0% interest with no transfer fee, but for the longest 0% periods, fees usually range from 1.5% to 3.5% of the amount transferred.
The APR (annual percentage rate) applies to your balance once the 0% period ends. Choose the lowest APR you can qualify for if you plan to carry a balance after the promotional period.
Beyond the main features, some balance transfer cards come with extra benefits that can help you manage your money more effectively.
These let you move funds from your credit card into your bank account, similar to a short-term loan. This can be useful if you’re paying a high-interest overdraft, as the card may offer a lower rate. Keep in mind that balance transfer fees usually apply.
Some cards offer 0% interest on both transferred balances and new purchases. This can make it easier to manage existing debt while keeping everyday spending affordable. Remember, the 0% period is introductory and won’t last forever.
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No, not all credit card customers are offered the same rate. Lenders base the interest rate they offer on your individual financial situation. For example, someone with an excellent credit score is likely to get a lower APR than a first-time cardholder.
Yes, you can pay off your credit card debt early. Paying off your full balance each month means you won’t be charged interest, as interest only applies to any debt carried over to the next billing cycle.
If you can’t pay the full balance, paying as much as you can each month will reduce the interest you’re charged and save you money in the long run. Just make sure you always cover at least the minimum payment to avoid fees and protect your credit score.
Yes, interest rates can change. When you're offered a credit card, the APR is usually marked as 'variable'. This means it could go up or down depending on:
Changes to the Bank of England base rate
General changes to the UK economy
Changes in your finances that impact your ability to repay the debt
Your credit card provider is able to change interest rates at their discretion. But they must give you at least 30 days' notice of any changes.
To apply for more credit, you should contact your credit card lender and ask about increasing your credit limit. Your lender sets your initial limit when you first get the card, so any increase is at their discretion.
If you’ve been with your lender for a while and have a strong payment history, they may even offer a higher limit automatically, but it’s up to you whether to accept it.
Before requesting more credit, consider whether you can comfortably manage any extra debt.
Page last reviewed: 06/11/2025
Reviewed by: Nicola Morgan