Low Balance Transfer Fee Credit Cards

About Low Fee Balance Transfer Credit Cards

What is a low fee balance transfer credit card?

A balance transfer credit card is a card that allows you to transfer the balance from an existing credit account to it. The cards allow you to transfer from several cards at once to your new card, so if you currently have several credit cards that you are paying interest on, you may be able to save money by transferring all of the balances to a new card. Most cards will charge you a fee for transferring a balance- we've collected some of the cards with the lowest fees for you, as well as some of those that don't charge a fee at all.

Why get a low fee balance transfer card?

Many balance transfer cards have 0% introductory periods, meaning you won't pay any interest on the balance you transferred for a set period of time. Low fee balance transfer cards often have a shorter 0% period, or may charge interest from the outset, but this doesn't mean you shouldn't consider one. Depending on the balance you have to transfer and the amount of time you expect you'll take to pay it back, you could save money by choosing a card that won't charge you a balance transfer fee, rather than a card with a longer 0% introductory period with a higher fee. This type of card could be more suitable if you have a larger debt that will take longer to pay off.

If you think you might be better off with a longer 0% introductory period, take a look at our 0% balance transfer cards.

You can find more information about balance transfers in our guide to moving your existing balance.

Which is the best card?

Everyone has a different financial situation, so it’s impossible to say what the best card is– but you can decide what the best card for you is by taking into account several factors; the amount you need to transfer, the time you think it will take you to clear the balance, and your credit rating. Once you know your situation you can pick the best card for your own circumstances. Once you’ve picked which card you think will suit you, you can check how much you could save using our balance transfer calculator and inputting information about both your current card and the new card.

Can everyone get a balance transfer card?

Typically balance transfer cards are aimed at customers with a good credit rating. If you are struggling to keep up with payments on your current cards then it could mean that you may not be accepted for a balance transfer credit card. If you are worried about your credit rating you can use our free Card Matcher tool to check your likelihood of acceptance for all the credit cards on our panel.

You can also check your credit rating for free to find out what you can do to make sure you get the credit you want.

Which providers offer balance transfer cards?

Many credit card providers offer cards with low balance transfer fees, including Barclaycard, Fluid and Capital One.

Balance Transfer

This is when you move an outstanding balance from one card onto another. If a card has a Balance Transfer Intro Rate it relates to the interest that is applied to the transferred balance and the duration the intro rate is applied for. So for example a 0% balance transfer intro rate for 12 months will mean that no interest will be added to your account for the balance transferred for 12 months from the date the account is opened. To qualify for the introductory rate you will need to transfer your balance within a set period from the account opening, this time limit varies by issuer. When the intro rate ends then you will be charged interest at the cards annual percentage rate (APR).

To ensure you maintain any introductory rates applied to your account you must manage the account in line with the issuer’s terms and conditions. Specifically that means that you must always make at least the minimum payment, on time each month, and must remain within your set credit limit.

Balance Transfer Intro period

This is typically the period you will be offered 0% interest on any balance you move. The duration will vary by provider with the leading rates often reserved for those with excellent credit profiles

Balance Transfer Fee

Sometimes also called a Balance Transfer Handling Fee. This is a charge that is applied if you do move a balance onto your new card. It is usually calculated as a percentage of the balance you wish to transfer, typically it is around 3%. So for example transferring a £2,000 balance onto your new card with a balance transfer handling fee of 3% will incur a charge of £60, this is added to the balance on the card.

Providers

We offer an independent service to compare all UK credit cards. Click below for more information about some of our providers:

• AA
• American Express
• Aqua
• Bank of Scotland
• Barclaycard
• Capital One
• Creation
• Fluid
• Granite
• Halifax
• HSBC
• Lloyds TSB
• M&S
• Luma
• MBNA
• Nationwide
• Natwest
• Play.com
• Post Office
• RBS
• Sainsburys
• Santander
• Tesco
• Vanquis
• Virgin