What are the best balance transfer options?

Debt is a hard thing to shake off and it can quickly mount up if you have a high interest rate to pay on top of the borrowed amount. 

If you already have credit debt, you might want to consider taking out a balance transfer credit card or if you already own one, you could try shopping around for a better deal.

Is your 0% interest balance transfer period coming to an end or are you in desperate need of a long term one? Well lucky for you, we have had a hunt for some of the best balance transfer deals on the market.

Here are our some of our favourites;

1. HSBC Credit Card

This little number has been bumped up to the top spot as the credit card which offers the longest 0% interest balance transfer period on the market.

The HSBC credit card offers a staggering 23 months at zero interest on balance transfers. There is an introductory fee of 3.3%, which is significantly higher than the Barclaycard Platinum credit card at 2.9%, but then they only offer 22 months.

With such a good deal from HSBC, however, there is a catch. You have to be an existing HSBC current account customer to be eligible for the deal.

The card comes with a representative variable APR of 17.9% and 0% interest on purchases at 3%.

2. Barclaycard Platinum Credit Card (22 months)

Itís got to be one of the most popular credit cards around, offering a lengthy 22 months interest free on balance transfers.

This is quite similar to a previous deal they offered, which gave customers 0% interest free balance transfers for a massive 24 months. This deal ended at the beginning of the month, but itís not the first time Barclaycard have withdrawn and re-introduced the long term BT card.

Until it swings back around again (if it does), Barclaycard is offering a 22-month 0% BT card with a 2.9% fee after the introductory period and a representative variable APR 17.9%. If that is not enough to entice you, the card also comes with free purchase protection, an online access points scheme and a shopping rewards programme.

This means that customers get a 7% discount when booking a holiday through Tomas Cook and discounts at selected retailers. Under the rewards scheme, customers earn ëReward Moneyí at 1% of the purchase price.

There is also a 0% interest free period on purchases for 3 months.

Compare balance transfer credit cards with Money Extra.

3. Halifax Balance Transfer Credit Card

Third in the roll of honour is the Halifax Balance Transfer Card, also offering a substantial 22 months at 0% interest on transfers.

The introductory fee is a little higher than the others at 3.5% and there is also a minimum fee cost of £3.50.

The other snag with this card is that you must have a minimum income of £20,000 to be eligible.

The variable rate on balance transfers after the promotional period is also 17.9%. However, itís 18% on purchases after the 0% interest, 3 month introductory period.

4. Barclaycard Platinum Credit Card (21 months)

Barclaycard are the balance transfer kings when it comes to the credit card market. This is another attractive card offering from the bank, which features many of the same elements as the other cards. However, the 0% interest offer only runs for 21 months instead of 22. Much like its sister card, this one has a representative APR of 17.9% and 3 months no interest on purchases.

This card also has a 2.9% handling fee, but this reduces to 2.6% in the form of a refund which will be credited to your account within 28 days of your balance transfer being processed. This offer is only valid for new customers applying through the Barclaycard website and can be withdrawn at anytime.

The card offers a reward programme, points scheme and purchase protection.

5. Virgin Money

A newbie to the market, Virgin Money has launched a balance transfer card which looks quite promising. The credit card offers 0% interest on balance transfers for 20 months, but then it does have a handling fee and rate thereafter of 2.99%. 

Once again, this is a credit card which offers 0% on card purchases for 3 months.   The great thing about this card is that the representative variable APR is 16.8%, over 1% less than the others. However, this is solely on purchases. The APR after the promotional period for balance transfers is a staggering 18.9%.

Balance transfers have to be made within the first 60 days of opening the account. So, now you should be equipped with all the balance transfer knowledge you need to save cash on your debt.

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