Money Compare with the smallest balance transfer fee. Luckily, Which? The companies that combine great deals with top-notch customer satisfaction are awarded our coveted Which?
Recommended Provider status. Recommended Providers. We've set out the golden rules for you to follow below. Most credit card companies reserve the right to withdraw a deal at any time if you miss a payment, meaning you'll be charged interest at their standard rate. To make sure you stay on target and never miss a payment set up a direct debit to repay the minimum amount or more. Just remember your main aim when taking out a balance transfer is to clear your debt, rather than get into any more.
Failing that, you should transfer the debt to a card with a lower APR. Shifting a balance from one card to another can impact your credit score in both positive and negative ways depending on a range of factors.
Your credit score can take a temporary hit when you apply for a new credit card as part of your rating is linked to the age of your accounts and typically the older the better. Doing your research and finding the best deal for you is the key to limiting the impact of this factor on your score. Part of your credit score relates to the length of time you leave credit accounts open, and typically the longer you have accounts the better the score, so it can be worth keeping your old account open.
Plus, having an available balance to spend might tempt you to get into more debt. Credit cards issued by American Express normally have a digit card number rather than a digit card number.
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This can cause trouble when shifting debt from an American Express card as online systems struggle to recognise the shorter set of numbers. In some cases, you just need to phone up your new card company and complete the transfer, but in others, you may not be able to make the transfer, so check the provider is equipped to deal with this issue before applying. You can transfer part or all of a debt balance from one credit card to a balance transfer credit card.
At this stage, you can enter the card number of where your existing debt lives and the balance you want to move. Just watch out for small print that stipulates you have between 60 and 90 days to complete a transfer after you receive the card to benefit from perks like a reduced balance transfer fee. Luckily there are a load of balance transfer providers to pick from so you should be able to find a different firm with a card that can help you.
You could move what you can onto the new card and make do or apply for another card in the hope that the provider offers you a larger limit. How much should I pay off my balance transfer credit card each month? You can transfer a balance that was previously a balance transfer so long as you have an available credit limit or a new card that can absorb it. You can use your balance transfer credit card to make new purchases as long as you have an available credit limit on your card.
The length of the promotional offers made available to you will usually be based on your personal circumstances. Those with a lower credit rating may be offered a shorter amount of time to pay off their debt interest-free. However, being able to do this will depend on your credit history. It's also worth remembering that making multiple credit applications within a short space of time can have an impact on your credit rating. Disclaimer: This content is not provided or commissioned by the credit card issuers.
Opinions expressed here are author's alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers. This site may be compensated through the affiliate program of the credit card issuers. NextAdvisor is a consumer information site that offers free reviews and ratings of online services.
Many of the companies whose services we review provide us compensation when someone who clicks from our site becomes their customer. This is how we make money to support our site.
The results of our analyses, calculators, reviews and ratings are based on objective quantitative and qualitative evaluation of all the cards on our site and are not affected by any compensation NextAdvisor may receive. Compensation may impact which products we review and write about and where those products appear. We do not review all products in a given category. All opinions expressed on this site are our own.
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Bottom Line Our editors thoroughly research all the credit card offers we review, comparing interest rates, features, rewards programs, annual fees, late fees and other features. If you are trying to get rid of your credit card debt, transferring your balance to a lower interest rate credit card may help you lower your debt a lot faster.
It is important to have a plan in place to pay off your credit card debt, and a balance transfer credit card can be an essential part. To assist, we have compiled a shortlist of some of the smart and savvy balance transfer credit cards that are available. The downside is that the time window for a fee-free transfer is only the first 60 days. There is no opportunity to earn rewards.
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