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Best balance-transfer credit cards of 2018

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If you are struggling with pricey credit card debt, then switching to one of our picks of the best balance transfer credit cards is almost a no-brainer. Credit card interest charges can be crippling. If you maintained a balance of £10,000 at an APR of 18.9% and could only afford to make the minimum 2.5% payment each month, you would pay an incredible £1,749 in interest charges every single year. It makes far better sense to use that money to pay off the actual debt instead. The best balance transfer cards offer 0% introductory rates for up to three years, giving you plenty of time to take back control of your finances. Remember to set up a direct debit to clear the minimum each month – miss one payment and your deal is instantly terminated! Our new guide picks out some of the best balance transfer deals on the market today.


Tesco Bank® Balance Transfer Credit Card

Good for: Maximum length 0% balance transfer

Tesco Clubcard Credit Card

Tesco’s balance transfer credit card leads the pack for those looking to transfer an existing card balance for the maximum possible period, with an 0% introductory rate for a market-leading 36 months. The card also gives you a three-month 0% introductory rate on purchases, followed by an APR of 18.9% thereafter. You can also collect Clubcard points on your spending in Tesco, the UK’s largest supermarket chain, and everywhere else. Tesco’s finest piece of plastic.

Balance transfer period

36 months

Rate

0%

Transfer fee

2.69%

Introductory purchases

0% for 3 months

Purchase APR

18.9%

Credit requirement

Good

Extra benefits

1 Tesco Clubcard point for every £4 spent (£4 min) in Tesco and 1 point for every £8 (£8 min) outside Tesco


Barclaycard® Platinum 35 Month Balance Transfer Card

Good for: Interest-free balance transfer with cashback

Barclaycard is the UK’s best-known credit card issuer and this Platinum balance transfer card shows why, with an 0% introductory rate for 35 months. The 3.5% transfer fee looks pricey at first but you get an immediate refund, which cuts it to 1.85% — lower than most. As an extra perk, you get £20 cashback when transferring a balance of £1,000 or more within 60 days of opening an account, an offer ending on 14 May.

Another attraction is that you also pay zero interest on purchases for a generous six months. There is no annual fee. Applicants must be at least 21 years old, with annual income of at least £20,000. If you can match that, Barclaycard has still got it.

Balance transfer period

35 months

Rate

0%

Transfer fee

1.85%

Introductory purchases

0% for 6 months

Purchase APR

19.9%

Credit requirement

Excellent/good. Must be aged 21 and earn at least £20,000

Extra benefits

Partial refund of balance transfer fee plus £20 cashback


Santander® Everyday Credit Card

Good for: Fee-free balance transfers

Most credit cards charge a fee for transfers, but the Santander Everyday Credit Card is an honourable exception. You get a shorter 0% introductory rate as a result, but 27 months is still pretty generous. Somebody shifting a £3,000 credit card balance would save £89.70 compared to a card charging a 2.99% transfer fee. Santander Everyday also offers 0% interest on purchases for the first three months, rising to 18.9% after that.

As an added perk, the card has five cashback offers of up to 25% from a range of major retailers, although for single use only. However, you also get ongoing cashback offers of up to 15% at a variety of online and high street retailers, and there is no annual fee. 

Balance transfer period

27 months

Rate

0%

Transfer fee

0%

Introductory purchases

0% for 3 months

Purchase APR

18.9%

Credit requirement

Good

Extra benefits

Five cashback offers of up to 25% from a range of major retailers, then ongoing cashback offers of up to 15%

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The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. The Motley Fool UK has recommended shares in Tesco and Barclays.