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Best 0% balance transfer deals disappearing

A raft of market-leading 0% balance transfer credit card deals[1] have been withdrawn from the market or had their balance transfer fees hiked in the last week. Barclaycard is the latest provider to make a change, reducing the 0% period on its balance transfer card from 36 months with a 1.85% fee to 35 months with a 1.35% fee. Which? looks at what this means for those with credit card debt, and explores the best 0% balance transfer credit card deals[2] still available.

Best 0% balance transfer deals shrinking

A 0% balance transfer credit card allows you to shift existing credit card debt and freeze the interest rate for a set time, typically for a one-off fee. When looking for a good 0% balance transfer deal, you should consider the length of the no-interest period and the size of the transfer fee. However, the length of 0% deals has fallen off a cliff since this time last year, as the table below shows.

Longest-lasting 0% balance credit card deal Mar-08 Virgin Money – 0% for 15 months Mar-13 Barclaycard – 0% for 25 months Mar-16 Halifax – 0% for 40 months Mar-17 Halifax – 0% for 43 months Today MBNA – 0% for 36 months


The longest-lasting 0% balance transfer deal on the market today offers 36 months to freeze debt – 10 months less than this time last year, when borrowers could get a deal for a whopping 43 months.

Why is the length of a 0% balance transfer deal important?

A longer-lasting 0% balance transfer deal means you have more time to pay off what you owe, so you can split your debt into more affordable repayments each month. With a GBP4,000 debt, for example, a 43-month card would allow you pay back around GBP93 a month. But you would need to pay back GBP111.11 in order to clear the same debt with a 36-month deal.

Find out more about how balance transfer deals work in our best 0% balance transfer credit cards[3] guide.

The best deals to snap up now

Deals are disappearing fast from the market – so, if you’re carrying a credit card debt, you should consider your options now. Here are the longest-lasting 0% balance transfer deals on the market right now. Source: Which?

Money Compare[4] Alternatively, if you are after a cheaper deal, here are the best fee-free balance transfer credit cards available right now. 1 GBP3 monthly feeSource: Which?

Money Compare[5] Which? Limited is an Introducer Appointed Representative of Which?

Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which?

Money Compare are trading names of Which? Financial Services Limited.


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