Tips for Comparing & Choosing a 0% Balance Transfer Credit Card

0% Balance Transfer Best Buys Virgin Credit Card » 0% on balance transfers for 16 months (% fee) 0% purchases for 6 months Why? "The UK's longest best buy balance transfer credit card - Virgin credit card with 0% for 16 months on balance transfers." % APR Read our Review » | Apply Now » 0% Balance Transfer FAQ's Have a question? Send in your question and we'll do all we can to help answer it. Where appropriate user questions will be added to the FAQ's for future use. Most recent questions: Q. How can I transfer money to a current account? Q. How much will I have to repay each month if I use a 0% balance transfer credit card? Q. Is a balance transfer deal that requires me to spend on the card any good? Q. How long is the longest 0% balance transfer deal available? Q. Why do I have to pay a transfer fee? Can I avoid paying it? Q. What is the limit of how much I can transfer to a 0% rate? Q. Can I transfer balances from multiple credit card accounts? Q. How much can I transfer? Q. What is stoozing? How can I make money by stoozing? Q. Why are only some 0% balance transfer credit cards suitable for new purchases? More frequently asked questions »

Best suited for...

• If you are looking to transfer an existing credit card balance that you can pay off by the end of the 0% introductory period.
• If you are looking to benefit from 0% interest charges on a transferred balance, and you are happy to re-move your balance at the end of the introductory period.

Not suitable for...

• If you want to pay off an existing credit card balance over a period longer than 1 year, and you do not want to move your balance again. You should look at 'fixed for life' balance transfer credit cards, which offer a low interest rate until you have paid off the balance in full.

What to look for:

• Look for the longest 0% interest rate period.
• What is the interest rate for balance transfers once the introductory period has finished?
• Does the credit card also offer 0% on purchases, and does it run for the same length of time as the 0% on balance transfers?
• What is the interest rate, or typical APR, for purchases?
• Does it offer any additional rewards?

What to watch out for...

• Is there a balance transfer handling fee?
• Is the 0% purchase deal much shorter than the 0% balance transfer deal?
• Tip: If it is, and you intend to also use the credit card for purchases, be careful as you could get trapped into paying interest charges on your purchases whilst you are still repaying your 0% balance transfer
• How will payments made to the card be applied?
• Tip: If payments are applied solely to the 0% promotional rates until they are cleared, we recommend using a different credit card or even a debit card to make purchases and cash withdrawals. Alternatively, you could look at 0% balance transfer and purchase credit cards, which offer 0% interest rates on both balance transfers and purchases.

Don't Forget!

• Minimum monthly payments: even though you will not be charged any interest on the balance you transfer during the promotional period, you are still required to make a minimum payment to the card each month.
• Check the 0% offer conditions: some cards require you to transfer the balance within a set amount of time to qualify for the 0% promotional offer.
• You cannot transfer balances between credit cards issued by the same bank or building society.

Make the most of your card...

• Transfer your existing credit card balance during card application or as soon as you receive the card, this will enable you to benefit from the most of the 0% period.
• How you can make the balance transfer:
• During credit card application.
• With the balance transfer forms sent out with your new card.
• Via online or telephone banking.
• With credit card cheques (if they are included in the 0% promotional offer).
• Tip: Remember to budget your income so you can pay off your balance transfer within the introductory period.

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