0% Balance Transfer Credit Cards | September 10

0% Balance Transfer Best Buy Guide Read more in... Part 1: How Do 0% Balance Transfer Credit Cards Work? Part 2: How to Compare 0% Balance Transfer Credit Cards 0% Balance Transfer Credit Card Questions Got a Credit Card Question? Send your question to and we'll set our team of credit card experts to it! 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 »

Part 3: Using a 0% Balance Transfer Credit Card

0% balance transfer credit cards can be a real lifesaver for anyone who is struggling to repay large credit card debts, take a more in-depth look into how use them with our step by step guide and make sure you use them right with our tips.

How to use a 0% Balance Transfer Credit Card Step by Step

1. Apply for your credit card – Once you’ve found your perfect balance transfer deal you can apply online. It’s a simple form but you will probably need details like your pre-tax salary and your address for the past five years so try to have them to hand.
   
   You can apply for your balance transfer credit card online and the application will usually include a section where you can enter the details of the other card(s) with debts that you want to transfer.
   
   Your new credit card provider will then contact you by post. You may need to provide them with some additional details and after that you’ll receive your credit card.



2. Budget - Now that you've got a 0% balance transfer credit card the best way you can make the most of it is to budget your income and really try to clear your credit card debt completely.
   
   It’s worth waiting to do this until your application has been accepted in order to confirm the amount that you can transfer to your new credit card with your provider.
   
   Your 0% balance transfer credit card can give you real breathing space away from mounting interest charges and give your repayments a lot more punch. So repay as much as you can comfortably afford to, that's enough to make a dent but not so much that you’re left dining on beans and toast every night!
   
   Finally, remember that whatever you do you still have to make at least minimum repayments every single month. Missing a monthly payment could lead to your balance transfer offer being withdrawn so set up a direct debit and make a note to check that it has transferred.



3. Start clearing your debt – As soon as you’ve budgeted and set up a direct debit you can start clearing your debt.
   
   If you don’t have the option to enter details when you apply most cards normally allow you to do a transfer within a set period of getting the card (usually 30 – 90 days). All you need do is call up or get online and send them the details of your other credit card or cards.



4. Only use your 0% balance transfer credit card for your balance transfer – Except in very specific circumstances you should only be using your 0% balance transfer credit card for your balance transfer.
   
   Put the plastic away somewhere safe and make sure you don’t use it. For more on why using a 0% balance transfer credit card for spending or withdrawing cash is a bad idea see oursection.



5. Use the whole 0% period – The sooner you move your current card balance over to your new 0% balance transfer credit card, the sooner you'll start reaping the rewards of a 0% rate. Just one month sooner - or later - could mean £35 off your balance or £35 lost in interest charges (based on a rate of 16.9% p.a. for a balance of £2,500).
   
   It’s also worth bearing in mind that many 0% balance transfer credit cards offer a 'window-period' in which you can move your balance to the new card to qualify for the 0% promotion. These window-periods can be as short as just 30 days and are a good enough reason on their own to make your transfer as quickly as possible.



6. Know when your 0% balance transfer deal ends - Knowing when your 0% balance transfer offer ends can help you to work out how much you need to repay each month to clear your balance by the end of the introductory period.
   
   If you know you won't be able to clear your balance by the end of the 0% period, set a date in your diary when your 0% deal expires and remember to transfer to a new balance transfer deal in good time. You can choose to transfer to another 0% balance transfer credit card or even to a life of balance transfer credit card, which will offer a low rate until your balance has been repaid in full.



7. Stop using your 0% balance transfer credit card – If you needed to use a 0% balance transfer credit card it’s likely that you had a balance on a high interest credit card before.
   
   Don’t make the same mistake again and stop using your balance transfer credit card after the deal is over. Instead, apply for a 0% purchase credit card or, if you want to start paying off your balance in full, a reward credit card.

0% balance transfer credit cards