Credit cards operate under the principle of a customer having to pay off a balance in predictable increments. This will enable future liquidity to be enjoyed while boosting existing credit ratings. A zero-per cent balance credit card is a way for an individual to relieve debt. This offer enables all existing balances from other credit cards to be transferred to a new card. During a specific time period, these funds will not accrue additional interest. After the offer expires, the remaining balance will be subject to standard interest rates.

Card APR Features

Barclaycard Platinum 42 month Balance Transfer

18.9%
  • 0% interest on balance transfers for 42 months from account opening (2.99% fee applies)
  • A fee of 3.5% will be applied, then reduced to 2.99% by a refund terms and conditions apply
  • 0% interest on purchases for 6 months from account opening
 More info

Lloyds Bank Platinum 42 Month Balance Transfer Card

18.9%
  • 0% interest for up to the first 42 months on balances transferred within the first 90 days after your account is opened.
  • 2.8% effective fee applies on each balance transfer made in the first 90 days.
  • 0% interest on purchases for the first 6 months after your account is opened
 More info

Santander All in One Credit Card

21.7%
  • 0% for 41 months on balance transfers
  • 3% balance transfer fee applies (minimum £5)
  • 0% for 6 months on purchases
  • £3/month/li>
More info

Nationwide Balance Transfer Credit Card

17.9%
  • 0% for 12 months on balance transfers
  • 2.4% balance transfer fee (minimum £5)
  • 0% on purchases for 12 months
 More info

Halifax 24 month Balance Transfer Credit Card

18.9%
  • 0% up to the first 24 months on balance transfers made in the first 90 days.
  • 1.5% fee applies on each balance transfer made in the first 90 days.
  • 0% for the first 3 months on purchases.
 More info

 

Types of Zero Percent Balance Credit Cards

The type of card will generally be determined by the duration of the introductory offer. Of course, this will vary from provider to provider. This is important to keep in mind, for there may be an increase in the interest rates when the period expires. Some programmes will offer zero per cent for a few months while others can provide this amenity for much longer (no more than a year in nearly all cases).

Most types of cards will come attached with a one-time transfer fee (the existing balances to the new card). This can fluctuate between three and five per cent. Again, this is primarily determined by the institution in question.

Things to Take into Consideration

As seen previously, the main concern is the duration of the offer itself. Also, it should be known as to whether or not new purchases on the card will enjoy the same zero percent. Unless this is clearly stipulated within the terms and conditions, the standard interest rate will normally apply. When the grace period is over, what will the interest equate to? This is also critical, for some plans will actually incur a higher interest rate than that encountered with a normal credit card. Finally, it is essential to keep in mind that zero-per cent balance transfer cards are intended to be used as vehicles to remove existing debt as opposed to making an exorbitant amount of purchases.

How to Get the Best Deal

Performing a simple Internet search employing the term “0% balance credit cards” will result in numerous offers. Comparing these deals is the first step in choosing the correct product. Some other considerations can include (but are not limited to):

  • Understanding the balance transfer fees.
  • Making certain that the provider in question is reputable.
  • Paying attention to all terms and conditions.
  • Appreciating the transfer limit on the card.
  • Budgeting the money accordingly.

It is wise to also minimise current expenses and set strict limits on how much the card will be used. This type of credit card is indeed quite beneficial in helping to restore and improve one’s financial standing.