Balance transfer
A balance transfer moves debt from one credit card to another, usually to benefit from a low or 0% interest rate for a set period.
Also known as: balance transfers, balance transfer card
Most balance transfer cards charge a fee, typically a small percentage of the amount moved. The low rate lasts for a limited promotional period, after which the standard rate applies to anything left.
It works best if you have a plan to clear the balance before the offer ends and do not use the old card again. Missed payments can cancel the offer.
You can check your credit reports for free, and you should never need to pay for a credit score or report.
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10 min readReadThis page provides general information only. It is not personalised financial, legal or tax advice, and rules and figures can change. Your situation is unique — please check official sources such as GOV.UK and MoneyHelper, and speak to a qualified, FCA-authorised adviser before making important decisions about your money.