Compare Top 0% Balance Transfer and Purchase Credit Cards

In many cases, transferring to a 0% card will only take a few days. However, depending on the provider you choose, you might find that you're waiting for up to two weeks before your new card is delivered in the mail, followed by another week's wait to make the transfer.

While 0% deals can be an excellent solution for thrifty consumers, they don't mean you can avoid making any regular payments. You'll still be expected to make at least the minimum monthly payments on your debt - otherwise, you could end up facing significant penalties, or even lose your 0% deal.

To get the most from a 0% balance transfer, it's a good idea to apply for the switch at least three weeks before you need to pay off the balance on your old card. Keep in mind you may be required to transfer all debts within a month or two of opening the new card.

Usually, 0% balance transfer credit cards should allow you to send money to your bank account with a 0% interest rate for an introductory period of a certain number of months depending on the provider.

Depending on the provider you choose you will be allowed to transfer a specific percentage of your credit limit, usually within the region of 90 to 95%. For example, if your credit limit is £5,000, you would be able to use £4,500 towards your balance transfers.

Most of the time, the best way to manage your debt is to create a direct debit. If you move a balance of £4,500 over to your 0% card, you could set up a direct debit for £150 a month that hopefully leaves you debt-free by the time the 0% interest rate offer expires. If you can't repay your debt by the end of the offer, you could start to rack up standard-rate interest again.

Following your application for a 0% card, your chosen provider should give you an insight into what your credit limit will be. It will be dependent on your circumstances as well as the provider you choose. Remember, while you might receive a sizeable credit limit on your new card, you might not pay the same rate for new purchases as you do for the initial transfer of debt. For instance, you may receive a 0% interest deal on all balance transfers for 37 months, but still be required to pay 16% interest on purchases.

Yes. Your lender will decide your eligibility for a balance transfer, as well as credit limits and APR based on your credit record. Often, the top deals are only available to those with a clean credit record.