Top 10 balance transfer credit cards
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
18th January 2021
3 minute read
Have you been thinking about taking out a new balance transfer card in 2020? It can certainly be a good way to streamline your finances, especially if you’ve found yourself with multiple credit cards or loans and would like to combine them into one.
The benefits of getting a balance transfer credit card include:
- Reduce the amount of interest you pay per month
- Give yourself more time to reduce your debts
- Centralise multiple debts into one place
- Gives you a clear timescale to being debt free
Moving your debt around might seem like a sideways step when trying to pay it off, but actually it can be incredibly worthwhile. As well as saving you a lot of money over your repayment period, it can ensure you pay off the total debt sooner and make it much easier to manage with having just one payment rather than multiple.
If this sounds better than unwrapping a brand-new set of glittery purple robes complete with socks and sandals, then a balance transfer card might just be for you.
How do balance transfers work?
They work by applying for a new balance transfer card and getting your new provider to move your old debts for you. The process is similar to switching current accounts but it can include transfer fees and even interest payments, unless you get a credit card with a 0% interest free promotional period as standard.
What is the best balance transfer credit card for me?
Depending on the balance transfer deal you choose, your balance transfer card will either have a long introductory period or no transfer fees to pay, and sometimes both. This perk will allow you to benefit the most from consolidating your debts and allow you to effectively manage your debt. Read more about the perks below:
- Promotional period – normally lasting for a set number of months, this will usually include 0% on balance transfers meaning you have enough time to consolidate your debt onto one card
- No transfer fee – this means that every time you make a transfer, you will not be charged a handling fee for doing so. If it’s also within a 0% balance transfer period, you will avoid any charges entirely when moving your debts over
Would you like more information on balance transfer cards? Have a read of our guide choosing a balance transfer card, to find out what you should be looking out for when picking the right deal for you. Alternatively, ask yourself ‘should I get a balance transfer card?’ or discover the 8 golden rules of balance transfer cards for further information.
Top 10 Balance Transfer Credit Cards:
Since the balance transfer credit cards from our panel of lenders appeal to those looking for a long promotional period or no transfer fee, we decided to create 2 separate top 10 lists that should help you in your search, depending on what your priority is.
Likewise, you might be looking for a credit card that is the best of both worlds, ensuring you have a long promotional period and a low transfer fee.
Take a look at both lists below to find the cards with longest promotional period, lowest transfer fee and ones that include both perks (look for the cards with no transfer fee).
Top 10 balance transfer cards (longest promotional periods)
- Virgin Money – Balance Transfer Credit Card – 29 months
- Barclaycard – Platinum Long Balance Credit Card – 28 months
- M&S Bank – Transfer Plus Offer Credit Card – 28 months
- Virgin Money – Balance Transfer Card – 27 months
- Barclaycard – Platinum All Rounder Credit Card – 25 months
- Virgin Money – Balance Transfer Card – 24 months
- Virgin Money – All Round Credit Card – 23 months
- Royal Bank of Scotland - Balance Transfer Credit Card (No transfer fee) – 20 months
- NatWest – Balance Transfer Credit Card (No transfer fee) – 20 months
- Virgin Money – All Round Credit Card – 20 months
Top 10 balance transfer cards (low transaction fees)
- Royal Bank of Scotland - Balance Transfer Credit Card (20 months) – No transfer fee
- NatWest – Balance Transfer Credit Card (20 months) – No transfer fee
- Barclaycard – 0% Balance Transfer Credit Card (18 months) – No transfer fee
- Virgin Money – Balance Transfer Card (27 months) – 1.45%
- Barclaycard – Platinum Long Balance Credit Card (28 months) – 1.75%
- Virgin Money – Travel Credit Card (12 months) – 2.0%
- HSBC – Rewards Credit Card (6 months) – 2.0%
- Barclaycard – Platinum All Rounder Credit Card (25 months) – 2.7%
- M&S Bank – Transfer Plus Offer Credit Card (28 months) – 2.85%
- Virgin Money – All Round Credit Card (20 months) - 2.9%
This information is updated monthly and reflects our Top 10 Balance Transfer cards for March 2020.
Are you still unsure whether you might be eligible for our top 10 balance transfer cards? Try filling in our moneymatcher online comparison tool to find the best balance transfer card for you. We simply need a couple of personal details and you will receive a list of the most relevant cards, all without affecting your credit rating.
Head over to our Balance Transfer Credit Cards page to browse through the entire list of cards available. You can also read more balance transfer guides and look at our FAQs for more information.