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Interest Free Balance Transfer

Interest Free Balance Transfer

An interest free balance transfer is where a customer makes a balance transfer from their existing credit card to another card, which offers an introductory interest fee period.

Usually, the customer will balance transfer the outstanding debt from their existing credit card. This card will generally have a higher rate of interest than the new credit card.

With current UK interest free balance transfer offers, a customer can save a good amount of money.

All of the monthly repayments that a customer makes during the introductory balance transfer period, go towards reducing their outstanding debt. As a result, with no interest charges, the outstanding balance owed by the customer, can be paid off faster.

After any introductory interest free balance transfer credit card offers have come to an end, the interest rate charged on any remaining debt will increase to the credit cards standard APR rate. This is typically around 21.9% APR variable, in the UK, although can be higher, or lower, with some cards.

Interest Free Balance Transfer Credit Card

Interest free balance transfers allows a credit card customer to save money, by reducing their interest payments.

UK credit cards with interest free balance transfers are currently available for up to 31 months. However, these 0% balance transfer deals and offers do change. A couple of years ago, the introductory 0% offers on balance transfer were as long as up to 43 months.

Some of the most popular UK interest free balance transfer credit cards currently available include all of the following popular featured cards :-


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Card Offers

Balance Transfers:
0% for 32 months
Balance Transfer Fee:
1.99%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)

Card Details

M&S Transfer Plus*
  • 0% for 32 months on balance transfers made within 90 days of account opening
  • 1.99% balance transfer fee, minimum £5
  • 0% on purchases for 3 months from account opening
  • Collect M&S points every time you shop anywhere in the world with your card
  • One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
  • Manage account online
  • Annual Fee: None

Application Criteria

M&S Transfer Plus*
  • You are a UK resident
  • You have an annual income or pension of at least £6,800
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within the previous 12 months
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 33 months
Balance Transfer Fee:
2.7%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)

Card Details

HSBC Balance Transfer*
  • 0% interest for 33 months on balance transfers made within first 60 days of account opening
  • 2.7% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for 3 months from account opening
  • At end of promotional period, balance transfers and purchases will revert to standard variable rate
  • Worldwide offers and discounts with HSBC home&Away
  • Manage your card online
  • Annual Fee: None

Application Criteria

HSBC Balance Transfer*
  • You have an annual income or pension before tax of £6,800 or more
  • You are a UK resident
  • You are aged 18 or over
  • You do not hold an HSBC Basic bank account
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for up to 12 months
Balance Transfer Fee:
2.9%
Purchases:
0% for up to 12 months
Representative APR:
34.9% APR (variable)

Card Details

Post Office Classic
  • 0% on balance transfers for up to 12 months
  • 2.9% balance transfer fee
  • 0% on purchases for up to 12 months
  • Credit limit up to £8,000
  • Online account management
  • Annual Fee: None

Application Criteria

Post Office Classic
  • You are a UK resident
  • You have a bank or building society account
  • You are aged 18 or over
Representative Example: 34.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 34.9% p.a. (variable)
No balance transfers allowed to this card from Capital One or Post Ofice credit cards

Card Offers

Balance Transfers:
0% for 24 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 24 months
Representative APR:
21.9% APR (variable)

Card Details

M&S Shopping Plus*
  • 0% for 24 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 24 months from account opening
  • Collect M&S points every time you shop anywhere in the world with your card
  • One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
  • Manage account online
  • Annual Fee: None

Application Criteria

M&S Shopping Plus*
  • You are a UK resident
  • You have an annual income or pension of at least £6,800
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within the previous 12 months
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 23 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 23 months
Representative APR:
22.9% APR (variable)

Card Details

HSBC Purchase Plus*
  • 0% interest for 23 months on balance transfers made within first 60 days of account opening
  • 2.9% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for 23 months from account opening
  • At end of promotional period, balance transfers and purchases will revert to standard variable rate
  • Worldwide offers and discounts with HSBC home&Away
  • Manage your card online
  • Annual Fee: None

Application Criteria

HSBC Purchase Plus*
  • You have an annual income or pension before tax of £6,800 or more
  • You are a UK resident
  • You are aged 18 or over
  • You do not hold an HSBC Basic bank account
Representative Example: 22.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Interest Free Balance Transfer Offers

Usually, most UK customers making interest free balance transfers will still have to pay a small fee. This balance transfer fee is paid to the credit card company, that you transfer a balance to. The balance transfer fee is usually calculated as a percentage amount, of the total balance transfer amount.

In general the longer the promotional 0% balance transfer period, the higher the balance transfer fee will be. However, even with the transfer fee, UK customers can still save a good amount of money with a interest free balance transfer credit card.

Consider this example:-

  • Mr Smith owes £4,000 on his current credit card, and his interest rate is 21.9%
  • If he makes a balance transfer to a new credit card offering 0% for 29 months, with a 2.85% fee
  • Then he could save £961 in interest even after paying the transfer fee

It is vital that once you have made any balance transfer, that you ensure that at least the minimum monthly repayment is made each month on time.

Many credit card companies have the rights in their terms and conditions to withdraw any introductory 0% balance transfer offers in the case of late or missed payments.

Interest free balance transfers are available in the UK on credit cards using both the Visa and Mastercard payments networks. Millions of shops, restaurants and hotels all around the world accept Mastercard and Visa credit cards.


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Published: January 10, 2022, Updated: March 30, 2022 by Balance Transfer Expert

All 0% balance transfer credit card offers on this website are updated daily