Balance Transfer credit cards explained - pay 0% interest on debt

If you have debt you can't pay off on credit cards then a balance transfer could help you stop interest getting added each month, allowing you to save hundreds of pounds and get rid of the debt faster.
This video explains how they work, the kinds of cash you could be saving, how to pick the right card and how to make sure you don't lose your 0% period.
Don't forget to check out my monthly updates to find out which cards have the longest interest-free periods and lowest fees.
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Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
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DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

[@tommypayne]

This video was really helpful 👌🏼 I have a much better understanding of it now. It’s so much easier when it’s simplified and you’re given relatable examples. Good man 👍🏼

[@BeCleverWithYourCash]

Thanks Tommy, glad it was helpful

[@adamnamedia3733]

Thanks a lot, it is helpful and clear information.

[@smith1743]

Spot on video 👍

[@billbobaggins7542]

Thanks mate made things work for me

[@hillaryhutire1195]

Thank you 👏👏👏👏

[@xgD3molition]

Googled how to do this, found this video. Excellent breakdown and advice. That’s me subbed.

[@BeCleverWithYourCash]

Awesome, thank you!

[@willroberts2773]

Fantastic video thank you mate

[@BeCleverWithYourCash]

Glad it helps

[@thesadwolf]

I'm so glad I watched this through. When you mention a balance transfer window, I panicked. My AMEX card has 4 days left. Phew!

[@carolarussi2046]

Hi there!! Finally it is useful... I was wondering if it would be possible to have a consultation with you and talk about it...

[@juforbes1]

Wow! Very well detailed, thanks for sharing 👍

[@BeCleverWithYourCash]

Glad it helped

[@fje04]

thanks men, excellent inf

[@BeCleverWithYourCash]

No problem!

[@csisbw]

Great video, very informative. Only gripe is your left sleeve was rolled up slightly and my OCD just stared at it the whole time 🤣

[@cryptoman206]

The nightmare 🤣

[@JP-sm1zv]

I know you didn't mean any harm with your light hearted comment, but we all need to stop referring to OCD for things like this as OCD is actually a horrific debilitating illness for people who suffer from it, and it's not anything to do with a sleeve being out of place etc for example. Spread the good word x

[@jammyjamjars6995]

WHY DID YOU POINT IT OUT?! I CAN’T UNSEE IT NOW!

[@jasminjohn7308]

😂😂😂

[@RedEyedJedi]

Thanks for pointing that out. I didn't even notice until I read your comment.

[@IT-TechExpert]

ok, this is great info and awesome explanation....however, how do you actually do transfer it, have not seem to find anything that shows you how to do it! do you do it from the new card toward the card that has the balance or the other way around ?

[@rarrkind8782]

Hi Andy if you could summarise at the end of your videos like keypoints please that would be highly appreciated, thank you for the great work.

[@BeCleverWithYourCash]

Great idea!

[@rarrkind8782]

@@BeCleverWithYourCash or maybe in text format in the discription of keypoints that would be great too.

[@88rushrocks]

I do it and if it’s not paid off within the 15 months etc I open a new account and transfer again and pay no interest

[@chhayamistry8943]

Such a useful video thank you! Is there generally a limit to how much you can move onto your new balance transfer card?

[@danielh.420]

Think its normally about 95% of ur credit limit on new card

[@Ya-Ali-Bradford-uk]

Hi Andy Can I use a balance transfer credit card & transfer to an car loan or personal loan account??

[@missym2751]

Hello I was wondering can I transfer a portion of the money with the balance transfer instead of all the money to make the minimum wage on the main account cheaper than it is right now

[@soifullah5368]

Hi Will i be able to clear my buy now pay later credit from curry’s with the balance transfer if you can help

[@strballr]

Can I pay back the before the 24 months with occurring early payment fee ?

[@JohnnyLyft]

I just got 12 month intro 0% balance transfer card. It's only $500 cc I got approved for, but I'm building my credit. Ally platinum cc, no annual fee 0% transfer fee for 12 months. I can transfer it to my bank if I need it and $500 I can pay it within a year with no issues.

[@elenagabriela.]

And one more question😊 while i paid the credit card with a balance transfer card , i will still be able to make purchases with my credit card? If i will create a new balance on the credit card will that go through the balance credit card ? Thank you🤗

[@imranquinn2070]

With these offers it seems the credit card lender always states you must be transferring a balance in such amount of time? I want to just take a new credit card out with a 0%purchase rate without a need to transfer a balance is this possible?

[@theedshow1764]

Do you help consult ppl?

[@80s-el9vc]

It may be 0% interest on debt. The Bank however does charge a fee for the Transfer Transaction.

[@jeansebastien16]

Hi Andy, Good day, I've got a 1300£ 0% debt on my barclays credit card I have until April 2023 to pay it. But I want to clear a 1500£ debt on another creditcard. My question is can I apply for another 0% balance transfer on my barclays credicard? and will not affect my previous 0% deal?

[@conorm8758]

What happens to the old card?

[@mrsestun]

It can be used to transfer money to a debit card ?

[@pocket367]

Is it a good idea to cancel a credit card if You didn't get enough for a balance transfer?

[@marcelkusmierek83]

Hey I'm 19 and dont even have a regular credit card. Would I have to first get a credit card from a bank, go into debt only THEN apply for the balance transfer credit card? This might sound stupid but can you have the balance transfer card without owning a regular credit card card. Sorry I'm completely new to all the financial stuff

[@JawadHussain-gx3jb]

what u,k credit cards accept balance transfer from amex?

[@pawanmahajan6789]

Can I do balance transfer from one balance transfer credit to another balance credit card

[@farsheennazarudeen8087]

Hi Andy, I have a credit card debt of 400£. Is it worth to apply for a 0% Balance transfer credit card for 6 months at 49.95% APR and transfer my credt balance ? I could pay 100£ every month. I need to increase my credit score. (3% balance transfer fee). Please let me know your thoughts. Thanks

[@reneeseaton3889]

@2:52 start

[@Azhark94]

whats purchase duration

[@Tikoexiste]

Fantastic content Andy! I'm looking for a "Money Transfer" credit card as I need a loan, not to pay another card. I simply cannot find it. Is it gone or something?

[@BeCleverWithYourCash]

There aren't many Money Transfer cards out there, but try a comparison site to see what comes up and check eligibility first

[@joshtinkler8191]

Can I make bank transfers from a 0% purchase card?

[@sobiakhan4732]

I’m looking for take out a loan of around £7,000. Would a balance transfer credit card have a limit of that amount ?

[@Lunkyful]

Can I transfer the credit card balance into my debit card bank account?

[@hemelhempsteadboy]

Hi Andy, could I buy a large item, lets say a sofa thats £3000 with a cashback credit card like the Amex Platinum Cashback and then switch that debt to a 0% balance transfer card like Natwest Balance Transfer Card. Basically I want to have my cake and eat it by getting money back from the purchase and then switching to pay back the debt over a long period of 0%

[@normantheforeman9866]

Can you transfer your spouses card debt to your card??

[@sushmitat2935]

May I suggest, it would be easier to understand the calculations for learners if u pop up the calculation being done on the side of your video please. Thank u :)

[@elenagabriela.]

Hi Andy ! I found your video very helpful 😊 . I do want to ask you what happens after i will pay off the balance transfer card? I will still be able to use it for transfer again a partially / totally amount of money or i will have to close it? So for ex i own 2000£ on a credit card..i m looking for a balance transfer card with 0% interest and 0% fee transfer for 24 month. After this 24 months end and all 2000£ paid back what will happen? Thank u

[@stevanpopovic2982]

Good question. It's not clear to me if this is a one-off? Or can I transfer multiple debts to it within the transfer period then pay it all off? Once its paid off, do you just throw away the card?

[@J_Andres-zf9eo]

@@stevanpopovic2982you should still be able to use it for purchases and future balance transfers if available. I do it all the time to pay lower interest. Your monthly statement will tell you what your options are and also offers that you may receive depending on mail or email.

[@edlopez2427]

Hi Andy! Can u also do a balance transfer from loans? Like payday loans?

[@88rushrocks]

May I also add while juggling credit and I do have over 10 credit cards combined between all of them I’ll never owe more than 4,000 dollars combined on credit cards so I add up all my minimum payment on these cards and I make the same payments on the interest free card so if all my minimum payments add up to 100 that’s the payment I pay on the new interest free card because I’m already budget for that amount so keep that payment on new card and if by chance the 15 months etc is going to expire and I haven’t paid it off yet I will open another account and you guessed it transfer again for the last 10 years I haven’t spent any interest on any credit card . However be smart and don’t over charge and make sure you have the means to pay the debt or you’ll end up dead broke and have a horrible life. Remember we are moving to a cashless society and you can’t even get a hotel etc without a credit card

[@HGC420]

do you have to pay the balance transfer fee up front? Or do they add this on to the balance that's being transferred?

[@HGC420]

For anyone that is wondering - the balance transfer fee gets added onto the new balance when you make the transfer from one provider to another 👍

[@smooth111012]

Can you send say money from a Sainsbury’s card to another card or has it got to be a new card from the same place ie Sainsbury’s?

[@BeCleverWithYourCash]

Other banks are fine, sometimes you can’t transfer from the same bank (check the card itself before you apply)

[@iniester6724]

Can i use the 0% balance transfer card to buy a car, lets say 15k, and pay it off over the period at 0%? Alternatively, i can use my other credit card to do so and transfer balance over. Are both options do-able?

[@hisnameisiam808]

Good question

[@okkcomputer]

well, im not eligible to any of these cards apparently,, im desperate

[@alexferguson9856]

Hi. I'm looking for a credit card jus for buying a new bike? What type of card is needed with zero % fee. Thanx

[@BeCleverWithYourCash]

You'll need a 0% purchase credit card for this. Use the eligibility checkers on a comparison site to see which ones have the best chance of acceptance

[@mirzaharoonbaig3202]

Best thing pay it off soon as you can

[@shenell1185]

Can you continually move the balance yo 0 apr cards once the maturity date approaches ?

[@lmaoroflcopter]

Yes. This is a type of credit card stoozing. You can transfer balance to balance but it requires hellish discipline and it will mean a new credit search on your record every single time you apply for a new card.

[@blah4306]

Hi Andy I owe 13k on a Lloyds 0% card and the deal runs out at the end of this month, I've done a search and Sainsbury's do a balance transfer with 0% transfer fee. Is there no way of knowing how much of the 13k they will transfer over?

[@LeonWezi]

What ended up happening?

[@rolandbishop6610]

Sounds to good to be true what’s the downside of these cards ?

[@BeCleverWithYourCash]

The biggest hurdle will be getting accepted for the card. Use a comparison site to do a mass pre-eligibilty check which won't hurt your credit report but will show which card you are most likely to get.

[@ivanlane5812]

If I transfer my credit card balance to 0% interest introductory credit card, who pays off the old credit card?

[@BeCleverWithYourCash]

The new credit card company will effectively clear the old debt, but put it on the new card.

[@WorldRenownedPsychicBearMedium]

Can you transfer a balance that not debt aswell? From card to card

[@armsofzeus]

I'm wondering the same thing. Can you just continue to transfer it?

[@joditurner8977]

I dont have a credit card debt but I want to borrow some money to purchase a car. If I borrow the money I need with another bank in a credit card and then transfer the balance to a 24 month 0% credit card would I then get a 0% interest loan?

[@rrubio3608]

Yes you can do that.

[@timpowell794]

You've lost me pal.... I'm in the se. Situation as u

[@9LoL1]

I am getting to the end of clearing my balance transfer credit card. Should I be looking to close the account once it’s cleared? Or would keeping it open be good for my credit score? Thanks JM

[@BeCleverWithYourCash]

Hi JM. It depends. Keeping it open can be good for something called credit utilisation - so the total amount of money you owe on cards, so it's worth keeping it open for a while and checking your credit score/report. But definitely don't spend on it.

[@maggieoduro8283]

Is it possible to transfer to the same bank you are using?

[@danielh.420]

Don't think so, my bank Natwest (so rbs and ulster as well) only allow balance transfers to another bank. So you can't transfer a Natwest balance to RBS as technically same company, or transfer a natwest balance to another new natwest card if that makes sense...

[@jbamrah1]

If I have a limit of 10k can I transfer it into my savings account which has a 5% interest rate?

[@lmaoroflcopter]

That would require a money transfer card. Usually their fees are pitched to discourage this use, but if you find one technically you can do what you like with the money once you've obtained it from the card. It's your money. A balance transfer is effectively shifting debt, not money.

[@rolandbishop6610]

Can I use this card to pay off a £400 catalog? Or is it only credit cards ?Got offered one with 9 months interest free

[@BeCleverWithYourCash]

For a catalogue debt you'll need to look at Money Transfer cards - here's more on these from my blog becleverwithyourcash.com/money-transfer-credit-cards-can-they-save-you-money/

[@WorldRenownedPsychicBearMedium]

Halifax do store cards

[@ToxicVaccines_HivHoax]

I have plenty of money to pay off any credit card balance. Why are you starting these videos with a dedication to people who have financial problems? It is basically noise that people like me do not need to hear. Why not just explain what a "Balance Transfer Fee" is??

[@nida6306]

Why not just Google “what is a balance transfer fee” if you can’t stand to hear extra information??????

[@giovanniosorio4759]

I don’t quite understand this part “To get the 0% and fee, you usually have to do the balance transfer within the first 1-3 months”. Does it mean that I can only use this type of credit cards once? I mean let’s say I have £5K in debt on one credit card... then I apply for a 0% transfer balance credit card and let’s assume that they transfer whole debt an give me 24 months to pay. And after that period I pay off my debt. So I’m free of debts. But then I’ve got another debt of £3K in the first credit card and I want to transfer that one as well. NOW I CAN’T USE THE SAME 0% transfer card that I used before???

[@ygbodybuilder3023]

So a persin could real spend years doing balance transfers without never paying iff credit cards with there own money

[@Shah2]

To my understanding no. Because you have to have a minimum payment set up to pay each month so you will clear some of it, along with paying the fee everytime you make a balance transfer. But yes you could do that for years.

[@ygbodybuilder3023]

@@Shah2 well besides the minimum which is nothing compared what will be owed on the card

[@tsumardi]

Not very informative, the information is being repeated several times. Here is few info that most people want to know and would be nice if someone can answer them: 1. Can customer do multiple balance transfers to this %0 Apr card and all debts will be on 0% APR until the promotional ends? 2. Is there a way to pay purchase only not balance transfer? 3. How do you check balance transfer or promotion offer on the card? Or can customer check it?

[@protimaranipaul7107]

Also their is a transfer fee of 3% IN MY LOACLITY

[@khawar79]

Too much talking , come to the point mate

[@jingojingo1]

Transfer fee is intrest

[@Casheem_chase]

𝐆𝐞𝐭 𝐲𝐨𝐮𝐫 𝐧𝐞𝐰 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝 𝐧𝐨𝐰?

[@TheHazzaaHD]

Can you transfer a loan onto a balance transfer credit card?

[@amjit31]

Have you found an answer to this?

[@TheHazzaaHD]

@@amjit31 Yes you'd need to get a 'money transfer' credit card as a 'balance transfer' one wouldn't work with a personal loan.