As Christmas credit bills loom large and January's pay seems a drop in the ocean, many will be looking for help to keep the wolf from the door, and avoid paying huge interest into the new year.
Thankfully, there are still some long zero per cent interest credit cards out there, where customers can transfer their balance and pay no fees for up to 31 months.
Martin Lewis, MoneySavingExpert.com founder, says on his website: "Don't wait for a statement, sort card debt now. Today's 31mth 0% debt shift deals are the longest since 2023.
"Can't afford to clear the debt? You can't afford not to check if you can shift it to 0%
"Even though it may feel hard to face, the sooner you tackle it, the sooner it can be improved. So don't wait for a statement, each day's delay just adds more interest, deal with it now."
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What is a 0% balance transfer credit card?
A 0% balance transfer is where you apply for a new credit card to pay off debt on your existing cards. You owe the new card company the money, but with no interest to pay for a set period, so all of your repayments go on clearing the debt (and none in the bank's pocket).
Yes, you still have to pay it all off, but only the amount you borrowed, as it's interest-free until midway through 2027.
How to use a 0% balance transfer safely
- Never miss the minimum monthly repayment. You'll likely lose the 0% deal and hurt your credit score.
- Clear debt before the 0% ends or you'll pay the representative APR, which is usually high.
- Don't spend or withdraw cash on the card. This is just for repayments.
The longest deals at the moment
Most have a one-off fee to transfer. Look at this over the length of the debt and see if it's a better deal for your circumstances.
MBNA
31mths 0% with a 3.2% transfer fee and a 24.9% rep APR afterwards
Barclaycard
31mths 0% 3.45% fee (min £5) 24.9% rep APR afterwards
HSBC Balance Transfer Credit Card Visa
30 months 0%, 3.49% transfer fee, 24.9% rep APR afterwards
Tesco Bank
29 months 0% 2.95% fee 24.9% rep APR afterwards
Virgin Money Balance Transfer Credit Card Mastercard
29 months 0%, 3.45 transfer fee., 24.9% rep APR afterwards
Tesco Bank
18mths 0% 0.99% fee 24.9% rep APR afterwards
Barclaycard
14mths 0%, no fee, 24.9% rep APR afterwards, plus £20 cashback if you shift £2,500 within 60 days and you get £20 cashback
If you need more help...
These cards aren't for everyone. If you need more help with debt, you can get free, one-to-one debt-counselling help from Citizens Advice, StepChange, or National Debtline.
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