Low Balance Transfer Fee Credit Cards FAQ
Have you got a large balance on your credit card that you're struggling to pay off thanks to hefty interest fees? You could be able to save money by transferring your balance to a card that offers a more attractive interest rate. Some low-interest cards even offer periods of 0% interest.
However, if you're looking to move your balance you need to find a provider with a low transfer fee. This will allow you to transfer your balance from an existing card to a different card for a small fee - usually between 1.5% and 2%. It's worth noting, however, that you will not be able to conduct a transfer if your existing card and future card are with the same provider.
What are the different types of low transfer fee credit cards?
Currently, there is a range of different low transfer fee and balance transfer cards available on the market that allow consumers to take advantage of more appealing interest rates. It is even possible to benefit from a 0% interest period on your balance depending on certain circumstances - so be sure to check the terms and conditions of each potential card. Remember, when looking for a low transfer fee, it's also important to consider the other perks that certain lenders may offer, as well as the interest rates you will face on your existing debt.
What fees should I expect to pay?
Though a low transfer fee card will offer you a lower transfer cost than other providers, you will still need to pay for your balance to be moved from one card to another. What's more, you may have to pay the same fees associated with other credit cards, including interest on the purchases that you make, and charges for missing repayments or using your card abroad.
How long will my balance transfer take?
Once you've chosen a low transfer fee card with an attractive interest rate, your balance should be switched over within a few days. In some cases, it may take up to two weeks for a new card to be sent out to you, however, and the speed at which your transfer takes place may also depend on how quickly you pay the initial fees.
How can I pay off My debt after the transfer?
Though switching to a low-interest credit card with a low transfer fee can help you to cut back on some of the costs associated with clearing your current balance, it's important to pay off your debt before the interest rate on your new card rises. For instance, if you're switching to a 0% interest card, that promotion will only last for a limited time before it raises to a standard level. A good option is to set up a direct debit calculated to clear your balance before the interest fee increases. Not only will you avoid extra costs, but you'll also reap the benefits and reassurance of never missing a payment.
How should I make repayments on my low APR card?
As with most credit cards, the best way to make repayments on your low APR card is to set up a direct debit for at least the minimum monthly repayment amount from the moment you are accepted.
What will my credit limit be?
Most providers state an 'assumed' credit limit when advertising cards. However, there is no guarantee that you will be offered this amount. Often, your provider will decide how much to lend you through an assessment of your credit history and application.
Will my credit record matter?
Yes, the best deals on low-transfer credit cards are available to those with a strong credit record and a reliable source of income.
How does our comparison table work?
Our credit card comparison tool can help you identify the right credit card for you. How you choose a credit card will be driven by what you want from it, and we have broken down those key features for easier comparisons.
To help you, we have initially ranked our credit cards by 'Our Most Popular', i.e. the cards that our users felt most suited their needs. You can reorder the comparison according to other criteria via the drop-down box directly above the table.