Best balance transfer credit cards UK 2022

If you’re looking to get your credit card  debt under control, pay it off completely   or better manage your interest repayments, a  balance transfer credit card could help.   In this video I’m going to run through the  best balance transfer credit cards for 2022.   I’ll take you through two of the longest  0% interest deals currently available,   two cards with no transfer fees and a card  specifically designed for those of you out there   with bad credit. And, at the end of the video,  I’ve also included a section on some balance   transfer basics if you want to learn more or  are new to the balance transfer world.   With the Sainsbury’s Bank 32 Month Balance  Transfer Credit Card you’ll get, you guessed it,   32 months interest-free on your balance.  There is a transfer fee of up to 3% but,   with this card, you’ll also be able to earn up to  5,000 bonus Nectar points in your first 2 months   as well as extra rewards every time you shop at  Sainsbury’s, Argos, Habitat or TU clothing.   This card comes with no monthly or annual account  fee. However, it is only available for new   Sainsbury’s Bank customers.

If your goal with  a balance transfer card is to clear your debt,   I would be very wary of those rewards points  perks, as they could end up encouraging you   to use this card for everyday spending  rather than pay off your balance.   The longest deal we found at the time of  publishing this video is the MBNA Long 0%   Balance Transfer Credit Card which gives you up to  33 months interest-free on your balance transfer,   with a transfer fee of 2.69% for 2 months. And,  all with no monthly or annual account fee.   When it comes to downsides, the main thing  to consider is that the transfer fee will   increase from 2.69% to 5% on any transfers you  make after that 2 months intro period is over.   And, again, if you don’t need a whole 33  months to clear your credit card balance,   it could be worth looking at some  no-fee balance transfer cards.   The second longest no-fee deal we found was  with the HSBC No Fee Balance Transfer Credit   Card Visa (I swear these card names are getting  longer). This HSBC card will give you a 20 month   break on paying interest on your balance, with  no balance transfer fee; and anyone accepted   on this card is guaranteed to get the full 20  months.

You’ll also have access to discounts and   exclusive offers on shopping, leisure activities  and meals out via the HSBC Home and Away scheme;   and all with no additional account fee. While 20 months is a pretty reasonable   interest-free period, there are longer  deals available if you need more time to   pay off your balance. Another thing  to remember is that the no fee deal   only applies to balance transfers made within  the first 60 days of opening the account.   Our longest no fee deal at the time of publishing  is another card from Sainsbury’s Bank.

Their no   balance transfer fee card will give you up to 21  months interest-free on your balance with no fee.   With this card, you’ll also be able  to earn 3 Nectar points for every £1   you spend in Sainsbury’s or Argos, and 1  Nectar point for every £5 spent elsewhere.   This card also comes with no account fee. Some downsides to consider include the fact that   you need an annual income of at least £10,000 to  be eligible and people with low credit scores are   unlikely to be accepted. Also, if your goal with  a balance transfer card is to clear your debt,   then it’s likely you won’t be using  this card for everyday spending.   In which case, the Nectar point  perks are pretty redundant.   If your credit score is not the best, a  Fluid Credit Card could be a great option.   Fluid is geared toward those who might  struggle to be accepted by more mainstream   cards, and offers 0% interest on  balance transfer for 9 months with   a 4% fee.

The application process is fast  and straightforward, and many people get a   response the same day. The card also comes  with no monthly or annual account fee.   This card is more of a stepping stone product  to help you improve your credit score,   and isn’t ideal for long-term use. Once your  credit has improved, if you still have a   balance to pay off, it might be worth checking  out some of the longer 0% deals available.   Another downside is the 4% transfer fee, which  is quite high compared to other cards, and will   increase to 5% on any transfers you make after the  9 months interest-free period is over. I will say,   though, that in general you would expect to see  higher rates on credit builder credit cards.   One of the first things to know is that you can’t  transfer a balance between two cards owned by the   same bank.

That may sound obvious but, actually,  a few of the more boutiquey, younger challenger   banks are actually owned by a bigger high street  bank. For example, First Direct is owned by HSBC.   If you’re in any doubt who owns your bank account,  click the first link under extra resources in the   description below, and use our searchable table  to find out who owns your bank or the bank you   want to transfer your balance to. The second thing to know is that,   if there is a balance transfer fee, instead  of paying that upfront as a separate fee,   in most cases it will simply get rolled into your  new balance on your balance transfer card.   Every month, you must pay at least the  minimum amount otherwise you could get   hit with penalties and some providers  may even withdraw their 0% deal.

  And finally, balance transfer credit  cards still require you to meet a bunch   of eligibility criteria and you may get offered  a shorter deal than what the provider advertised   if you don’t fully meet those criteria. For more info and to start comparing the   best balance transfer card for you, head to by clicking this link here.   If you enjoyed this video, give us a like,  subscribe and hit that bell button to be the   first to know when a new video drops. Thanks for watching..

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