If you've built up an ongoing debt on your existing credit card at the standard APR, which may be up to 30% on store cards!, then transferring your balance to another credit card could save you a lot on money in interest charges.
Introductory balance transfer rates and long term deals are plentiful, including many 0% balance transfer credit card offers.
See below the latest balance transfer offers. See which providers offer the longest 0% balance transfer period. You should be able to find a few offering 0% on balance transfers for 12 months, but some offer longer, as much as 16 months.
Transferring a balance sounds complicated, but is actually very simple. To transfer a balance to a card, just tell your new card provider where you want to move the debt from, and it pays it off for you, so then you owe the new card the money instead. Switching is very straightforward.
In deciding which offer is right you need to decide whether you
can you pay off the debt you transfer within the introductory
period provided by your new card. If you don't envisage paying off
the debt within this timescale are you willing and able to change cards
again when the intro rate expires? By continually moving the
remaining balance every 12 months or so to a new card (this is
subject to you having a good credit score) you will continue to to
benefit from the zero percent interest rates.
If this answer to either question above is yes, then select a card which offers the 0% rate for the longest period possible. If the answer to both questions is no, then select a a card with a ‘life of balance offer’.
For people who don’t want to repeatedly switch you should use ‘life of balance’ transfers. This is where the special balance transfer rate lasts until the entire balance transferred is paid off.