Are you thinking about taking the best credit card for a balance transfer in 2024? This task can certainly be a good way to streamline your available finance and save money from deals and loans from credit cards, especially if you find yourself stuck in many credit cards or their loans and want to combine only one.
What are balance transfer credit cards?
A balance transfer credit card is a credit card with which you can easily transfer the amount of one of your credit cards to another credit card. This is a special type of feature that aims to reduce interest rates or provide liberation to people with higher interest rates.
By using this type of card, you can easily move the balance to the other card without any hassle and can easily move your dues on a card with a good interest rate. One of its advantages is that you can avoid interest and also improve your financial condition.
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Benefits of a Balance Transfer Credit Card
- Credit Score Build: If you use the credit card correctly, your credit score also increases, which helps to maintain your future loans.
- Amazing offers: Companies with credit cards also provide various offers and facilities, such as discounts, rewards, special discount cards, etc. With these facilities, you can buy more goods at a lower cost.
- Financial Status: By using the credit card properly, you can improve your financial condition and develop restrained spending habits.
- Accumulation of unintentional expenses: The use of credit cards also helps to spend suddenly on reading requirements, which prevents sudden financial problems.
How do balance transfer credit cards work?
Following is the process of working with a Best Credit Card For Balance Transfer :
- Selection of balance transfer: First, you have to select a high-interest credit card whose balance you want to transfer to another card.
- Card Selection: Now, choose a good, probably 0% (no fee) balance transfer credit card and apply for it. In the application process, you should read the necessary documents carefully and provide your complete information.
- Approval and Balance Transfer: When your balance transfer application is approved, the card company transfers your old card balance to the new card.
In this way, you can get relief from high-interest-rate cards. This process is almost similar to switching financial accounts but may include transfer fees and even interest payments, as long as you do not get a credit card with a 0% interest-free promotional period as standard.
Top 5 Best Credit Cards for Balance Transfer
Here is a list of the top 5 best credit cards for balance transfers in the UK with fair credit. Among these cards, some are available with zero interest credit, and some are available with no fees. Each card comes with its own specific offers and no transfer fees. We have taken full care of your needs and requirements while selecting these cards.
1. NatWest’s no-fee balance card
NatWest’s no-fee balance transfer credit card is offering its customers an interest-free period of 13 months, which is the longest period offered by any zero-balance transfer credit card in the market. Its annual percentage rate is 24.9%, and that too without any annual fee.
Natwest Bank is best for balance transfers. Along with the 0% money transfer fee, it also gives good discounts on card purchases. A better option than this cannot be found anywhere else in the United Kingdom. The headquarters of this bank is located in London.
2. Barclays’ platinum balance card
Barclays’ platinum balance transfer card is in second place in the list of the top 5 best credit cards. It offers the market’s longest tenure of 29 months with no fees. This period is for eligible users only. If you have a bad credit history, then this period can be only 14 months, hurting your money transfer.
Barclays is offering its zero-interest platinum card holders a cashback of £20 per minimum balance transfer. This offer is valid only until February 8, 2024. This limited period may also be extended later. This platinum card charges a fee of 3.45% per transfer. But he continues to benefit everyone with his gifts and efforts. That too, with fair credit.
3. Santander’s Everyday Long-Term Card
In the list of the top 5 credit cards with the best balance transfer, the everyday long-term transfer card from Santander has been placed in 3rd place. This card is very similar to Barclays. It charges a fee of 3% and provides an interest-free period of up to 26 months. It charges 0% interest on purchases. 23.9% is the representative APR in this IS.
4. Virgin Money’s balance transfer card
In the top 5 best credit cards in the United Kingdom (UK), Virgin Money’s balance transfer card at 0% interest and 2% fee has been ranked fourth. In this case, an interest-free period of 20 months and an APR of 24.9% are available.
5. HSBC’s zero-interest-balance card
Last but not least, this card from HSBC gives up to 27 months at 0% interest. In this case, you get an APR of 24.9% with a 3.49% transfer fee. This is best as per the time period.
Key Points for the Best Credit Card for Balance Transfer
These cards are the most liked by people. People use these credit cards to avail of more discounts, receive gifts, repay loans, avail of the best offers, make purchases, etc. These balance transfer cards are subject to the policies of banks, markets, and all United Kingdom governments. Please read the policies of these cards carefully while selecting them. Be sure to know whether it is interest-free or not.
What is the best credit card for balance transfers in the UK?
NatWest’s no-fee balance card is the best credit card for balance transfers in the UK.