A 0% balance transfer allows you to get a new card to help pay off the debts on an old credit card. The key here is that while the old card would have a percentage of interest added on to the payback, the new card will have no such interest for a period of time.
Advice from Money Saving Expert highlights that banking customers are not allowed to transfer balances between the same bank. Individuals will also need to consider their eligibility for a 0% interest card as a credit check will be carried out during the application process. How to find the best balance transfer for you A wide variety of 0% cards are available on the market, all with different terms and transfer fees. It is best advised to shop around before making a decision, one easy way of doing this is using a comparison site such as Uswitch or Compare The Market.
Personal finance expert Martin Lewis previously praised 0% balance transfers to help pay off card debts. He said: In practice, it then pays off the debts on the other cards for you.
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