The latest Moneyfacts UK Unsecured Lending Trends Treasury Report, which studies the UK personal finance market has found the average purchase APR on credit cards has reached a record high.
You can take action today to reduce the cost of your credit card debt by shifting it to a balance transfer card so you’re charged 0% interest while you pay it off. You will need a good credit score to get the top deals. Always check your credit score before making any applications for a loan or card.
You can use the eligibility checker on our sister site GoCompare
(select 0% balance transfer on the drop down menu) to see how likely you are to be accepted.
Here is one of the longest interest free period offers and unlike many others, two HSBC cards that offer set interest free periods.
- Sainsbury’s Bank Credit Card | up to 34 months 0% interest | 2.88% transfer fee | 21.95% APR after 0% period Potentially the longest interest free period but be aware if your credit score isn’t great you could be offered less time to pay off the balance before you’re charged interest. Check to see if you can get the Sainsbury’s Bank deal via GoCompare’s eligibility checker now or apply directly with Sainsbury’s Bank.
- HSBC Balance Transfer Card | 33 months 0% interest | 2.84% fee | 21.9% APR after 0% period The longest guaranteed interest free period if you’re accepted. Check to see if you can get the HSBC card via GoCompare’s eligibility checker or apply directly with HSBC*.
- HSBC Balance Transfer Card | 28 months 0% interest | 1% fee | 21.9% APR after 0% period The longest guaranteed interest free period with a lower fee. Check to see if you can get the HSBC card via GoCompare’s eligibility checker or apply directly with HSBC*.
If you get a 0% interest balance transfer card, always pay off the minimum amount each month and don’t spend on it. Aim to clear it before the 0% period ends, as interest payments will shoot up after. If accepted, the actual 0% period you get can depend on your circumstances, while fees mentioned are a percentage of the amount transferred.Look After My Bills has partnered with GoCompare to help you compare lenders and credit cards to find the right deal for you on its website.*When you sign up via this link, we may earn an affiliate commission from this deal.