There's never been a better time to get a 0% credit card

With longer and cheaper 0% credit cards being launched, now's the time to get back in the black.

Updated: 

There's never been a better time to get a 0% credit card
The competition for credit card customers continues with a raft of new 0% balance transfer cards, which is particularly good news if you need to pay off some debt you've racked up on another card.

Here's what's new.

New 40-month 0% cards

First up there's the new MBNA Platinum 40-Month Credit Card. Not only does it have a top 40-month 0% period, but also a tiny 2.55% transfer fee, making it a market-leading deal.

Then there's the Virgin 40-Month Balance Transfer Credit Card, which also comes with a market-leading 40-month 0% period, but has a slightly higher 2.59% transfer fee. However, the card also offers a 40-month 0% period on money transfers, so it's a cracking choice if you have an overdraft that you need to clear.

Note that you'll have to pay a higher fee of 4% on money transfers. You'll need to be quick if you like the sound of this card as Virgin Money says it is a limited offer only available until 24th May.

Sainsbury's Bank has also come to the party with a 40-month Nectar credit card. This has a higher balance transfer fee of 2.89%.

0% balance transfer cards with long interest-free periods

Let's take a look at the cards with the longest 0% offers.

Credit card

0% period on balance transfers

Balance transfer fee

Cost of transferring £2,000 balance

Representative APR after 0% period ends

MBNA Platinum 40-Month Credit Card

40 months

2.55%

£51

18.9%

Virgin 40-Month Balance Transfer Credit Card

40 months

2.59%

£51.80

18.9%

Sainsbury's Bank 40-Month Nectar Credit Card

40 months

2.89%

£57.80

19.9%

Halifax 39-Month Balance Transfer Credit Card

39 months

2.48%

£49.60

18.9%

Tesco Bank Clubcard 39-Month Balance Transfer Credit Card

39 months

2.69%

£53.80

18.9%

Lloyds Bank Platinum 39-Month Balance Transfer Credit Card

39 months

2.95%

£59

18.9%

Bank of Scotland Platinum 39-Month Balance Transfer Credit Card

39 months

2.95%

£59

18.9%

Tesco Bank Clubcard 38-Month Balance Transfer Credit Card

38 months

2.49%

£49.80

18.9%


Compare the credit cards with the longest 0% period

0% cards with low balance transfer fees

However, if you're willing to go for a card with a shorter interest-free period, you can pay a much lower fee or even no fee at all, as the table below shows.

Credit card

0% period on balance transfers

Balance transfer fee

Cost of transferring £2,000 balance

Representative APR after 0% period ends

Halifax 23-Month Balance Transfer Credit Card

23 months

None

£0

18.9%

Barclaycard Platinum 24-Month Balance Transfer Credit Card

24 months

0.49%

£9.80

18.9%

Virgin 30-Month Balance Transfer Credit Card

30 months

0.59%

£11.80

18.9%

Barclaycard Platinum 32 Month Balance Transfer Credit Card

32 months

0.72%

£14.40

18.9%

Virgin Money 34 Month Balance Transfer Card

34 months

1.49%

£29.80

18.9%

Just make sure you weigh up how long you'll need to pay off your debts. It's better to have longer at 0% interest and pay a slightly larger fee than run out of time and end up paying interest.

Average credit rating

Sadly, some people won't be able to get any of the cards we've highlighted in this article. That's because the credit card companies are only willing to give these cards to people with good credit ratings.

Compare 0% credit cards

Avoiding Credit Card Debt