Best-ever time to pay off credit card debts with a 0% card

With no less than five cards offering 0% periods of 40 months, here are the top cards for paying off debt.

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Best-ever time to pay of credit card debts with a 0% card

If you're paying expensive credit card interest payments then now's the time to take advantage of the most competitive 0% balance transfer options ever.

There are currently five cards offering 40 months with no interest to pay on your balance.

The cheapest come from Virgin Money which has relaunched its 40-Month Balance Transfer Credit Card. It charges a tiny 2.53% transfer fee, making it a market-leading deal.

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's a limited offer only available until June 30.

Then there's the Halifax 40 Month Balance Transfer Credit Card, which also comes with a market-leading 40-month 0% period, but charges a slightly higher 2.54% transfer fee, the MBNA Platinum 40-Month Credit Card that comes with a 2.55% fee, the Tesco Bank Clubcard 40 Month Balance Transfer Credit Card which charges 2.69% and the Sainsbury's Nectar Long Balance Transfer Credit Card which is the most expensive of the lot with a 2.89% fee.

0% balance transfer cards with long interest-free periods

Let's take a look at the cards with the longest 0% offers to see how they stack up.

Credit card

0% period on balance transfers

Balance transfer fee

Cost of transferring £2,000 balance

Representative APR after 0% period ends

Virgin Money 40-Month Balance Transfer Credit Card

40 months

2.53%

£50.60

20.9%

Halifax 40 Month Balance Transfer Credit Card

40 months

2.54%

£50.80

18.9%

MBNA Platinum 40-Month Credit Card

40 months

2.55%

£51

18.9%

Tesco Bank Clubcard 40 Month Balance Transfer Credit Card

40 months

2.69%

£53.80

18.9%

Sainsbury's Nectar Long Balance Transfer Credit Card

40 months

2.89%

£57.80

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%


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

AA Balance Transfer Credit Card

24 months

None

£0

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.

Beware of damaging your credit rating by applying for several cards. If you get turned down it's worth taking a look at your credit report to see if there's anything you need to improve your credit rating, such as making sure you're on the electoral roll and closing old credit cards you don't use anymore.

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