If you’re struggling to manage your credit card debt, pay it off completely, or better manage your interest payments, a balance transfer credit card can be a helpful tool.
In this article, we’ll explore the best balance transfer credit cards for 2022. We’ll discuss two of the longest 0% interest offers currently available, two cards with no transfer fees, and one specially designed card for people with bad credit. We’ll also include a section on balance transfer basics for those new to this concept.
Sainsbury’s Bank 32 Month Balance Transfer Credit Card
With the Sainsbury’s Bank 32 Month Balance Transfer Credit Card, you’ll get 32 months of interest-free balance transfer. While there is a transfer fee of up to 3%, this card also offers the chance to earn up to 5,000 bonus Nectar points in the first 2 months, plus additional rewards when you shop at Sainsbury’s , Argos, Habitat or TU Clothing. .
This card has no monthly or annual account fees. However, if your goal is to wipe out your debt, be wary of rewards points, as they may encourage you to use the card for everyday spending instead of paying down your balance.
0% MBNA Long Balance Transfer Credit Card
The MBNA Long 0% Balance Transfer Credit Card offers the longest offer available at the time of publishing this article. You can enjoy up to 33 months of interest-free balance transfer with 2.69% transfer fee for 2 months. There are no monthly or annual account fees with this card.
Keep in mind that the transfer fee will increase from 2.69% to 5% after the 2-month introductory period. If you don’t need the full 33 months to clear your credit card balance, you may want to consider using no-fee balance transfer cards.
HSBC Credit Card for Visa Fee-Free Balance Transfer
The HSBC No Fee Balance Transfer Visa Credit Card offers a 20-month break from paying interest on your balance, with no balance transfer fees. If you are accepted for this card, you are guaranteed the full 20 months. Plus, you’ll have access to exclusive discounts and offers on shopping, leisure activities and dining out through the HSBC Home and Away program. There are no additional account fees.
While 20 months is a reasonable interest-free period, longer deals are available for those who need more time to pay off their balance. Remember, the no-fee offer only applies to balance transfers made within the first 60 days of account opening.
Sainsbury’s Bank No Fee Balance Transfer Card
Another card from Sainsbury’s Bank, the No Balance Transfer Fee Card, offers up to 21 months of interest-free and fee-free balance transfers. With this card you can also earn 3 Nectar points for every £1 spent at Sainsbury’s or Argos, and 1 Nectar point for every £5 spent elsewhere. There are no account fees associated with this card.
Consider that you need an annual income of at least £10,000 to qualify, and people with low credit scores are unlikely to be accepted. If your goal is to erase your debt, using this card for everyday spending may not be ideal, making the benefits of Nectar points useless.
Fluid credit card
For those whose credit scores are less than perfect, the Fluid credit card is a great option. It offers 0% interest on balance transfers for 9 months with a 4% fee. The application process is quick and easy, with many applicants receiving a response the same day. There are no monthly or annual account fees associated with this card.
Keep in mind that this card is more of a stepping stone to help you improve your credit score and is not ideal for long-term use. Once your credit has improved and you still have a balance to pay off, it may be worth considering some of the longer 0% deals available. Additionally, the 4% transfer fee is relatively high compared to other cards and will increase to 5% after the 9-month interest-free period.
Balance Transfer Tips
- You cannot transfer a balance between two cards belonging to the same bank.
- If there is a balance transfer fee, it is usually rolled into your new balance on the balance transfer card.
- Remember to pay at least the minimum amount required each month to avoid penalties and potential withdrawal of the 0% offer.
- Eligibility criteria must be met to qualify for a balance transfer credit card, and you may receive a shorter offer than advertised if you do not fully meet these criteria.
To learn more and compare the best balance transfer cards for you, visit Finder.com.
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