Balance Transfer Credit Cards Explained Balance Transfers Explained: Everything You Need To Know Balance transfers are the preferred way to deal with debts by a high percentage of the UK population these days. As a result of that, the majority of credit card companies have offered balance transfer facilities on their existing credit cards, and some have even released a card specifically for balance transfers.

Offers – Many cards that offer a balance transfer facility actually have an offer on at any given time. The majority of them are 0% for a set period of time, after which the card reverts to the regular rate of interest. However, the cards offering these deals often have higher overall interest rates than many other cards that do not. Be sure to read the small print to find out exactly what happens to any outstanding debt at the end of the period.

Fees – The majority of balance transfers have a fee imposed on them by the credit company that provide you with the balance transfer card to begin with. This is usually around 3% of the total amount that you are transferring and applies to each balance that you do transfer. This fee will be added to the balance on the card itself so there are no upfront fees to pay at all.

Of course, to get all of the balance transfers in and outs, you should read the terms and conditions of the individual card that you apply for before transferring any balances at all. When you are completely satisfied, you can proceed and take a step towards sorting your debts out once and for all.