Compare 0% credit cards

With this type of card, you’ll typically be charged a fee of around 2-4% of the amount you transfer. But if this is less than the amount you’d end up paying in interest on your existing card, you might decide it’s worth it.

Bear in mind you’ll have to start paying interest after the 0% period ends, so it’s best to try and clear the full balance before that point.

Compare 0% balance transfer cards

0% purchase cards

These cards offer you 0% on spending for a set period of time. These interest-free credit cards can be a real help if you need to pay for an expensive item. But when the 0% period ends you’ll start being charged interest, so remember to pay back the balance before then – or consider looking at balance transfer cards at that point if you’re unable to clear the balance in full.

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0% balance transfer and purchase cards

You can transfer debt and make purchases, both interest free, with these combined cards. But keep in mind that the 0% period for balance transfers and the 0% period for purchases may be different.

Compare 0% balance transfer and purchase cards

0% money transfer cards

You can use these cards to transfer money to your bank account and pay 0% interest on what you owe for a set period. You’ll usually be charged a fee of around 3-5% to do a money transfer, so make sure you take this into account when deciding whether this type of card is right for you.

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What are the cons of a 0% credit card?

• You might not get the advertised interest-free period: this will depend on the lender’s criteria and your credit score.
• 0% might not apply to all transactions: some cards offer 0% on balance transfers but a higher interest rate on purchases, for example. And if your card does offer 0% on both balance transfers and purchases, there might be different periods on each, so do check this before accidentally racking up interest.
• You might not qualify, even if your credit score is excellent: many 0% cards are only available to new customers. And you can’t usually make a balance transfer between two cards offered by the same banking group. Always check the T&Cs and your eligibility before applying to avoid being rejected and unnecessarily denting your credit score.
• Fees might apply: 0% balance transfer and money transfer cards often charge a fee to make the transfer. Some 0% cards may also charge an annual fee.
• Interest can sneak up on you: the interest-free period won’t last forever. If you haven’t cleared your balance by the time the offer ends, interest charges will kick in, often at a high rate. Add the date to your diary and try to clear the debt before that point.
• Temptation to overspend: don’t let the interest-free credit lure you into spending more than you can afford to repay.
• Missed payments have consequences: even one missed payment could mean losing your 0% interest rate, a fee, and a hit to your credit rating.
• It’s a short-term solution: 0% cards can offer temporary relief but won’t solve underlying budgeting or spending issues. They can be a useful tool when managed well, but could leave you in a bind if you’ve not cleared your balance when the interest-free period ends.