Top 10 credit myths
The big attraction of 0% balance transfer cards is in the name: if you are accepted at the advertised 0% rate and given a high enough credit limit, you can move your existing debt with another provider into this new card and benefit from a much lower rate of interest, or a set period of 0% interest promotional offer - some now last up to 40 months.
With a 0% card you can shift that debt and potentially give yourself a longer period of time to pay it off – but try to remember to pay back at least the minimum amount required each month, otherwise you may lose the promotional rate.
Some 0% balance transfer cards also offer 0% on purchases for a period of time, however this is often not the case so it’s best to fully understand the terms and conditions of use and in particular what interest rate applies for new purchases before you start using your new credit card.
You’ll normally have to pay a fee to your new credit card provider – usually 2-3% of the balance you’ve transferred, sometimes higher – and after the 0% deal finishes, you'll start being charged interest at the card's standard rate, so it is usually a good idea to pay it off before the rate goes up.
Experian CreditMatcher uses your credit information - as well as information you provide about your requirements and financial circumstances - to show you products that are matched to you.
This means you can see a list of credit products that you are more likely to be accepted for, and as it is a ‘soft search’ only you can see it on your credit report. For a credit product search that matches your credit information just visit Experian CreditMatcher.
Experian CreditMatcher does not give advice on the suitability of products to customer’s needs. If you would like to get help on which products suit your needs, it is best to seek help from a financial adviser.