Warning. Pay credit card interest? Shift to 0% now, with worrying signs top deals will soon be pulled

You can't afford NOT to try for a 0% balance transfer

A balance transfer is where you get a new card that pays off debts on your existing credit or store card(s) for you, so you owe it the money instead but at 0%. This means more of your repayments clear what you owe, so you get debt-free quicker.

All sounds good, but the problem right now is the market is contracting.  In Jan, eight cards offered 27mths+ at 0%, now there are just two. In recent weeks more have gone, and we hear strong rumours that many remaining cards don't have long left. So here's an urgent briefing...

1. How to pick the right card for YOU. The key challenge is often getting accepted, so DON'T JUMP STRAIGHT TO THE TABLE BELOW. The key isn't 'what's the best card on the market', instead it's what's the best card you'll be accepted for.
   
   To help, we've built our 0% Balance Transfer Eligibility Calc , which for most top cards shows your acceptance chances, letting you home in on the right one, therefore minimising applications, which protects your credit score. Now you get that, here's the table, then tips on picking (if you've a wide choice).
    

   TOP NEWBIES 0% BALANCE TRANSFERS
   CARD	0% & FEE	PROS & CONS
   TSB 29mths 0% (apply*) - sadly not in our eligibility calc	- Up to 29mths 0% - 2.95% fee of debt shifted	The LONGEST 0% card, but an 'up to'. So some with poorer credit scores may be accepted but get 26mths or 23mths 0% - still decent. After the 0%, it's 19.9% rep APR.
   M&S Bank 28mths 0% (applications via eligibility calc)	- All accepted get 28mths 0% - 2.85% fee of debt shifted (min £5)	Longest DEFINITE 0% card. Here all accepted custs get the full 28mths 0%, so if you've a good eligibility chance it's a good call. After, it's 19.9% rep APR.
   Santander 26mths 0% (eligibility calc / apply*)	- All accepted get 26mths 0% - £3/mth FIXED fee	Long 0%, rare fixed fee. Decent only for BIG transfers. This is a Marmite card. The fee's cheap for very big debt shifts, c. £5,000+. If not, it's costly. After the 0%, it's 21.7% rep APR (but ditch then to avoid fee).
   HSBC 25mths 0% (applications via eligibility calc)	- All accepted get 25mths 0% - 1.5% fee of debt shifted (min £5)	Longish DEFINITE 0%, much lower fee. It's a good midway length card with a lowish fee. If accepted, you're certain to get the full 25mths 0%. After, it's 21.9% rep APR.
   Santander 18mths 0% NO FEE (eligibility calc / apply*)	- All accepted get 18mths 0% - NO FEE	Easy winner if you can clear debt in sub-18mths. If accepted and you clear it in time, there's no cost at all. So then it's unbeatable. After the 0%, it's 18.9% rep APR.
   Fluid 9mths 0% (applications via eligibility calc)	- All accepted get 9mths 0% - 4% fee of debt shifted	Longest 'poor credit' 0% deal, but costly. Offers some respite from interest, even if you've had a past county court judgment or bankruptcy. But only move money you can clear in 9mths. After the 0%, it's 34.9% rep APR.
   HSBC, M&S Bank and Fluid have asked we send people to our eligibility calc, to reduce demand on them at this crucial time. Full info: Best Balance Transfers (APR Examples).

2. The Balance Transfer GOLDEN RULES. Getting the right card is only half the job. Always...

   a) Clear debt or transfer again before the 0% ends or you pay the full APR.
   b) Never miss the min monthly repayment or you can lose the 0%.
   c) Don't spend/withdraw cash. It usually isn't at the cheap rate.
   d) You must usually transfer the debt within 60/90 days. 

3. Can't get a 0% card? You can sometimes use existing cards to move debt to where it's cheapest. If you've more than one credit card, ensure the debt is on the cheapest. For example, if one is 18% and it isn't up to the credit limit, but your 30% card is, you may be able to shift debt from the 30% to the 18% card, saving you cash without impacting your creditworthiness. Some cards even offer this at special cheap rates - see existing customer balance transfers.

4. GRRRR. I applied, was accepted, but the credit limit isn't big enough to shift my debt to. What should I do? Don't see this as a total fail. You've got the card. It's marked your credit file. So balance-transfer as much of the expensive debt as you can.
   
   When done, apply for another balance transfer card for the rest - fingers crossed you're accepted. Though each subsequent application can get harder, as each very slightly marks your file. Also note most cards only let you use 90-95% of your limit to shift debt.

5. EEEK. My eligibility chances aren't great - only 50%. Should I risk applying? It's a common concern, yet by definition, over half get accepted with 50% odds. Equally, even a 95% score means one in 20 get rejected. This tale by Martin should help...

   Martin: I sat with a MoneySaver who had large, costly card debt and a poor credit history. The eligibility calc showed zero chance of all balance transfers, except a 20% chance with Halifax. She looked despondent and asked me: 'Is there any point?'

   "I explained that as it was the only credit she needed - there was no mortgage application or similar due - it didn't matter that a rejection would mark her file. The reason we protect credit scores is so we can use them when needed. A 20% chance was better than nowt, and the worst that could happen was a rejection. She applied and got a 26mth 0% card with a £1,500 limit.
   
   For more help on this, see 27 tips to boost your credit score.

6. Struggling with credit card debt repayments due to coronavirus? Credit card and other 'automatic' payment holidays officially ended on 31 Oct, but regulator, the FCA, has proposed bringing them back, and that should come into force in the next week or so.
   
   You'll be able to apply for a payment holiday of up to 6mths if you've not had one before, or a further 3mths if you're currently on your first 3mth holiday (though unlikely if you had one earlier and have been paying since). Even though this isn't officially in, most big banks are accepting applications.
   
   So take one if you need one, but ONLY if you need one. Interest still racks up, and while this doesn't go on your credit file, it could have a minor impact on your future creditworthiness. More info in Martin's Should I take a payment holiday? blog, where he also discusses that in some cases you'd be better to take a mortgage holiday (as interest's lower) and use that to cover card payments.

7. Can't sleep because of debt? This likely isn't for you. We sadly know that debt problems amid the pandemic have got worse for many. The solutions above are for those who can manage repayments, and who aren't in a panic over debt.
   
   If you are, don't worry. There are many ways to improve things, but the techniques above probably aren't for you. Instead, read our full Debt Help guide. And crucially if you need it, get free, one-on-one debt counselling from StepChange, Citizens Advice, National Debtline or, for emotional help too, CAP.  They're all there to help, not judge.
   
   The most common thing we hear after is: "I finally got a good night's sleep." Read some inspiring stories in our Debt-Free Wannabe forum and see our Mental Health & Debt guide.

PS from Martin. Normally he tells you here about his weekly ITV Thu evening show, but due to the football this week he's been 'booted off', though he's back the Thursday after.