Balance Transfer Credit Cards
The credit cards with the longest 0% balance transfer periods are shown first
How to save money with a balance transfer
A balance transfer could make your existing credit card borrowing much cheaper by reducing how much interest you pay.
How do balance transfers work?
With a balance transfer you can move your outstanding credit card borrowing from one card to another.
You may have to pay a small balance transfer fee to do this, but many credit card providers in Ireland currently offer fee free balance transfer deals.
How much money could you save?
Moving your credit card balance using a 0% balance transfer deal could potentially save you hundreds of euro and help you pay off what you owe faster.
Exactly how much you’ll save depends on:
- How much you owe
- How quickly you pay off your balance
- The interest rate on your existing credit card
- If there are any balance transfer fees to pay
For example, if you owed €2,000 on a credit card with an APR (Annual Percentage Rate) of 22.9% and did a 0% transfer lasting 12 months with no fee, you would save €232 in interest alone if you paid off your balance by the end of the 0% period.
How to choose the best balance transfer card
The best balance transfer card is the one that will save you the most money. To work this out you need to know how long it will take for you to pay off your borrowing.
You’ll then need to look for a credit card with a balance transfer offer that gives you enough time to repay your borrowing before the introductory interest period ends.
What happens after the balance transfer period ends?
At the end of your balance transfer period, any balance still outstanding on your credit card will start being charged interest at your cards standard APR.
Balance transfer FAQs
How long does a balance transfer take?
This varies depending on your credit card provider, but once your request has been made it should be completed within 14 working days.
How many balance transfers can I make?
There is no set limit to the number of balance transfers you can do as long as the total amount you transfer is below your credit limit.
However, for each new credit card application, you make you will need to pass the lenders affordability criteria, and you will also have to pay the €30 stamp duty charge each year on every credit card you keep open.
How much can I balance transfer?
This will depend on the credit limit you are given on your new credit card. Most providers then allow you to transfer up to 95% of your total credit limit as a balance transfer.
What is a money transfer?
Money transfers are similar to balance transfers, but instead of paying off another credit card you instead transfer funds directly to your bank account.
Money transfers can be a cost effective alternative to using your overdraft or taking out a personal loan, but the overall cost will depend on a range of factors including:
- How much you borrow
- How long you take to pay it back
- The introductory interest rate your card offers on money transfers
- The APR of your credit card