Ireland’s best balance transfer credit cards
Compare the top balance transfer offers in Ireland using our comparison. Find the best balance transfer deal in minutes and save hundreds of euro in interest.
What is a balance transfer card?
It’s a credit card that lets you transfer balances from other card accounts.
Typically balance transfer credit cards offer an introductory 0% APR (Annual Percentage Rate) on your account for up to 12 months. This means you’re paying zero interest on your transferred balances.
A balance transfer could make your existing credit card borrowing much cheaper by reducing how much interest you pay.
How do balance transfers work?
Once your balance transfer application is approved, 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. There is often a ‘transfer window’ of around 90 days.
Transferring your balance may differ between banks, but you can typically make transfers online or by phone.
You’ll need to provide information about the card debt you want to move and have enough credit available to cover the balance. The transfer of your balances should take up to 3 working days.
You’ll need to make your minimum monthly repayment on time each month and stay within your credit limit to keep your promotional rate.
Once the introductory rate ends, the standard variable rate applicable to your account will apply.
How much money could you save?
Moving your credit card balance using a 0% balance transfer deal could save you hundreds of euros 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
Here’s an 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 if you paid off your balance in full 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, consider how long it will take for you to pay off your balance. In most cases, the longer the balance transfer period, the better because it’ll give you more time to pay off your borrowing.
You may also want to take into account the credit limit you’re given and the standard variable rate that you’ll revert to.
What happens after the balance transfer period ends?
At the end of your balance transfer period, you will be charged interest at your card’s standard APR on any outstanding balance. This means you’ll start paying interest at the standard credit card rate if you don’t pay your balance in full and on time when due.
Learn about the best credit card for your needs in our Complete Guide to Credit Cards.
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 7 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 lender’s 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