Ireland’s best balance transfer credit cards

What is a balance transfer card?

It’s a credit card that lets you transfer existing credit card balances from other 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 debt 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 credit card 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 existing credit card balance in full by the end of the 0% period.

How many balance transfers can you 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 total credit limit.

However, you will need to meet the credit card provider’s lending criteria for each new credit card application you make. You must also pay the €30 government stamp duty charge each year on every credit card you keep open.

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 variable credit card rate if you don’t pay your balance in full and on time when due.

How to choose the best balance transfer card

The best balance transfer card is the one that will save you the most money.

In most cases, the longer the interest-free balance transfer period, the better because it’ll give you more time to pay off your borrowing. Look for the best promotional rates with a long introductory period.

Other card features you may want to consider are the credit limit you’re offered and the standard variable interest rate you’ll revert to once the promotional period is over.