Best Credit Cards to Consolidate Credit Card Debt (UK)

If you’re looking for one of the longest balance transfer credit cards for your debt consolidation needs, then look no further than Virgin Money. In a nutshell, the credit card offers 0% on balance transfers for a whopping 29 months.

Moreover, unlike some of the other credit cards we will discuss further down, the Virgin credit card guarantees that you will get the full 29 months. However, this is of course on the proviso that your application is approved. In terms of the amount of credit on offer, this will depend on your individual credit profile. You can find this out risk-free once you go through the pre-approval application.

In terms of the fundamentals, you need to transfer your outstanding credit card balances across within 60 days of being approved, and there is a 3% balance transfer fee to contend with. As such, if you were transferring a total of £5,000, then you would pay a one-time fee of £150. This is, however, industry standard.

It is important to note that you MUST repay the minimum balance each and every month to retain the 0% interest offer for the full 29 months. If you don’t, you’ll revert to the standard APR rate of 21.9%. In terms of the minimum payment itself, this will be the greater of £25 or 1% of your outstanding balance.

MBNA is a direct competitor of Virgin Money in providing the longest balance transfer credit card in the market. As such, the credit card offers a super competitive 0% balance transfer for upto 29 months. However, there are a number of important differences that need to be considered.

Firstly, unlike the Virgin credit card, there is no guarantee that you will get the full 29 months at 0%. Even if you are approved for the card, you might end up getting fewer months. Secondly, the balance transfer fee will depend on your individual credit profile.

For example, those of you with a good credit rating are likely to get a fee of just 2.75%, which is lower than Virgin. However, if your credit is deemed less attractive to MBNA, then you could end up paying a balance transfer fee of 3.49%.

Nevertheless, in terms of the specifics, you’ll also have 60 days to complete your balance transfers from the date you are approved. Furthermore, if you end up missing a monthly payment, you will instantly revert back to the card’s standard rate. This can sit anywhere between 20.93% and 27.93%. Much like Virgin, this needs to be the greater of £25 or 1% of your outstanding balance.

UK supermarket giant Sainsbury’s has also entered the hugely competitive 0% credit card arena. The banking branch of the company now offers 0% balance transfers for upto 20 months. On the one hand, this is less competitive than both MBNA and Virgin – at least in terms of the length of the 0% interest period.

Moreover, much like MBNA, even if you are accepted there is no guarantee that you’ll get the full 20 months. However, what sets the Sainsbury’s Bank credit card apart is that it does not charge a balance transfer fee. As such, if you were to transfer a total of £10,000 over to your Sainsbury’s Bank credit card, you can save yourself the £300 (3%) that Virgin Money would have otherwise charged you.

We should also note that Sainsbury’s Bank gives you upto three months to transfer your balances across, which gives you an extra 30 days over the other two providers we have discussed thus far.

As is industry standard, you’ll need to clear your balance each and every month to retain your 0% offer. If you don’t, you’ll then be forced to pay 20.95% on your outstanding balance, subsequently rendering the credit card redundant for the purpose of debt consolidation.

High street bank NatWest currently has one of the best balance transfer offers in the market. Take note, you do need to have an account with the bank to get its hallmark balance transfer offer, however, this can easily be done online in a matter of minutes. Nevertheless, the Natwest credit card offers 0% on balance transfers for up to 23 months.

Firstly, you’ll get the full 23 months if you are approved, which is great. Secondly, much like in the case of the Sainsbury’s Bank credit card, there are no balance transfer fees to contend with. As such, this makes Natwest highly competitive – even if you do need to go through the rigmarole of opening an account.

To retain the 0% offer for the full 23 months, make sure that you pay the minimum monthly balance. This will be the greater of £5, or 1% of your total balance, plus interest. If you fail to meet a single monthly payment, you’ll no longer get the 0% offer and thus, have to pay an APR rate of 19.9%.

If you’re looking for a top balance transfer credit card, but your credit is less than desirable, then it might be worth considering the Barclaycard Platinum. In a nutshell, the card offers 0% balance transfers for 18 months. As long as you are approved, you’re guaranteed to get the full 18 months.

As noted, although this is less than the other credit cards we have discussed, the Barclaycard Platinum is targeted at those with less than perfect credit. For some unknown reason, Barclaycard will initially charge you a balance transfer fee of 3.5%, however this is subsequently reduced down to 2.99% within a week.

If you miss a payment, the standard APR rate that comes with the card is 24.9%, although this can be as high as 29.9% in some cases. Minimum monthly payments are the greater of £5, or 1% of your outstanding balance, plus interest. Finally, you will have 60 days to make your balance transfers from the date you are approved.