How to find the best credit card How to switch credit cards
If you have a balance on your credit card that you're unlikely to pay off in full over the next few months, it's probably worth switching your debt over to a new 0% balance transfer credit card. Use the Which? balance transfer calculator below to find out how much you could save by switching your current credit card to a Which? Best Rate credit card.
Credit card balance transfer calculator
Find out how much you could save with our handy balance transfer interest calculator
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Example: If you were to transfer a balance of £8,000 from your existing card with an APR of 18.9%, to a card with no balance transfer fee and an APR of 16.9% on a 12 month deal and you were repaying £200 per month, then the saving would be £127 over the 12 month period.
Enter the amount you owe on your credit card, the interest rate (APR) on your new and old cards and the length of time you want to calculate the savings over.
Type in how much you plan to repay each month and any balance transfer fee charged by your new card (this is usually around 3% of the balance you want to transfer).
The calculator will show you the potential saving you could make with your new credit card over the chosen period.
Of course, the precise amount you could save will depend on your exact spending and repayment patterns - different cards use different methods to work out the interest you'll pay, so this calculator should be used as a guide only.
How to switch credit cards
Once you've found a credit card with a competitive deal, follow the company's link on our Best Rate credit card review and fill in the online credit card application form.
If your application is approved, your credit card will be sent through the post, followed by your personal identification number (Pin). Sign the back immediately and call the number on the front of the credit card to activate it. Don't fall for any ID fraud insurance the credit card company tries to hard sell you - for most people it's a waste of money.
If you are planning to transfer a balance, you will probably have filled in the relevant section on the application form. If not, just let the credit card provider know you want to transfer a balance. It's best to do this as soon as possible after receiving the card as some credit card providers only offer a promotional 0% balance transfer for the first 60 or 90 days.
Keep track of your old credit cards. They won't automatically be closed when you transfer a balance so if you're not going to use them again, it's best to close the account and destroy the card.
To avoid late payment charges and extra interest it's best to set up a direct debit from your bank account, either for the minimum payment or the full balance.
If you make any regular payments from your old credit card, remember to contact the companies you pay and give them your new credit card number and details.
- For any financial query, call our experts on the Which? Money Helpline
- Check out our Best Rate credit cards for everyday use
- Confused by your credit report? Take a look at our guide
