Martin Lewis’s Money Saving Expert (MSE) has shared how Brits can save a large amount of money with interest free debt until 2028. According to financial experts, this is the best time for everyone to reduce their credit card debt with a record six balance transfer cards offering interest-free periods until July 2028 – an opportunity not seen since 2022.
Money Saving Expert explained these 0% balance transfer deals allow you to shift existing credit card debt onto a new card that doesn’t charge interest for a set time. This simply means that more of your repayments go toward reducing the actual debt rather than covering interest. With a wider range of offers available, your chances of being accepted are higher, especially if you use tools like the Balance Transfer Eligibility Calculator to find the best match without harming your credit score.
Choosing a card with the lowest fee and a long enough 0% period to clear your debt is key – though longer terms often come with higher upfront fees, they offer more breathing room.
Even those with poor credit histories aren’t left out, thanks to tailored deals and support from services like MSE’s Credit Club, which helps analyse and improve your credit profile.
If you’re looking for certainty in your balance transfer deal, three cards currently offer a guaranteed 34 months of 0% interest to everyone accepted: Virgin Money (with the lowest fee at 3.25%), Tesco Bank, and Barclaycard (both with a 3.45% fee).
After the interest-free period ends, all three revert to a representative APR of 24.9%. However, if you’re willing to take a chance, there are three other cards with lower fees that could offer up to 34 months 0% – but the exact length depends on your credit profile.
These lower-fee options may save you more money overall, but only if you’re awarded the full 0% term. These other cards are MBNA, Natwest and HSBC.
However, the experts have advised following a few checks before taking up the deal. They explained to make the most of a 0% balance transfer deal, always pay at least the minimum monthly amount on time. Missing it could cancel your interest-free period and cost you much more.
The experts suggested that one should try to clear the debt before the 0% ends, or be ready to transfer again, as the interest rate will jump sharply afterward.
Avoid spending or withdrawing cash on the card, since those usually aren’t covered by the 0 percent rate and could affect your credit access. Also, if you don’t transfer your balance when you first apply, you typically have just 60 to 90 days to do it—so check your card’s terms carefully.
