Balance transfer credit cards

You may be charged a one-off transfer fee when you move a balance from one card to another. The fee is usually shown as a percentage and changes from card to card. For example, if you transfer a balance of £500 and have a 3% fee, this would work out to a one-off charge of £15. Some balance transfer credit cards also charge an annual account fee. Make sure you check the terms and conditions when applying to know for sure.

Did you know that credit card providers only have to give 51% of people the APR advertised? This means that 49% of people could end up on a different APR, often higher than the one they saw advertised. With Capital One, the APR you see is always the APR you get.

The longer the 0% interest deal lasts, the more expensive the balance transfer fee typically is. So if, for example, you think you can clear your balance in 5 months, you might be better off with a shorter term deal. Plus, you’ll also need an excellent credit score to be eligible for most long term 0% deals.

Each time you apply for a credit card, a mark is left on your credit report that other lenders can see. Eligibility checkers let you know how likely you are to be accepted before you apply, and so don't affect your credit score. Capital One's QuickCheck tool gives you a 100% definite yes or no answer - without affecting your credit score.

Missing or forgetting to make a payment could cost you more than just a late fee. Some credit card providers will cancel your 0% offer if you break their terms and conditions, meaning you could lose the offer you signed up for. Capital One won't do this, but missing a payment will have a negative impact on your credit score, and you could be charged a fee. Setting up a Direct Debit to automatically make the minimum payment each month could help you avoid missing a payment as long as you have enough money in your account.