Martin Lewis’ MoneySavingExpert warns anyone with credit card debt to apply for ‘key cost-cutting weapon’ now
Below we explain how a balance transfer credit card works and how to find the best deal, as well as the risks you could encounter.If you have credit or store card debts that are gaining interest you can move theThat means you can focus on repaying the debt, rather than the amount added in interest, and it can help you get back in the black faster.How to transfer your debts on a 0% card
You will also need to provide details of how much money you want to transfer to the new card, but you can often do this after you have been accepted.If your application is approved, you will need to transfer the balances within a set period, usually around 60 or 90 days. "If you can repay within 19 months the NatWest no-fee card is an easy winner, as there's no cost at all.
If you don't keep up with repayments or default on your debt, you are likely to get a black mark on your credit record, which could affect your ability to get a credit card, loan or mortgage in the future.
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