Stop paying credit-card interest NOW

Can’t afford to clear your card each month? Try a balance transfer. To all paying interest on existing card debt, carde diem (ahem) seize a top card today!

- MARTIN LEWIS

For the first time in an age, a host of lenders are vying to top the balance transfer charts – meaning that your chance of one of theese lenders accepting you has increased.

A 0% balance transfer is your key weapon. It’s where you apply for a new card to pay off existing credit or store card debt(s) for you, so you owe it the money instead, but it’s interest-free. This means more of your repayments clear what you owe, rather than just covering interest – so you get debt-free quicker. Here’s what you need to know:

Acceptance is the challenge, but applications hurt your credit worthiness. Apply for a card and it puts a mark on your credit file, so you don’t want to apply, unless acceptance is assured.

Use an eligibility calculator to find out what cards will accept you. This is like a credit matchmaker, showing you which cards you’re most likely to get. It’s done via a ‘soft’ credit search, which means only you see it on your credit file – lenders can’t – so it doesn’t affect your ability to get future credit, helping you home in on the right card with minimum applications.

Some providers offer this facility for their own cards, or you can use my moneysavingexpert.com/EligibilityCalc which shows your chances for most top cards, all in one place.