Balance transfer credit card

Looking to consolidate your credit card debt? Our 0% balance transfer credit card could help you save money on interest and take control of your finances, even if you have a poor credit score.

  1. 0% interest on balance transfers for 6 months

  2. 3% balance transfer fee (or Ā£3, whichever is higher)

  3. Quick online application with a decision in seconds

  4. Representative 39.9% APR (variable) on purchases

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Representative example: Assumed borrowing of Ā£1,200 for 1 year, at a Purchase Rate of 39.9% (variable), representative 39.9% APR (variable).

An illustration of credit card balance being transferred to a Zable Credit Card
An illustration of credit card balance being transferred to a Zable Credit Card

How to get started

  1. Check your eligibility

    Get an instant decision without affecting your credit score

  2. Complete your application

    Our easy online application takes just minutes to complete, with a decision in seconds.

  3. Transfer your balance

    Move existing credit card balances (3% or Ā£3 transfer fee applies, whichever is higher) and manage transfers in the app.

  4. Start saving

    Track your balance in real-time, set up automatic payments, and get instant notifications.

An illustration of a credit card balance being transferred to Zable at 0%

What is a balance transfer credit card?

A balance transfer credit card allows you to move debt from one or more existing credit cards to a new card with a low or 0% interest period. With Zable's balance transfer card, you can enjoy interest-free payments for 6 months, helping you save money while paying off your balance.

When your 6 month promotional period ends, any remaining balance will begin to accrue interest at your purchase rate.

An illustration of a credit card balance being transferred to Zable at 0%

When should you transfer credit card balance?

0% balance transfer credit cards can be a smart choice if you want to save money on credit card interest and pay off debt faster. You may want to consider a balance transfer if:

1. You have high-interest credit card debt

If youā€™re paying a high interest rate on your current card(s), a balance transfer to a card with a 0% introductory rate can save you a lot in interest.

2. You can pay off most or all of your debt during the promotional period

Balance transfers work best if you can pay off most or all of your transferred balance during the 0% interest period. After that, the purchase interest rate kicks in and you may not save as much.

3. You want to simplify your finances

You may have balances on a few different credit cards. Moving onto one card would enable you to consolidate your debts and manage them with single repayments.Ā 

Benefits of choosing Zable for your balance transfer

  1. Options available for lower credit scores

    Get a fresh start with a card designed for a range of credit histories

  2. Improve your credit score

    Make on-time payments and stay within your limit to build your credit rating

  3. Track progress

    Monitor your balance and savings through our app

  4. Flexible payments

    Choose payment dates that suit you

  5. Instant access

    Start using your card immediately with Apple Pay or Google Pay, subject to eligibility

How to transfer your credit card balance

Itā€™s straightforward to transfer a balance from a credit card with Zable:

  1. Apply for your Zable balance transfer card

  2. Once approved, log into the Zable app

  3. Select 'Balance Transfer' and enter your existing card details

  4. Choose how much to transfer (up to your available credit limit)

  5. Confirm the transfer and start saving

Download the Zable app
Illustration of a zable credit card for bad credit in front of a group of trees, symbolising credit growth
Illustration of a zable credit card for bad credit in front of a group of trees, symbolising credit growth

Tips for managing your Zable balance transfer credit card

  1. Repay at least the monthly minimum

    Pay at least your monthly minimum, but if you can afford to do so, we recommend paying your total balance divided by six each month. For example, if you have a Ā£600 balance, pay Ā£100 each month. This enables you to clear your balance without paying any interest.

  2. Resist the temptation to spend

    Because the balance transfer credit card has no interest for six months, it can be tempting to spend and accrue more debt. However, the 0% period only applies to the transferred balance, not to new purchases. Remember, the aim of a balance transfer credit card is to help you to clear your debt more quickly.

  3. Keep on top of other debts

    If you have higher interest debts elsewhere, donā€™t neglect these. Consider whether you need to lower your balance transfer payments (still paying at least the minimum) in order to overpay on your highest APR debt.

What fees are associated with the balance transfer credit card?

There are two fees to be aware of with Zable balance transfer credit cards: The transfer fee and interest rate.

With Zable, the transfer fee is Ā£3 or 3% of the total balance being transferred - whichever is higher. So a Ā£90 balance transfer would carry a Ā£3 fee (as 3% of Ā£90 is Ā£2.70), whereas a Ā£900 balance transfer would carry a Ā£27 fee (as 3% of Ā£900 is Ā£27, or more than Ā£3).

The interest rate is 0% for six months. After that point, any remaining balance will accrue interest at the variable purchase rate.

Illustration of a woman counting on an abacus
Illustration of a woman counting on an abacus

Do credit card balance transfers affect your credit score?

A credit card balance transfer can have an overall positive effect if used responsibly. Letā€™s start by breaking down the ways a card transfer can improve your credit score.

How a balance transfer can improve your score

  1. Pay off debt faster

    Many balance transfer cards have a period with low or no interest. This means more of your payments go toward reducing your debt. When you pay down what you owe, your credit score can improve.

  2. Build a positive payment history

    Making your payments on time on your new card (and any other cards you still owe on) helps your credit score. Payment history is one of the most important parts of your score, so we recommend setting up automatic payments or reminders to help ensure you never miss a due date.

  3. Reduce your credit utilisation ratio

    When you open a new balance transfer card, your total credit limit goes up. If you donā€™t add more debt, youā€™re using a smaller percentage of your available credit, known as a lower 'credit utilisation'. This can have a positive effect on your credit score.

When a balance transfer could temporarily lower your score

  1. When the average age of your credit history decreases

    Each time you open a new credit card, the average age of your credit history decreases. Lenders like to see older, well-managed accounts, so your score could drop a little at first.

  2. If you close your old credit cards

    If you close your old credit cards after transferring your balance, your total available credit goes down, which may increase your credit utilisation ratio and lower your score. It might also reduce the age of your oldest account, which can matter to lenders.

  3. When you receive a hard credit check

    Applying for a new balance transfer card usually results in a ā€˜hardā€™ credit check, which can cause a slight, short-term dip in your score. Applying for several cards in a short period can amplify this effect, so itā€™s best to avoid making multiple applications in a short space of time.

Remember, with Zable, you can check if youā€™ll be accepted without affecting your credit score. We wonā€™t perform a hard search until you accept a quote.

Profile image of Chris Meurice

ā€œA balance transfer credit card can help your credit score in the long run if you use the interest free period to pay down your balance faster. The dip in your score from the credit check to get the card is usually minor and temporary if you then pay down your balance which also reduces your utilisation.ā€

Chris Meurice - 8 years with Zable

FAQs about balance transfer credit cards

Balance transfers can take a few days to process, depending on your application. Keep paying your old card until your transfer is confirmed.

No, you cannot transfer someone elseā€™s credit card balance onto your own card. Credit card providers generally require the account youā€™re transferring the balance from to be in your name. This is to avoid fraud and ensure responsible lending.

Thereā€™s usually no set limit on the number of balance transfers you can make to a credit card, as long as you stay within your cardā€™s available credit limit (sometimes a little less, depending on the provider). But remember, each transfer carries a transfer fee.

If your new balance transfer credit cardā€™s limit isnā€™t big enough to cover your debt, you can still transfer as much as you can to take advantage of the low or no-interest period, while continuing to pay at least the minimum on your old card(s).

If youā€™re transferring the balance from multiple cards, itā€™s best to prioritise shifting your debt from the card(s) that charge the most interest.

Though you may have fewer options with a poor credit score, it is possible to get a credit card with bad credit and build your credit score from there.

Ready to start saving?

Check your eligibility now without affecting your credit score. Apply online today.

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