Although it’s possible to get 0% on a balance transfer for as long as 40 months, you’ll generally pay a higher balance transfer fee because of the longer term. If you think you can pay your debt in less time – 12 or 23 months for example, you could pay a lower fee or even no fee at all.
Avoid putting new purchases on your 0% credit card – you will generally be charged a higher rate of interest on the whole amount. With some credit cards however, your balance transfer sum is kept in a separate 0% ‘pot’ so only the new transactions are charged higher rate interest. If you clear all your new purchases by the due date then you won't pay any interest at all.
You could set up a Direct Debit from your current account to the credit card each month so you never miss a payment. If you miss a repayment, you may lose your 0% interest rate, although some providers may not remove the introductory offers even if a payment is missed, so it’s worth checking before taking out the card.
You can’t do a balance transfer within the same bank or banking group. If your debt is on a Barclaycard, you can’t take out a new 0% Barclaycard, or if you want to do a balance transfer from a First Direct credit card to a new HSBC one, you won’t be able to as they are in the same banking group.
Make sure you pay off the debt before the 0% period ends and your interest rate rises. If you can’t pay off the debt before the end of the period then another option is to complete another balance transfer to a different provider that is offering a 0% period. But don’t, forget you then may have to pay another balance transfer fee.