0% balance transfer cards don’t charge interest on any balance transferred from another card for a limited period. These deals are popular with people who want to repay their debts more quickly, or stop interest building up on existing debts.

You can still spend money up to your credit limit using 0% balance transfer credit cards, but they are generally better suited to people who want to pay off debts.

Advantages

0% balance transfer cards could save you money. By shifting debt from one or more other cards to your new card, you can repay what you’ve borrowed without paying any further interest.

The convenience of being able to consolidate several different debts onto one credit card is also a major advantage for many people.

Disadvantages

Although balance transfers are interest free, most card providers will still charge a balance transfer fee – usually around 3% of the balance.

The 0% interest period will be limited – usually for no longer than  15 months. After this time, you’ll start paying interest on any remaining balance unless you switch to another card offering the same type of deal.