Credit card customers can save £1,679 'before start of summer' with easy move

Credit card customers can save £1,679 'before start of summer' with easy moveBy avoiding interest payments on their credit card debt, people can save hundreds, if not thousands of

poundsNewsDavid Bentley Content Writer (Money and Events)16:26, 03 Jun 2025Updated 10:12, 04 Jun 2025Credit card balances can become a huge burden but there are some great deals on offer to

ease the load and save an average of £1,679(Image: SCU) Finance experts say credit card customers could save £1,679, on average, by switching their debts to a 0% interest deal.

In recent months, balance transfer competition has been hotting up, with two banks now offering customers up to 33 months interest-free.

‌ By shifting the average balance of £2,995 to the market-leading offer, borrowers could save £1,679 by dodging interest charges.

‌ Somebody with a less-than-perfect credit score could save £881 with an 18-month balance transfer, and a near-prime borrower could save £394 on the same balance.

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around 3 to 4 per cent, a balance transfer moves a customer's credit card debt to a different bank where a promotional deal pauses the interest for a set amount of time — currently up to 32

months.

By avoiding interest payments on their credit card debt, people can save hundreds or even thousands of pounds.

HSBC and Barclaycard currently have 33-month offers, which are likely to be available to those with the best credit scores.

‌ When shifting the average interest-bearing balance of £2,995, the typical customer could avoid £1,679 in interest payments with the HSBC product, and £1,671 with the Barclaycard. The

difference is due to the lower fee with HSBC.

Barclaycard also offers a 14-month product that's fee-free, meaning successful applicants could save £753 at no extra cost. Vanquis and Fluid have 18-month and nine-month balance transfer

offers that could help people save £881 and £394, respectively.

TotallyMoney CEO Alastair Douglas said: "If you're paying interest on your credit card and looking to spring clean your finances, then it's probably time to consider a balance transfer.

‌ "They're an effective way to cut costs, and you could start saving money before the start of the summer.

"The best offers are usually only available to people with the best credit scores, so check your report and make sure everything is up to date and correct.

"You should also look out for offers which come with pre-approval and guarantee the rates, limit, and length of the offer. That way you'll know if you’ll be accepted before you apply, and

you can be totally sure of getting what was on offer."

‌ Aaron Peake, personal finance expert at CredAbility, said: "If you're regularly carrying a balance month to month, switching cards might offer breathing room, but it's also worth using

this time to build habits that help you avoid falling back into the same pattern.

"It's easy to focus on the interest-free period as a way to delay, but to make the most of it, you should treat it like a repayment deadline.

"Set yourself a realistic repayment plan and automate it if you can. Divide your balance by the number of months you’ve got interest-free and aim to clear it within that time."

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