How sorting out your credit score could save you serious cash

If you’re carrying credit card debt and paying interest on it each month, now could be a great time to take action - and potentially save hundreds or even thousands of pounds.

New research from TotallyMoney has revealed that balance transfer deals are getting better, with many high street banks offering over 30 months interest-free - a jump of nearly five months on average compared to this time last year.

And with almost half of credit card users (48.6%) currently paying interest, there’s a huge opportunity for many to save money, but you’re probably going to need a good credit score.

What is a balance transfer, and how does it save you money?

A balance transfer lets you move existing credit card debt to a new card that offers a 0% interest period. You usually pay a small one-off fee (typically around 3–4%), but after that, you won’t pay interest on the balance for a fixed number of months, giving you time to pay off what you owe without it getting more expensive.

With the average credit card balance now at £3,002, a typical balance transfer to a 31-month 0% card could save £1,568 in interest.

Banks are competing to offer better deals

The TotallyMoney research shows banks are offering longer 0% periods than they were a year ago. Here are some examples of improvements:

The average across all major banks has gone from 26.5 to 31.2 months.

Why your credit score matters

While these longer 0% deals are appealing, they’re usually only available to people with good credit scores. That’s why checking your credit report is such a crucial first step.

As Alastair Douglas, CEO of TotallyMoney, explains:

“The best offers are often reserved for those with the strongest credit scores. By checking yours, you’ll know what you’re likely to be accepted for, and you can start fixing anything that might be holding you back.”

Four tips for balance transfer success

If you're thinking about switching, here are Douglas’ expert tips to make the most of the opportunity:

1. Get the guarantees
   Not all applicants are accepted for the headline deal. Look for cards that offer pre-approval so you know exactly what you’ll get before you apply.
2. Don’t spend
   Unless it has a separate 0% purchase deal, don’t make new purchases on your balance transfer card - they usually come with high interest rates.
3. Make a plan to clear the debt
   Divide what you owe by the number of interest-free months, and set up a direct debit to pay that amount each month.
4. Check your credit score
   Use a free credit checker to stay on top of your score, and work on improving it if needed. Find out how here.

The takeaway: smart switching, big savings

With longer 0% deals now widely available, and a bit of planning, you could save a serious amount of money.

And the first step? Work on improving your credit score. That one action could unlock better offers, help you pay off your debt faster and move you one step closer to financial freedom.

Need help with credit card debt?

If you're struggling to stay on top of repayments, we’re here to help.

Check what support you could get or speak to one of our expert advisers today.