Cash point

Shifting debt onto a 0% balance transfer card can be one of the best and cheapest ways to get it cleared.

But the longest interest-free deal may not be the most cost-effective as these cards have the highest fees.

Choose a shorter term and you may even get a card that’s fee-free.

Research from data firm Moneyfacts.co.uk shows it would cost £131 to transfer £4,000 onto a 42-month balance transfer card with Nuba, or £111 with MBNA.

But it costs nothing on Halifax’s fee-free 29-month deal or Sainsbury’s Bank’s fee-free 28-month card.

If you can clear the debt within the shorter timeframe, the saving is yours for the taking.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “It would be wrong to think the longest interestfree balance transfer cards are best for every borrower. This entirely depends on how much debt someone has and how long they are prepared to have it hanging over their heads.”

Make sure you make repayments on time each month on balance transfer cards. Deals will be stopped if you’re late or miss a payment.