WealthGuide
18 January 2025•Credit Cards

A Guide to Balance Transfer Credit Cards in Ireland (2025)

Managing credit card debt can be challenging, especially with high-interest rates. Balance transfer credit cards offer a practical solution for Irish consumers looking to save on interest and pay off their debts faster. Here’s what you need to know about these cards and the best options available in Ireland.

By WealthGuide

What Is a Balance Transfer Credit Card?

A balance transfer credit card allows you to move an existing balance from one or more credit cards to a new card, often with a promotional 0% interest rate for a set period. This can significantly reduce the cost of carrying debt, giving you breathing room to pay it off without accruing additional interest.

For example, if you owe €2,000 on a card with an APR of 22.9%, transferring it to a card with a 0% interest rate for 12 months could save you approximately €232 in interest—provided you clear the balance within the promotional period.

Top Balance Transfer Credit Cards in Ireland

Here are some of the best balance transfer credit card options currently available in Ireland:

  • An Post Classic Credit Card: Offers 0% interest on balance transfers for 12 months. This is one of the longest promotional periods available in Ireland, making it an excellent choice for those with larger balances to pay off.

  • Avant Money One Card: Provides 0% interest on balance transfers for 9 months and includes additional perks like €150 cashback if you transfer at least €1,000 within 90 days of opening your account.

  • Permanent TSB ICE Visa Card: Offers 0% fixed interest on balance transfers for the first 6 months, along with 0% on purchases for the first 3 months. This is a good option if you also plan to use your card for new purchases.

  • Bank of Ireland Classic Card: Features 0% fixed interest on balance transfers for 7 months. While the promotional period is shorter than others, it still provides an opportunity to save on interest if you can repay quickly.

Key Factors to Consider

When choosing a balance transfer credit card, keep these points in mind:

  1. Promotional Period: Look for cards with longer 0% interest periods to give yourself more time to pay off your debt.
  2. Balance Transfer Fees: Some cards charge a fee (e.g., 3%) for transferring balances. Check if your chosen card offers fee-free transfers.
  3. Standard Interest Rate: Once the promotional period ends, any remaining balance will be subject to the card’s standard APR.
  4. Credit Limit: Ensure the new card’s credit limit can accommodate your existing balance.
  5. Government Stamp Duty: In Ireland, there’s an annual government stamp duty of €30 per credit card, which applies regardless of usage.

How to Maximise Savings

  • Pay off your transferred balance within the promotional period to avoid reverting to higher interest rates.
  • Make at least the minimum payment each month to maintain your promotional rate.
  • Avoid using your new card for additional purchases unless they also have a promotional rate.

Potential Pitfalls

While balance transfer cards can save money, there are risks:

  • Missing payments may void your promotional rate.
  • Applying for multiple credit cards in a short time can impact your credit score.
  • Failing to clear the balance during the promotional period will result in higher interest charges.

Final Thoughts

Balance transfer credit cards are an effective tool for managing and reducing debt when used strategically. With options like An Post’s Classic Credit Card offering up to 12 months of 0% interest, Irish consumers have access to competitive deals that can help them regain control over their finances.

Before applying, compare options carefully and ensure you have a repayment plan in place.