A credit card balance transfer simply means moving your debt from one card to another. It's often a good way to save money, as many credit card companies offer an interest free period on balance transfers to new customers.You can even consolidate your debts by transferring the balance from more than one card. Or, you might find a lower interest rate than the one you are currently paying.

It's straightforward. You apply for the new credit card and, if your application is accepted, you can transfer your existing balance by giving your new card issuer the details of your old card.

If you make late payments, you will be charged extra interest and probably a charge of around £15 to £25. And, if you exceed your personal credit limit, you will be hit with yet another charge, which, again, generally ranges between £15 and £25

Both the Office of Fair Trading (OFT) and the Competition Commission (CC) have the power to regulate each UK credit card company.

Every credit card company has its own array of cards.

These are the traditional banks and building societies with branches on your local high street. Most of them also offer internet and phone services too. Examples include Abbey, Alliance & Leicester, Barclays, Co-Operative Bank, Halifax, HSBC, Lloyds TSB, Nationwide and NatWest.

credit card balance transfer simply means moving your debt from one card to another. It's often a good way to save money, as many credit card companies offer an interest free period on balance transfers to new customers.You can even consolidate your debts by transferring the balance from more than one card. Or, you might find a lower interest rate than the one you are currently paying.

You may be charged a fee for balance transfers, either a percentage of the borrowed amount or a capped figure. A capped amount could be right for you if you're borrowing more - but you'll also need to bear in mind how long the interest free period runs and whether you will be able to afford to pay it off in that time

Our credit card calculator uses the latest rates directly from the providers, and gives you accurate and impartial results based on your needs. Start your credit card comparison now using our free service to get the best credit card deal for you.

If you've accumulated debt across several cards, you may be finding it hard to keep track of all the repayments you need to make. Plus, if you’re only making minimum monthly repayments, you're fighting a losing battle. The interest you accumulate could eventually treble the amount you originally borrowed, making it even harder to clear your debt.