Rise in 0 per cent balance transfer deals Rising competition in the credit card market means borrowers can now choose from an even wider range of balance transfer deals. This week Tesco introduced a new 0 per cent balance transfer period for 22 months on its Clubcard credit card. This comes with a 2.9 per cent fee. IN Savings "Competition remains fierce between card providers trying to tempt consumers with some really attractive long-term deals," said Andrew Hagger, an independent personal finance analyst. However the reality is that unless you've got an almost spotless credit history there's every chance your application will be declined. Borrowers now have some of the longest interest-free periods to pay off what they owe, with Barclaycard, Halifax, NatWest, HSBC and Tesco Bank all offering 0 per cent for up to 23 months on balance transfers. The Barclays Platinum Visa offers 23 months interest-free on balance transfers with a 2.8 per cent fee while the HSBC Credit Card also offers 23 months interest-free but only to its current-account customers. Kevin Mountford, head of banking at Moneysupermarket.com says it is positive that the UK is seeing a revival of balance transfer deals. However, he warned borrowers tempted by these cards to not use the card once the balance has been transferred because new purchases tend to be charged at a higher rate, typically around 17 per cent. Best balance transfer deals Provider 0% Balance transfer term Balance transfer fee APR after introductory rate expires Barclaycard Platinum extended balance transfer 23 months Tesco Bank Clubcard balance transfer 22 months Barclaycard Platinum balance transfer NatWest Platinum 3.2% min £5 Halifax Balance Transfer card 3.5% min £3.50 Source: Moneycomms.co.uk Hagger said one card worth looking at is the MBNA Rate for Life Credit Card, where the rate is fixed at 5.9 per cent APR for as long as it takes for you to repay your borrowing. "This card lets borrowers transfer funds to their current account for a one-off 4 per cent transfer fee and is an excellent option for those looking to borrow just £2,000 to £3,000," said Hagger. Personal loan costs for a sum of this size avearge almost 17 per cent, so it is a good but often overlooked cheap alternative. Experts point out, however, that it is unusual to find one credit card that is a good all round card as most will have one major benefit - 0 per cent balance transfer, 0 per cent purchases, cashback or cheap fees to use abroad. Nationwide Building Society has a competitive deal on offer at the moment with the Select Credit Card. Customers will need to open or hold a Nationwide current account to qualify for this deal, but it comes with 0 per cent balance transfers for 20 months, 0 per cent on purchases for 12 However, for borrowers who pay off their credit card bill in full each month, it may be worth considering a switch to a cashback or reward card. Last year Santander introduced its 123 cashback credit card and Nationwide offers cashback on its Select Visa card, although it is only available to new or existing Flexaccount holders. The drawback of rewards cards is that their interest rates are not usually the lowest and they may charge an annual fee. Some cards also encourage consumers to use one store, deterring them from shopping around.