Lifetime balance transfer cards

As the name suggests, lifetime balance transfer credit cards are designed for people who think it would take them a long period to clear a hefty balance - albeit not a lifetime.

They typically have a longer-term low fixed-rate, which stays in place until the balance on the card is paid off, although some have variable rates. A low lifetime balance transfer deal could be the best and cheapest option if you find you have to keep on shifting your debt from one card to another in order to capitalise on 0% periods.

While this may buy you some time, each transfer is likely to have fees in place -sometimes as high as 3% of the balance - meaning your debt could actually be getting bigger, remaining largely the same or reducing at a much slower rate as the charges keep piling up.

A lifetime balance transfer card not only protects you from fluctuating or higher rates by delivering a long-term low fixed-rate, but also cuts out the charges you would incur from having to move your debt around.

The cards also offer further convenience by eliminating the need for you to keep remembering to switch balances whenever the end of a 0% period comes.