A balance transfer can cut £s or £1,s off the cost of existing borrowing. It's where you get a new credit card to pay off debts on old cards for you so you What is a balance transfer? · The seven golden rules · Longest 0% cards. Money transfers often have higher interest rates than purchases or balance transfers once the 0% or cheap rate ends, so it's crucial you pay off or shift the debt to. If you've existing debt, you may be able to cut it to 0% with a Balance Transfer - even if you've a poor credit score. Not what you want? Other related guides.