James McCaffrey, spokesperson for Totally Money commented:

“HSBC has just launched an improved balance transfer offer, meaning you can shift your debt and pay no interest until February 2028. And while there’s another bank who is also offering a 33-month balance transfer, this one comes with a slightly lower fee, making it the best on the market.

“You might be wondering what that means for your finances, so we’ve done the calculations — for the average balance of £2,995, you could avoid £1,679 in interest payments over 33 months with this card.

“However, the bank will assess your creditworthiness before accepting you, and if you don’t have a tip-top profile, you could end up with a watered-down offer, or nothing at all.

“So, check your credit report before applying. When doing that, make sure your details including your address and income are up to date, and if you spot anything which doesn’t look right, raise a dispute. You can get your free TransUnion credit report with TotallyMoney, and Equifax report through CredAbility — and both are free.

“It’s also worth looking out for offers which come with pre-approval and guaranteed limits, rates and offer lengths — that way, you can avoid rejection and be totally sure that you’ll get what you apply for.

“Half of people are paying credit card interest each month, so if you’re one of them, check your eligibility as soon as possible and cut costly credit card interest out of your life. Loyalty doesn’t pay, but a balance transfer could put some extra money in your pocket.”