Balance Transfer Tutorial

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If you have never done a balance transfer before it can often appear to be a confusing process, so here at Balance Transfer Expert we have created this balance transfer tutorial.

This balance transfer tutorial is a very simple description of the steps involved in transferring an outstanding balance from one credit card to a new credit card. If you are at all unsure of any of the terms involved in doing a balance transfer then please see this balance transfer glossary first.

Balance Transfer Tutorial – Step 1

What is a balance transfer? A balance transfer can be done when you have an outstanding balance on your current current credit card and wish to transfer this balance to a new credit card. This is usually done to move the balance from a credit card with a high interest rate to a new card with a lower interest rate, so saving you money.

So your first step, is to choose a new balance transfer credit card. You ideally want a new credit card that offers a long introductory balance transfer offer, for example 0% for 18 months or more.

This would allow you to transfer the balance and pay no interest on the balance for the length of the introductory offer, although you will most likely have to pay a fee for the balance transfer.

Any repayments you make above the minimum repayment will go towards reducing your balance, not paying interest so reducing your overall debt faster.

Here at Balance Transfer Expert you can easily compare balance transfer credit cards, as we at the time of writing, have over 150 UK 0% balance transfer credit cards available that you can compare and then apply online for.

Balance Transfer Tutorial – Step 2

Having chosen a balance transfer credit card that meets your needs in terms of the card’s balance transfer offer, and ensuring that you meet the application criteria for the card, you can then proceed to apply online for the new credit card.

The first two stages of the credit card application form usually ask for your personal details and your employment/income details.

The next stage of the application process will then ask if you would like to make a balance transfer, as in the following example form:-

Selecting yes as above will then take you to the next form screen where you can enter the actual balance transfer details.

Balance Transfer Tutorial – Step 3

To make your actual balance transfer your new credit card company needs to know a few details about your current credit card as in the following example form:-

You  will be asked to provide the card type, Visa, MasterCard or Amex, or alternatively the name of the card, i.e. Barclaycard, the 16 digit number from the front of your current credit card, the name on the card and the amount of the balance you wish to transfer.

If you wish to make more than one balance transfer from multiple credit cards you will be asked to repeat this information for each balance you are transferring.

Balance Transfer Tutorial – Step 4

Once you have completed your online credit card application, many credit card companies can give you an instant online decision. If you are accepted your new credit card company will then start transferring your balance, subject to the credit limit you have been allowed.

The new credit card company will transfer the funds to your current credit card account, so reducing the balance on the old account and leaving you with an outstanding balance on your new credit card. Typically a balance transfer can take up to 10 days to complete.

That completes this balance transfer tutorial but more information can be found in our balance transfer guide including details of balance transfer fees, balance transfer terms and conditions and the maximum balance transfer amount.

Balance Transfer Expert has:-

• 148 UK 0% balance transfer credit cards available today
• Offering 0% on balance transfers for up to 23 months

Find A Balance Transfer Credit Card >>

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