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What kind of balance transfer deals for existing customers are available in the UK, in 2024?
Currently, there are two different types of 0% balance transfer deals for existing customers.
The first type of transfer deals for existing customers, are offered by all of the main UK banks and credit card companies. This includes the traditional high street banks, such as HSBC, Lloyds, Halifax and NatWest. It also includes the newer banks as well, including Sainsbury’s Bank and M&S Bank. The former building societies, like Nationwide, which issue 0% balance transfer credit cards in the UK, also now offer these types of deals.
In this case, the 0% balance transfer deal is available, both to new and also to existing customers of the bank. This transfer offer however, is only available if you don’t already have an existing credit card with the bank.
Balance Transfers For Existing Customers
Very often, the banks will look more favourably on their own existing customers. Today, this is now even more likely to be true. This is due to the changes in many customers financial circumstances. This has been caused by the rising cost of living, as well as the recent Coronavirus pandemic.
When you are already an existing customer with a bank, then you are often more likely to be accepted for a credit card, which is issued by the bank. This is often because the bank is more likely to have a better understanding, of your overall financial situation, and your use of credit.
All of the following featured 0% cards are available as balance transfer deals for existing customers of the individual banks :-
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- 0% interest for up to 26 months on balance transfers made within first 60 days of account opening
- 3.49% balance transfer fee applies (minimum £5)
- 0% interest on purchases for 3 months from account opening
- At end of promotional period, balance transfers and purchases will revert to standard variable rate
- Worldwide offers and discounts with HSBC home&Away
- Manage your card online
- Annual Fee: None
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
- You do not hold an HSBC Basic bank account
- 0% for up to 26 months on balance transfers made within 90 days of account opening
- 3.49% balance transfer fee, minimum £5
- 0% on purchases for 3 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
- 0% interest for up to 16 months on balance transfers made within first 60 days of account opening
- 3.49% balance transfer fee applies (minimum £5)
- 0% interest on purchases for up to 18 months from account opening
- At end of promotional period, balance transfers and purchases will revert to standard variable rate
- Worldwide offers and discounts with HSBC home&Away
- Manage your card online
- Annual Fee: None
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
- You do not hold an HSBC Basic bank account
- 0% on balance transfers for 12 months from the date your account is opened
- 3% balance transfer fee in first 60 days, 5% fee applies after 60 days
- 0% on purchases for 3 months from the date your account is opened
- Discounts on Virgin holidays, Virgin trains and Virgin experience days
- Contactless payments to quickly and securely pay for purchases up to £100
- Online card servicing
- Annual Fee: None
- You are a UK resident
- You have a bank or building society account
- You have a good credit history
- You are aged 18 or over
- 0% for up to 12 months on balance transfers made within 90 days of account opening
- 3.49% balance transfer fee, minimum £5
- 0% on purchases for up to 20 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
Balance Transfer Offers For Existing Customers
The other type of balance transfer offers for existing customers, are now not as common, as they once were. This is where the banks and credit card companies, will occasionally, make additional balance transfer offers to carefully selected customers. These additional transfer offers are made to customers who already have a credit card, with the bank, or card company.
As an existing customer, you may occasionally be offered an additional balance transfer offer by your bank, or card company. This deal is to encourage customers to move debt from another bank’s credit card, to their existing credit card. These existing customers will have a very good payment history with the card company,
Often the balance transfer deals for existing customers made in this way are not as good an offer, as the best balance transfer credit cards currently available. MBNA balance transfer offers for existing customers, for example, are likely to be far shorter than the deals available for new customers.
Balance Transfer Existing Customers
These types of balance transfer offers for existing customers, are very often for a much shorter time period. Alternatively, they may often have a higher transfer fee, than the card company has made available to new customers.
This type of balance transfer deal for existing customers has one main advantage. It can save the credit card customer having to apply for a new credit card.
However, there is no guarantee that this transfer deal will be available to all of the existing credit card customers of that card company. Generally, only a very small proportion of a company’s current existing credit card customers will receive the new transfer offer.
There is also no guarantee that this balance transfer deal will come within the right timescale. You may not receive any additional transfer offer, when you are actually looking to make a balance transfer.
The choice of payment network used by the bank, i.e. Visa or Mastercard, has no affect on any additional 0% deals. The UK banks and credit card companies do, very often, tend to treat introductory 0% balance transfers offers as a way to attract new customers.
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