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Balance Transfer Problems

Why would a balance transfer fail?

Making a balance transfer is normally quite a simple process. However, balance transfer problems do sometimes happen, to a small number of transactions. A balance transfer is when a customer requests to transfer their outstanding balance, from one credit card to another.

There are a number of potential balance transfer problems. The most common types of balance transfer problems that we see UK credit card customers having, are described below.

A failed balance transfer, can end up costing you money. For example, if your balance transfer is declined, then you may have to continue to pay the higher standard interest rates on your current card, for longer.

As a result, you will not benefit from any of the 0% introductory rates that you were expecting with your balance transfer offer.

Balance Transfer Failed

Balance Transfer Problems

Why would a balance transfer fail? Why would a MBNA balance transfer fail? What is the most common issue that would cause a balance transfer to fail?

Quite simply, it is this. The UK banks, and credit card companies do not allow a balance transfer to be made, when both of the credit cards involved, are issued by the same card company.

There are currently around 60 UK 0% balance transfer credit cards available online. A couple of years ago there were more than 100 UK 0% cards available. However, some of the UK credit card companies issue multiple different credit cards, using a number of different brand names.

Take MBNA and Virgin, as an example. At one time MBNA also issued the Virgin credit cards. So, a customer looking to transfer a balance from a MBNA credit card to a Virgin credit card, would have their balance transfer fail. This was because both cards were issued by the same company.

Here at Balance Transfer Expert, we know which credit card issuers are behind each and every UK balance transfer card currently available. For every credit card we list, we show the credit cards that cannot make a balance transfer to that particular card. See the following popular featured UK balance transfer cards as an example.


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Balance Transfers:
0% for up to 26 months
Balance Transfer Fee:
3.49%
Purchases:
0% for 3 months
Representative APR:
24.9% APR (variable)
M&S Transfer Plus*
  • 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
M&S Transfer Plus*
  • 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
Representative Example: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 24 months
Balance Transfer Fee:
3.49%
Purchases:
0% for 3 months
Representative APR:
24.9% APR (variable)
HSBC Balance Transfer*
  • 0% interest for up to 24 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
HSBC Balance Transfer*
  • 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
Representative Example: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions. You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 12 months
Balance Transfer Fee:
2.9%
Purchases:
0% for up to 12 months
Representative APR:
34.9% APR (variable)
Post Office Classic
  • 0% on balance transfers for up to 12 months
  • 2.9% balance transfer fee
  • 0% on purchases for up to 12 months
  • Credit limit up to £8,000
  • Online account management
  • Annual Fee: None
Post Office Classic
  • You are a UK resident
  • You have a bank or building society account
  • You are aged 18 or over
Representative Example: 34.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 34.9% p.a. (variable)
No balance transfers allowed to this card from Capital One or Post Ofice credit cards
Balance Transfers:
0% for up to 24 months
Balance Transfer Fee:
3.49%
Purchases:
0% for 3 months
Representative APR:
24.9% APR (variable)
HSBC Balance Transfer*
  • 0% interest for up to 24 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
HSBC Balance Transfer*
  • 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
Representative Example: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions. You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 12 months
Balance Transfer Fee:
3.49%
Purchases:
0% for up to 20 months
Representative APR:
24.9% APR (variable)
M&S Purchase Plus*
  • 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
M&S Purchase Plus*
  • 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
Representative Example: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards

Balance Transfer Declined – Wrong Card Numbers

Another common reason for a balance transfer to be declined, often occurs with the 16 digit credit card number. When a balance transfer is being processed, the new credit card company will transfer funds to your current credit card.

To make this transfer, the new card company primarily relies on the 16 digit credit card number you provided. If the card number has been entered into their system incorrectly, then the balance transfer will not be completed. The transferred funds could even potentially end up in the wrong card account.

American Express credit cardholders often also encounter this type of balance transfer problem. This is because their AMEX credit card number is only 15 digits long, which creates it’s own issues. Please see our page about how to make an American Express balance transfer, for details on how to avoid this issue.

It is vital when requesting a balance transfer, that you ensure that your existing 16 digit credit card number is entered correctly.

If you have entered the wrong card number, then contact your new card card company and their customer services, as soon as possible. They should then be able to resolve the problem.

Balance Transfer Problems – Credit Limits

Are you are looking to make a balance transfer to new credit card? Very often you will not know the credit limit on your new credit card before you request the balance transfer. This credit limit issue can also lead to some balance transfer problems.

In some cases the credit limit you are given, will be below the amount of the balance transfer you want to make

Lets, for example, say you get a £4000 credit card limit. Then depending on the card company you will have at most £3,800 or £3,600 available to make a balance transfer.

This is because all UK card companies set a 90%, 93% or 95%, maximum balance transfer amount. This is how much of your allocated credit limit you can use to make a balance transfer.

We have heard of some people creating further balance transfer problems for themselves. They do this by cancelling their brand new card and attempting to obtain another balance transfer credit card, with a higher limit.

There is no guarantee, given the current financial climate, that you will be accepted for another credit card. Even if you are, then the new credit limit may not be any larger.

We would always recommend that you transfer what you can, within the limits of your new card.


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Published: February 21, 2023, Updated: January 4, 2024 by Balance Transfer Expert

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