Comparing balance transfer credit cards online since 2002Can you do a partial balance transfer? What is a partial balance transfer? Can you transfer part of a credit card balance?
These are all common questions that we often see many UK credit card customers looking for answers about.
Partial Balance Transfer
A partial balance transfer is where you make a balance transfer of only part of the outstanding balance on your existing credit card.
In the case of a partial balance transfer, only some of the outstanding debt is transferred to the new credit card. As a result, some of the debt will still remain on the existing credit card.
A partial balance transfer differs from a full balance transfer. This is where all of the outstanding balance is transferred from the old card, to the new credit card.
Most UK customers make a balance transfer from their existing credit card to a new interest free credit card. This new card usually offers a 0% rate of interest, for an introductory period of time.
As a result, you can save money by paying no interest during this promotional 0% offer period. All of the monthly repayments made by you, go towards reducing your outstanding debt. As a result you can pay off your overall credit card debt faster.
Can You Transfer Part Of A Credit Card Balance?
One common reason for having to transfer part of a credit card balance, is that you simply, may not have any choice.
You may, for example, have a large outstanding balance on one, or more, of your existing credit cards. However, you may not have been given a large enough credit limit on your new balance transfer credit card. This then means that you cannot transfer the full amount of your outstanding balance.
Consider the following example of when you would transfer part of a credit card balance:-
- You have a £5,000 outstanding balance on your existing credit card
- You are given a £4000 credit card limit on a new credit card, with a 95% balance transfer limit
- The result is that a part balance transfer of £3,800 is the maximum you will be allowed to transfer
A balance transfer does count as a payment. This means that as in the example above, there is no reason why you should not make a partial balance transfer. Any balance transfer to a 0% card, even if you just transfer part of a credit card balance, is likely to reduce the amount you pay in interest.
All of the following popular featured 0% balance transfer credit cards do allow you to transfer part of a credit card balance.
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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% 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
- 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 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
- You are a UK resident
- You have a bank or building society account
- You are aged 18 or over
Part Balance Transfer
Making a part balance transfer is very common. All of the UK credit card companies will allow you to transfer part of a credit card balance. You simply need to make a balance transfer request as normal, being careful to not exceed your given credit card limit.
So, in summary, to answer the popular questions above:-
- Yes, you can do a partial balance transfer
- Yes, you can transfer part of a credit card balance
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