How Long Does A Balance Transfer Take?

How long does a balance transfer take?

The length of time that a balance transfer takes to clear is dependant on a number of factors. These include who the two credit card companies involved are and whether you already have the credit card that you are planning on transferring the balance to.

How long does a balance transfer take?If you apply for a balance transfer when you apply for a new balance transfer credit card, as many people do, then it is reasonable to expect that the balance transfer may take slightly longer to process.

The new credit card company will first have to approve your credit card application, set up all your account information and then process the balance transfer request.

If you already have an approved credit card, with a balance transfer offer available to you, then again it is reasonable to expect that the balance transfer may take slightly less time to complete.

How Long Does A Balance Transfer Take?

So how long does a balance transfer take on average?

In previous years balance transfers could take up to 2 to 3 weeks, but faster electronic payments regulations were introduced by law in early 2012. As a result, in general most 2014 UK balance transfer requests are now completed in around 3 to 4 working days or less.

Details of some of the most popular credit card companies current offers and the length of time that they say to allow, to complete a balance transfer to them, are detailed below :-

BarclaycardBarclaycard Platinum Extended credit card

  • 0% for 33 months on balance transfers from account opening
  • Fee of 3.5% will be applied, then reduced to 2.79% by a refund (terms apply)
  • 0% for 6 months on purchases
  • Representative 18.9% APR variable
  • Representative Example: Representative 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable). Subject to application and status. The terms of your product may differ from the example
  • How long does a balance transfer take to Barclaycard – 3 working days
  • More Information >>

HalifaxHalifax 30 Months Balance Transfer credit card

  • 0% for up to 32 months on balance transfers*
  • 3% balance transfer fee, reduced to 2.7% via refund
  • 0% for the first 6 months on purchases
  • Representative 18.9% APR (variable)
  • Representative Example: 18.9% APR representative (variable). Based on an example credit limit of £1,200 and a purchase rate of 18.95% p.a. (variable). *The APR and length of the promotional offer are dependent on your personal circumstances
  • How long does a balance transfer take to Halifax - 1 working day once approved
  • More Information >>

TescoTesco Balance Transfer credit card

  • 0% for 32 months on balance transfers from account opening
  • 2.9% balance transfer fee
  • 0% for 3 months on purchases from account opening
  • Representative 18.9% APR variable
  • Representative Example: 18.9% APR representative (variable). Based on a credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)
  • How long does a balance transfer take to Tesco - 3 working days
  • More Information >>

NationwideNationwide Balance Transfer credit card

  • 0% on balance transfers for 26 months
  • 2.4% balance transfer fee, minimum £5
  • 0% for 3 months on purchases
  • Representative 17.9% APR variable
  • Representative Example: 17.9% APR Representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 17.9% p.a. (variable)
  • How long does a balance transfer take to Nationwide – up to 4 working days
  • More Information >>

LloydsLloyds Platinum Balance Transfer

  • 0% for up to 24 months on balances transferred in the first 90 days
  • 1.5% balance transfer fee in first 90 days, 3% fee applies after 90 days
  • 0% on purchases for the first 3 months
  • Representative 17.9% APR (variable)
  • Representative Example: 17.9% APR Representative (variable), based on credit limit of £1,200, purchase rate 17.95% p.a. (variable). Credit limits and interest rates will vary based on your individual circumstances
  • How long does balance transfer take to Lloyds - next working day once approved
  • More Information >>

Bank of ScotlandBank of Scotland Platinum credit card

  • 0% for 24 months on balance transfers
  • 1.5% balance transfer fee in first 90 days, 3% fee applies after 90 days
  • 0% for 3 months on purchases
  • Representative 17.9% APR variable
  • Representative Example: 17.9% APR representative (variable). Based on a credit limit of £1,200 and a purchase rate of 17.95% p.a. (variable).* APR and Promotional periods may vary depending on your personal circumstances
  • How long does a balance transfer take to Bank of Scotland - 1 working day once approved
  • More Information >>

Post OfficePost Office credit card

  • 0% on balance transfers for first 18 months
  • 2.98% balance transfer fee
  • 0% on purchases for first 3 months
  • No fees on purchases overseas
  • Representative 17.8% APR variable
  • Representative Example: 17.8% p.a. variable on card purchases. This is equivalent to 17.8% APR representative (variable) based on an assumed credit limit of £1,200
  • How long does a balance transfer take to Post Office – 3 working days
  • More Information >>

When you are asking how long does a balance transfer take, you should always allow extra days for the balance transfer to clear, when there is a bank holiday over the period that you are transferring the balance.

It is vital that you do not stop making any payments due to the credit card that you are transferring the balance from, until you are sure that the balance has been transferred. Most credit card companies now allow you to check your current balance online.

Balance Transfer Expert has:-
  • 119 UK 0% balance transfer credit cards available today
  • Offering 0% on balance transfers for up to 33 months
  • With special offer balance transfer fee refunds of up to 1.5%

Find A Balance Transfer Credit Card >>

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