Comparing balance transfer credit cards online since 2002What is the maximum balance transfer amount? What is the maximum amount for a balance transfer?
These are questions that we have seen UK credit card customers asking more and more often, over recent months. Many UK customers are looking to make a balance transfer to a new 0% transfer card. Many customers are also unsure of how much they can transfer.
When making a transfer from one credit card to another credit card, there is no fixed maximum amount. The maximum balance transfer amount does vary from one customer to another customer.
This is because the maximum balance transfer amount is dependant on the following two factors :-
- The credit limit you have been given by the credit card company you are transferring the balance to
- The percentage limit that the credit card company allows customers to use for balance transfers
An example is the best way to explain the maximum balance transfer amount. Consider the following :-
- You are allocated a £4000 credit card limit on your new balance transfer credit card
- The credit card company allows you to make a balance transfer of up to 95% of your credit limit
- Then in this example, the maximum balance transfer amount is 95% of £4,000, which equals £3,800*
- *Assuming that you have not already used up any of your available credit limit, with purchases made on the card
What Is The Maximum Amount For Balance Transfer?
Many UK card companies allow you to make a balance transfer of up to 95% of your credit limit.
A small number of card companies, however, only allow a balance transfer of up to 90%, or 93%, of your credit limit. This will reduce the size of the balance transfer you can make. Take the case of the example above, a £4000 credit limit, but now with a smaller 90% transfer allowance. Then this would only allow a maximum transfer of £3,600, rather than the £3,800 allowed above.
Why do the credit card companies set a percentage limit on how much of the credit limit you can use for a balance transfer? This is to allow for any balance transfer fee to be paid, without you going above your allocated overall credit limit.
The credit card issuers in the UK are also usually keen to see customers also have the ability to actually make purchases using their new card.
Traditionally some UK credit cards companies are more likely to offer larger credit limits to new customers. The following featured large balance transfer credit cards are more likely to be suitable for customers looking to balance transfer the maximum amount :-
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- 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 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% 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% 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% 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
The choice of a Visa or a Mastercard credit card has no bearing an the amount of a balance transfer the customer can make. The max balance transfer amount is simply a combination of your given credit card limit, and the percentage amount that the credit card company allows for balance transfers.
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