£3000 Balance Transfer

3000 Balance TransferWhen you are planning to make a £3000 balance transfer, what are the 0% balance transfer credit cards that are most suitable for a £3000 balance transfer in 2018?

When making a £3000 balance transfer to a new 0% balance transfer credit card, a customer will need to be approved for a new card with a credit limit that is actually greater than £3,000.

This is because all balance transfer credit cards limit a balance transfer to a percentage of the customer’s credit limit. This is at most, 90% or 95% of a customer’s available credit limit.

A credit card customer looking to make a £3000 balance transfer, will actually need to be given a credit limit, on the new credit card that is in excess of £3,000.

As an example, to make a £3000 balance transfer, a  credit card customer would need a credit limit of

  • £3,350 or more for those cards with a 90% balance transfer percentage limit
  • or £3,160 or more for those cards with a 95% balance transfer percentage limit

Details of some of most popular UK 0% balance transfer credit cards and their balance transfer percentage limits can be seen on our maximum balance transfer amount page.

£3000 Balance Transfer

The credit card companies in 2018, do still tend to issue credit cards with lower initial credit limits than they have in the past. Larger credit limits, for more people, were relatively common before the banking crisis began in 2008.

All of the following featured 0% balance transfer credit cards tend to be more generous with their credit limits. As a result these cards are more likely to be suitable for a customer making a £3000 balance transfer.

Card Offers

Balance Transfers:
0% for 32 Months
Balance Transfer Fee:
1.4%
Purchases:
0% for 3 Months
Representative APR:
19.9% APR (variable)
More Information

Card Details

HSBC*
  • 0% interest on balance transfers for 32 months made within 60 days of account opening
  • 1.4% balance transfer fee (minimum £5)
  • 0% interest on purchases for 3 months from account opening
  • At the end of 0% offer period, balance transfers and purchases will revert to standard variable rate
  • home&Away rewards programme giving you instant discounts from well-known brands
  • Online account management
  • Annual Fee: None
More Information

Application Criteria

HSBC*
  • You have an annual income or pension before tax of £8,500 or more
  • You are a UK resident, including Isle of Man and Channel Islands
  • You are aged 18 or over
  • You do not hold an HSBC Basic bank account
More Information
£25 cashback when use card for minimum of £300 for either purchases or a balance transfer within 60 days of account opening (terms apply)
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)
Credit is subject to status

Card Offers

Balance Transfers:
0% for up to 35 Months
Balance Transfer Fee:
2.85%
Purchases:
0% for 3 Months
Representative APR:
18.9% APR (variable)
More Information

Card Details

Post Office Money Balance Transfer*
  • 0% for up to 35 months on balance transfers made within 3 months of account opening
  • 2.85% balance transfer fee applies
  • 0% on all purchases for the first three months
  • No cash fee to buy travel money at the Post Office
  • Manage your account 24/7 with Post Office Money mobile app
  • Annual Fee: None
More Information

Application Criteria

Post Office Money Balance Transfer*
  • You are a UK resident
  • You have a bank or building society account
  • You have an annual income of £8,000 or more excluding unemployment benefits
  • You are aged 18 or over
  • You have no county court judgements
  • You must not already hold a Post Office Money Credit Card
More Information
A 2.85% fee applies and balance transfers must be made within 3 months of account opening
Representative Example: 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)
Post Office Credit Cards are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender

Card Offers

Balance Transfers:
0% for 32 Months
Balance Transfer Fee:
0.99%
Purchases:
0% for 6 Months
Representative APR:
18.9% APR (variable)
More Information

Card Details

M&S Transfer Plus*
  • 0% for 32 months on balance transfers made within 90 days of account opening
  • 0.99% balance transfer fee, minimum £5
  • 0% on purchases for 6 months from account opening
  • Collect M&S points every time you shop anywhere in the world with your card
  • Preferential rates when you use your card to order M&S Travel Money
  • Manage account online
  • Annual Fee: None
More Information

Application Criteria

M&S Transfer Plus*
  • You are a UK resident
  • You have a UK bank or building society account
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within previous 12 months
More Information
Representative Example: 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)

Card Offers

Balance Transfers:
0% for 25 Months
Balance Transfer Fee:
2.89%
Purchases:
0% for 25 Months
Representative APR:
19.9% APR (variable)
More Information

Card Details

Post Office Money Matched*
  • 0% on balance transfers for 25 months made within 3 months of account opening
  • 2.89% balance transfer fee
  • 0% on purchases for first 25 months
  • No cash fee when you purchase Post Office Travel Money
  • Manage your account 24/7 with Post Office Money mobile app
  • Annual Fee: None
More Information

Application Criteria

Post Office Money Matched*
  • You are a UK resident
  • You have a bank or building society account
  • You have an annual income of £8,000 or more excluding unemployment benefits
  • You are aged 18 or over
  • You have no county court judgements
  • You must not already hold a Post Office Money Credit Card
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)
Post Office Credit Cards are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender

Card Offers

Balance Transfers:
0% for 25 Months
Balance Transfer Fee:
2.9%
Purchases:
0% for 25 Months
Representative APR:
18.9% APR (variable)
More Information

Card Details

M&S Shopping Plus*
  • 0% for 25 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 25 months from account opening
  • Collect M&S points every time you shop anywhere in the world with your card
  • Preferential rates when you use your card to order M&S Travel Money
  • Manage account online
  • Annual Fee: None
More Information

Application Criteria

M&S Shopping Plus*
  • You are a UK resident
  • You have a UK bank or building society account
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within previous 12 months
More Information
Representative Example: 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)

Card Offers

Balance Transfers:
0% for 12 Months
Balance Transfer Fee:
0%
Purchases:
0% for 12 Months
Representative APR:
17.9% APR (variable)
More Information

Card Details

Nationwide Credit Card just for Nationwide members*
  • 0% on balance transfers for 12 months from account opening
  • 0% balance transfer fee within first 3 months, 2.4% fee applies after, minimum £5
  • 0% on purchases for 12 months from account opening
  • Commission free allowance on purchases abroad (subject to terms)
  • Manage account online
  • Annual Fee: None
More Information

Application Criteria

Nationwide Credit Card just for Nationwide members*
  • Our credit cards are just for members. Youre a member when you have a current account, mortgage or savings account with us
  • You have been living in the UK for the last 12 months
  • You have a gross income each year of more than £5000
  • You have a good credit history
  • You are aged 18 or over
More Information
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)

Savings With A £3000 Balance Transfer

How much can a customer expect to save with a £3000 balance transfer?

The total savings with any balance transfer will vary depending on the interest rate that a customer is paying on their current card. The total savings will also vary depending on how much of the outstanding debt that the customer pays every month.

However this example show how much a customer could typically save by making a £3,000 balance transfer:-

  • Mr Smith owes £3,000 on his current Barclaycard
  • Mr Smith is making payments of £150 a month to Barclaycard to pay off this debt
  • The current interest rate on Mr Smith’s card is currently 18.9% APR

If Mr Smith was to transfer the full £3,000 amount to the Marks and Spencer balance transfer card above, offering 0% for 32 months then:-

  • Mr Smith would save £570.33 in interest payments
  • Mr Smith would have paid M&S a balance transfer fee of £29.70
  • So the total savings for Mr Smith would be £540.63

Due to these interest savings, the total debt would have been repaid in 21 months. However, if no balance transfer was made, then it would take more than 27 months before the debt was cleared.

A balance transfer to a new 0% balance transfer credit card can save you money. Making a balance transfer can also clear your outstanding balance faster.

Larger overall savings are also possible with a £5000 balance transfer or a £7000 balance transfer.

A £3000 balance transfer is most likely to be readily available to those UK credit card customers who have a good credit rating and low overall levels of debt in relation to their total annual income level.


Related Content From Balance Transfer Expert:-

Today Balance Transfer Expert has:-

84 UK 0% balance transfer credit cards offering:-

  • 0% balance transfers for up to 35 months with a 2.85% fee
  • 0% balance transfers for up to 32 months with a 0.99% fee