Balance Transfer Deals For Existing Customers

What kind of balance transfer deals for existing customers are available in the UK, in 2020?

Currently, there are two different types of 0% balance transfer deals for existing customers.

The first type of transfer deals for existing customers are offered by all of the main banks. The former building societies, which issue 0% balance transfer credit cards in the UK, also offer these types of deals.

In this case, the 0% balance transfer deal is available, both to new and to existing customers of the bank. This is only available if they do not already have an existing credit card with the bank.

Balance Transfer Deals For Existing Customers

Very often the banks will look more favourably on their own existing customers. This is often the case when it comes to accepting customers for their own brand, Visa or Mastercard, credit cards.

When you are already an existing customer with a bank, then you are often more likely to be accepted for one of their credit cards. This is because the bank is more likely to already have an understanding of your overall financial situation.

All of the following featured 0% cards are available as balance transfer deals for existing customers of the individual banks :-

Card Offers

M&S Transfer Plus*

Balance Transfers:

0% for 28 Months

Balance Transfer Fee:

2.85%

Purchases:

0% for 6 Months

Representative APR:

19.9% APR (variable)

Card Details

M&S Transfer Plus*

• 0% for 28 months on balance transfers made within 90 days of account opening
• 2.85% 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

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

Card Offers

HSBC Balance Transfer*

Balance Transfers:

0% for 25 Months

Balance Transfer Fee:

1.5%

Purchases:

0% for 3 Months

Representative APR:

21.9% APR (variable)

Card Details

HSBC Balance Transfer*

• 0% interest on balance transfers for 25 months made within first 60 days of account opening
• 1.5% balance transfer fee (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
• home&Away rewards programme giving you instant discounts from well-known brands
• Online account management
• Annual Fee: None

Application Criteria

HSBC Balance Transfer*

• You have an annual income or pension before tax of £8,500 or more
• You are a UK resident
• You are aged 18 or over
• You do not hold an HSBC Basic bank account

Card Offers

Nationwide Member Credit Card*

Balance Transfers:

0% for 18 Months

Balance Transfer Fee:

1.5%

Purchases:

0% for 3 Months

Representative APR:

19.9% APR (variable)

Card Details

Nationwide Member Credit Card*

• 0% on balance transfers for 18 months if made within 90 days of account opening
• 1.5% balance transfer fee within first 90 days, after that 2.4% fee applies, minimum £5
• 0% on purchases for 3 months from date you open your account
• Unlimited commission-free purchases abroad
• Manage account online
• Annual Fee: None

Application Criteria

Nationwide Member Credit Card*

• Must be a Member of Nationwide. This means you already have a current account, mortgage or savings account with Nationwide
• You are a UK resident
• You have a minimum income of £5000 per year
• You have a good credit history
• You are aged 18 or over

Card Offers

M&S Shopping Plus*

Balance Transfers:

0% for 20 Months

Balance Transfer Fee:

2.9%

Purchases:

0% for 20 Months

Representative APR:

19.9% APR (variable)

Card Details

M&S Shopping Plus*

• 0% for 20 months on balance transfers made within 90 days of account opening
• 2.9% balance transfer fee, minimum £5
• 0% on purchases for 20 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

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

Card Offers

HSBC Purchase Plus*

Balance Transfers:

0% for 18 Months

Balance Transfer Fee:

2.9%

Purchases:

0% for 18 Months

Representative APR:

22.9% APR (variable)

Card Details

HSBC Purchase Plus*

• 0% interest for 18 months on balance transfers made within first 60 days of account opening
• 2.9% balance transfer fee (minimum £5)
• 0% interest on purchases for 18 months from account opening
• At end of promotional 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

Application Criteria

HSBC Purchase Plus*

• You have an annual income or pension before tax of £8,500 or more
• You are a UK resident
• You are aged 18 or over
• You do not hold an HSBC Basic bank account

Existing Customers – Balance Transfer Deals

The other type of balance transfer deals for existing customers are not so common. This is where the credit card companies occasionally make a balance transfer offer, to a credit card customer who already has a credit card with the company.

Existing customers, may on occasion be offered an additional balance transfer offer by their card company. This deal is  to encourage them to move debt from another credit card to their existing credit card. These existing customers will usually have very good payment history with the card company,

Often the balance transfer deals for existing customers made in this way are not as good an offer, as the best balance transfer credit cards currently available.

These types of balance transfer deals for existing customers are often for a much shorter time period. Alternatively, they may have a higher fee, than the bank or credit card company has available to new customers.

This type of balance transfer deal for existing customers has one main advantage. It can save the credit card customer having to apply for a new credit card. However, there is no guarantee that the deal will be offered to all existing credit card customers.

There is also no guarantee that the balance transfer deal will be offered within the right time-scale. You may not receive an offer when actually looking to make a balance transfer.

Generally only a small proportion of a company’s current existing credit card customers will be offered any additional balance transfer deals.

The UK banks and credit card companies do, very often, tend to treat 0% balance transfers offers as a way to attract new customers.

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