Balance Transfer Deals For Existing Customers

What kind of balance transfer deals for existing customers are available in the UK, in 2021?

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 and credit card companies. 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 also to existing customers of the bank. This offer, 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 now, more likely to be true currently, due to the changes in many customers financial circumstances, caused by the current Coronavirus pandemic.

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

HSBC Balance Transfer*

Balance Transfers:

0% for 29 months

Balance Transfer Fee:

2.75%

Purchases:

0% for 3 months

Representative APR:

21.9% APR (variable)

Card Details

HSBC Balance Transfer*

• 0% interest for 29 months on balance transfers made within first 60 days of account opening
• 2.75% 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

Application Criteria

HSBC Balance Transfer*

• 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

Card Offers

Co-operative Bank Balance Transfer

Balance Transfers:

0% for 24 months

Balance Transfer Fee:

3%

Purchases:

0% for 4 months

Representative APR:

20.6% APR (variable)

Card Details

Co-operative Bank Balance Transfer

• 0% interest for 24 months for balance transfers made within 60 days
• 3% balance transfer fee, minimum £5
• 0% interest on purchases for 4 months from account opening
• All successful applicants will receive this exact rate and offer
• Online account management
• Annual Fee: None

Application Criteria

Co-operative Bank Balance Transfer

• Only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
• You are a UK resident
• You have annual income of £10,000 or more
• You are aged 18 or over

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 applies (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
• Worldwide offers and discounts with HSBC home&Away
• Manage your card online
• Annual Fee: None

Application Criteria

HSBC Purchase Plus*

• 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

Card Offers

Capital One Balance Transfer

Balance Transfers:

0% for up to 24 months

Balance Transfer Fee:

3%

Purchases:

0% for 3 months

Representative APR:

34.9% APR (variable)

Card Details

Capital One Balance Transfer

• 0% on balance transfers for up to 18 months
• 3% balance transfer fee
• 0% on purchases for 3 months
• Credit limit up to £86000
• Online account management
• Annual Fee: None

Application Criteria

Capital One Balance Transfer

• You are a UK resident
• You have had credit cards in the past
• You are a home owner
• You have an income of more than £20,000 per year
• You are aged 18 or over

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 bank or 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 very often for a much shorter time period. Alternatively, they may have a higher fee, than the bank or credit card company has made 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 a customer will be offered a balance transfer deal 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 choice of payment network used by the bank, Visa or Mastercard, has no affect on any additional 0% 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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