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Balance Transfer Deals For Existing Customers

Balance Transfer Deals 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 card companies. This includes banks such as Lloyds, Halifax, and HSBC, as well as Sainsbury’s Bank and M&S Bank. 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 Transfers For Existing Customers

Very often, the banks will look more favourably on their own existing customers. Today, this is now even more likely to be true. This is 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 :-


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Card Offers

Balance Transfers:
0% for 29 months
Balance Transfer Fee:
2.75%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

M&S Transfer Plus*
  • 0% for 29 months on balance transfers made within 90 days of account opening
  • 2.75% 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
More Information

Application Criteria

M&S Transfer Plus*
  • 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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 29 months
Balance Transfer Fee:
2.75%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

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
More Information

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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 4 months
Representative APR:
20.6% APR (variable)
More Information

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
More Information

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
More Information
Only available to Co-operative Bank customers
Representative Example: 20.6% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.6% p.a. (variable)
No balance transfers allowed to this card from Co-operative credit cards

Card Offers

Balance Transfers:
0% for 18 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 18 months
Representative APR:
22.9% APR (variable)
More Information

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
More Information

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
More Information
Representative Example: 22.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 20 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 20 months
Representative APR:
21.9% APR (variable)
More Information

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
  • 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
More Information

Application Criteria

M&S Shopping Plus*
  • 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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Balance Transfer Offers For Existing Customers

The other type of balance transfer offers for existing customers, are not so common. This is where the credit card companies occasionally make additional balance transfer offers to selected customers. These transfer offers are made to credit card customers who already have a credit card with the company.

As an existing customer, you may occasionally be offered an additional balance transfer offer by your 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.

Balance Transfer Existing Customers

These types of balance transfer offers 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 this deal will be available to all of the existing credit card customers of that card company. Generally, only a very small proportion of a company’s current existing credit card customers will receive the new transfer offer.

There is also no guarantee that this balance transfer deal will come within the right time-scale. You may not receive an additional transfer offer, when you are actually looking to make a balance transfer.

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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Published: June 24, 2021, Updated: July 27, 2021 by Balance Transfer Expert

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