Balance Transfer Deals For Existing Customers

What kind of balance transfer deals for existing customers are available in the UK in 2018?

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

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

In this case, the 0% balance transfer deal is available, both to new and to existing customers of the bank provided they currently do not have a credit card with the bank.

Balance Transfer Deals For Existing Customers

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

You are often more likely to be accepted for a credit card, when you are already an existing customer with the bank. 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

HSBC*

Balance Transfers:

0% for 32 Months

Balance Transfer Fee:

1.4%

Purchases:

0% for 3 Months

Representative APR:

19.9% APR (variable)

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

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

Card Offers

M&S Transfer Plus*

Balance Transfers:

0% for 32 Months

Balance Transfer Fee:

0.99%

Purchases:

0% for 6 Months

Representative APR:

19.9% APR (variable)

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

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

Nationwide Select Credit Card just for Nationwide members*

Balance Transfers:

0% for 12 Months

Balance Transfer Fee:

0%

Purchases:

0% for 12 Months

Representative APR:

15.9% APR (variable)

Card Details

Nationwide Select 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
• Unlimited commission free purchases abroad
• Manage account online
• Annual Fee: None

Application Criteria

Nationwide Select Credit Card just for Nationwide members*

• Our credit cards are just for members. You’re a member when you have a current account, mortgage or savings account with us
• Our credit card exclusively for members with a main current account
• 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

Card Offers

Asda Cashback Plus*

Balance Transfers:

0% for 15 Months

Balance Transfer Fee:

3%

Purchases:

No offer

Representative APR:

26.2% APR (variable)

Card Details

Asda Cashback Plus*

• 0% on balance transfers for 15 months made within first 90 days of account opening
• 3% balance transfer fee, minimum &£3
• 0% for 6 months on purchases of £200 or more at George.com
• 2% cashback on your Asda shopping online and instore
• 2% cashback at Asda Living, Asda petrol stations and George.com
• 0.2% cashback everywhere else
• Annual Fee: £3 monthly fee

Application Criteria

Asda Cashback Plus*

• You are a UK resident
• You have a UK bank or building society account
• You are able to provide at least one telephone number
• You have a regular source of income
• You are aged 18 or over

Card Offers

M&S Shopping Plus*

Balance Transfers:

0% for 25 Months

Balance Transfer Fee:

2.9%

Purchases:

0% for 25 Months

Representative APR:

19.9% APR (variable)

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

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

Balance Transfer Deals For Existing Customers

The other type of balance transfer deals for existing customers, are where the credit card companies may on occasion 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 a balance transfer deal to encourage them to move debt from another credit card to their existing credit card. These existing customers will usually have very good payment histories 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.

The 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 credit card customers will be offered any additional balance transfer deals for existing customers.

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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