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 likely to be especially true going forward, 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 more likely to be accepted for one of their credit cards. This is because the bank is more likely to already 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

TSB Platinum Balance Transfer

Balance Transfers:

0% for up to 28 months

Balance Transfer Fee:

2.95%

Purchases:

0% for 3 months

Representative APR:

19.9% APR (variable)

Card Details

TSB Platinum Balance Transfer

• 0% interest for up to 28 months on balances transferred within first 90 days
• 2.95% balance transfer fee during first 90 days, 3% fee applies afer 90 days
• 0% interest for the first 3 months on purchases
• Internet fraud protection and Clicksafe
• Apple Pay and Android Pay
• Annual Fee: None

Application Criteria

TSB Platinum Balance Transfer

• You are an existing TSB customer
• You are not currently declared bankrupt, have CCJs or subject to IVA
• You have a good credit rating and regular income
• You are a UK resident
• You are aged 18 or over

Card Offers

Sainsbury’s Balance Transfer

Balance Transfers:

0% for up to 26 months

Balance Transfer Fee:

3%

Purchases:

0% for 3 months

Representative APR:

19.9% APR (variable)

Card Details

Sainsbury’s Balance Transfer

• 0% interest on balance transfers for up to 26 months
• 3% balance transfer fee on transfers made at application
• 0% interest on purchases for your first 3 months
• Collect 2 Nectar points per £1 spent on Sainsbury's shopping and fuel
• Collect 1 Nectar point for every £5 spent on your card elsewhere
• Online account management
• Annual Fee: None

Application Criteria

Sainsbury’s Balance Transfer

• You have a permanent UK address
• You have not been declined for credit in the last month
• You do not have a history of bad credit
• You are aged 18 or over

Card Offers

Santander All in One

Balance Transfers:

0% for 26 Month

Balance Transfer Fee:

0%

Purchases:

0% for 26 months

Representative APR:

21.7% APR (variable)

Card Details

Santander All in One

• 0% interest on balance transfers for 26 month from date account opened
• 0% balance transfer fee
• 0% interest on purchases for 26 month from date account opened
• 0.5% cashback on all of your purchases
• No foreign transaction fee on purchases made abroad in local currency
• Cashback through Retailer Offers
• Monthly Fee: £3

Application Criteria

Santander All in One

• You are a permanent UK resident
• You have a good credit history with no history of bad credit
• You have an income of £7,500 per year or more
• You are at least 18 years of age

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

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 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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