Balance Transfer Rules

Balance Transfer Rules Signature

When you are making a balance transfer from one credit card to another, what are the balance transfer rules you must follow to ensure a successful balance transfer?

Balance transfer rules can vary slightly from credit card company to credit card company. However there are a number of common balance transfer rules that do apply across all of the UK credit card companies, to almost all balance transfers.

Balance Transfer Rules

At Balance Transfer Expert we aim to explain all aspects of the balance transfer process as simply as we can, so here are our balance transfer rules to follow for a successful balance transfer:-

You can not transfer a balance between two credit cards issued by the same company.

  • Finding out who actually issues each balance transfer credit card is not always easy.
  • However at Balance Transfer expert we have already done this for each and every available 0% balance transfer credit card. So to ensure you do not get caught out by this, the most important of the balance transfer rules:-
  • Select the credit card you wish to transfer a balance from on our Balance Transfer Credit Cards page and we will then show you all of the 0% balance transfer credit cards which are not issued by your credit card company.

You must make your balance transfer within a certain number of days of opening your new balance transfer credit card account.

  • For example MBNA require balance transfers to be made within the first 60 days. If you wait more than this 60 day period before making your balance transfer then any balance transfer will not be made at the promotional 0% rate, but at the much higher standard interest rate.

You can not transfer more than the credit limit you have been given on the new balance transfer credit card.

  • In fact in most cases you will not be able to transfer more than 90% or 95% of your new credit limit. See our article on the maximum balance transfer amount for full details.

You must make at least the balance transfer minimum payment each month and on time to the new credit card company.

  • Many companies will now withdraw the 0% promotional balance transfer rate if you miss a payment. We strongly recommend that you set up a direct debit to at least make the minimum payment each month.

Following the above balance transfer rules should make your balance transfer transaction a quick and simple money saving process.


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