Balance Transfer Rules

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

When you follow these credit card balance transfer rules you are more likely to ensure your balance transfer is successful.

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. These rules apply to almost all balance transfers.

Credit Card Balance Transfer Rules

At Balance Transfer Expert we aim to explain all aspects of the balance transfer process as simply as we can. As a result, 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

• The card companies do not allow balance transfers between cards issued by the same card company, or bank
• 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 0% balance transfer credit card.
• Our Balance Transfer Credit Cards page, lists all of the 0% balance transfer credit cards currently available
• We show you which cards cannot be used to a make a balance transfer to any particular credit card

Make your balance transfer within a certain number of days

• Many card companies require you to make your balance transfer within a certain time period
• This period applies from when you open your new credit card account
• For example MBNA balance transfers need to be made within the first 60 days, to benefit from the introductory 0% rates
• Balance transfers made after the 60 days, will be at the much higher standard interest rate, typically 23.9% APR variable

You can not transfer more than the credit limit you have been given

• In fact, in most cases you will not be able to transfer more than 90%, or 95% of your new credit limit
• A £6000 credit card limit, for example will allow a maximum balance transfer of £5700
• See our article on the maximum balance transfer amount for more details.

Make at least the minimum payment each month

• You need to ensure that at least the minimum monthly payment is made every month and on time
• Many companies will now withdraw the 0% introductory 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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