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Does A Balance Transfer Count As A Payment?

When you are planning to make a balance transfer, one question that you maybe looking to answer is, does a balance transfer count as a payment?

Making at least the minimum payment to your credit card company, on time every month, is vital if you want to keep your credit rating in good standing.

Credit card customers also need to make the monthly payment on time, every month. This is to avoid any late payment fees, charged by their credit card company.

Does A Balance Transfer Count As A Payment?

Does Balance Transfer Count As Payment

So does a balance transfer count as a payment?

In most cases the answer to the question is yes, a balance transfer does count as a payment. The balance transfer will be treated like a normal payment made to the credit card company that receives it.

The receiving credit card company will receive the payment, via the banking system in the normal way. The card company will then allocate it against that credit card account.

The only difference from your usual monthly payment to the credit card company, is that the payment will come, not from your own bank account, but from the account of the credit card company that you are transferring the balance too.

However, It is important to be aware of how long a balance transfer takes to complete.

It used to take up to 3 weeks for a balance transfer to go through. However, the introduction of faster payments rules, now means that most balance transfers clear in a couple of days.

It is still important that you ensure that there is enough time for the balance transfer to reach the receiving credit card account, before your monthly payment is due.

The following popular featured cards all offer 0% balance transfers that will count as a payment to your existing credit card:-


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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)

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

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

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

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
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 22 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 22 months
Representative APR:
21.9% APR (variable)

Card Details

M&S Shopping Plus*
  • 0% for 22 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 22 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

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
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 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
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)

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

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
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

If you are unsure whether the balance transfer will complete before the due date of your monthly payment, then you should make at least the minimum payment for that month.

This will avoid any damage to your credit rating from missing a payment. It will also avoid any late payment fees. These may be charged by the credit card company, if any monthly minimum payment is late.


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Published: November 9, 2021, Updated: November 9, 2021 by Balance Transfer Expert

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