Comparing balance transfer credit cards online since 2002When 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.
There is also another reason credit card customers need to make the monthly payment on time, every month. This is to avoid any late payment fees, which maybe charged by their credit card company.
Does Balance Transfer Count As Payment?
So do balance transfers count as 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.
Your credit card company will receive the payment, via the banking system in the normal way. The card company will then allocate it against your 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 just a couple of days.
It is still important that you ensure that there is enough time for the balance transfer to reach your receiving credit card account, before your next 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
Card Details
- 0% interest for up to 27 months on balance transfers made within first 60 days of account opening
- 3.49% 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
- 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
Card Offers
Card Details
- 0% for 28 months on balance transfers made within 90 days of account opening
- 2.99% 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
- 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
Card Offers
Card Details
- 0% for 15 months on balance transfers made within 90 days of account opening
- 2.99% balance transfer fee, minimum £5
- 0% on purchases for 18 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
- 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
Card Offers
Card Details
- 0% on balance transfers for 12 months from the date your account is opened
- 3% balance transfer fee in first 60 days, 5% fee applies after 60 days
- 0% on purchases for 3 months from the date your account is opened
- Discounts on Virgin holidays, Virgin trains and Virgin experience days
- Contactless payments to quickly and securely pay for purchases up to £100
- Online card servicing
- Annual Fee: None
Application Criteria
- You are a UK resident
- You have a bank or building society account
- You have a good credit history
- You are aged 18 or over
Card Offers
Card Details
- 0% interest for up to 16 months on balance transfers made within first 60 days of account opening
- 3.49% balance transfer fee applies (minimum £5)
- 0% interest on purchases for up to 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
- 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
Does A Balance Transfer Count As Minimum Payment
Credit cards require a customer to make at least the minimum payment every month, if there is an outstanding balance on the card.
Making a balance transfer will count as the minimum payment for the month. This is provided the transfer amount is large enough to meet the minimum payment amount, and is received in time. Many UK card companies have a minimum amount of at least £100 for a balance transfer.
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 maybe charged by the credit card company, if any monthly minimum payment is late.
You can make balance transfers from Visa to Mastercard, and Mastercard to Visa branded cards. This is provided that the cards are issued by different card companies. UK credit card companies do not allow balance transfers between cards, which are issued by the same company.
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