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, to avoid any late payment fees, charged by their credit card company.

Does A Balance Transfer Count As A 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 and 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.

It is however, 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, although now the introduction of faster payments rules, 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 credit cards all offer 0% balance transfers that will count as a payment to your existing credit card:-

Card Offers

Sainsbury’s Balance Transfer

Balance Transfers:

0% for up to 29 months

Balance Transfer Fee:

3%

Purchases:

0% for 3 months

Representative APR:

21.9% APR (variable)

Card Details

Sainsbury’s Balance Transfer

• 0% interest on balance transfers for up to 29 months
• 3% or 4% balance transfer fee on transfers made at application, depending on your individual circumstances (minimum £3)
• 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

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

Santander All in One

Balance Transfers:

0% for 26 Month

Balance Transfer Fee:

0%

Purchases:

0% for 20 months

Representative APR:

23.7% 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 20 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

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 and also avoid any late payment fees which which may be charged by the credit card company if the monthly minimum payment is late.

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