How Do You Transfer A Balance From One Credit Card To Another?

How do you transfer a balance from one credit card to another?

A balance transfer, where a credit card holder transfers the outstanding balance amount owing from one credit card to another credit card, is a common process and can be done quickly and easily.

Balance transfers from one credit card to another can be done in one of 3 ways:-

  • When applying for a new balance transfer credit card online
  • Using the online servicing of your credit card account
  • By telephoning your credit card company

How Do You Transfer A Balance When Applying for a New Credit Card?

Transferring A Balance

Today, most balance transfers now take place when a customer applies for a new 0% balance transfer credit card.

When the customer applies online for a new balance transfer credit card then part of the application form will ask the customer if they would like to make a balance transfer.

To transfer the balance from the old credit card to the new credit card the customer simply needs to know the following information :-

  • the name of their current credit card that they wish to transfer the balance from
  • the 16 digit number from the front of their credit card
  • the amount they wish to transfer

So as an example, if Mr Smith is making a £1,000 balance transfer from his MBNA credit card to a new Halifax credit card, he would simply enter the following information :-

  • Credit Card Name:        MBNA
  • Credit Card Number:   1234 5678 2345 6789 (as an example)
  • Transfer Amount:         £1,000

It is important that you double check that the credit card number is correct as this is the card that the new credit card company will attempt to move the balance from.

If your application for the new credit card is successful and all the balance transfer details are correct and the amount is within your credit limit, then the balance transfer will take place within a couple of days after your acceptance.

Some of the most popular current featured  % balance transfer credit cards available include the following cards:-


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Card Offers

Balance Transfers:
0% for 25 months
Balance Transfer Fee:
2.85%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

HSBC Balance Transfer*
  • 0% interest for 25 months on balance transfers made within first 60 days of account opening
  • 2.85% 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
More Information

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
More Information
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 18 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 18 months
Representative APR:
22.9% APR (variable)
More Information

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
More Information

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
More Information
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

Card Offers

Balance Transfers:
0% interest for up to 22 months
Balance Transfer Fee:
2.99%
Purchases:
0% interest for 3 months
Representative APR:
20.9% APR (variable)
More Information

Card Details

Tesco Clubcard Credit Card for Balance Transfers
  • 0% interest for up to 22 months on balance transfers made within the first 90 days of opening your account
  • 2.99% balance transfer fee in first 90 days, 3.99% fee after 90 days
  • 0% interest for 3 months on purchases from account opening
  • Earn Clubcard points wherever you use your card, plus your usual points in Tesco. Terms apply
  • You can transfer up to 95% of your available credit limit
  • Apply online and get a decision within 60 seconds
  • Annual Fee: None
More Information

Application Criteria

Tesco Clubcard Credit Card for Balance Transfers
  • You have an annual income of at least £5,000
  • You are at least 18 years of age
  • You have a good credit history
  • You live in the UK, or have a British Forces Post Office address
  • You don't currently hold more than 1 Tesco Bank Credit Card
  • You have not applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
More Information
Representative Example: 20.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)
No balance transfers allowed to this card from Tesco 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)
More Information

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
More Information

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
More Information
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

How Do You Transfer A Balance Using Online Servicing?

If you have recently applied for a new credit card with a balance transfer offer, but did not complete the balance transfer request at the time of application, then you can often still make a balance transfer request online.

Be aware, however, that many 0% introductory balance transfer offers do require you to complete the balance transfer within a certain number of days of applying for the card.

To do this, log in to your credit card companies online account management service and look for the menu option that says “Transfer a Balance” or some such similar wording.

You should then see a screen that will ask for the relevant details necessary to complete the balance transfer. These details as in the example above, are the name of the card, the 16 digit card number and the amount of the balance transfer.

You can then press the submit button and if all the details are correct, the balance transfer will be processed.

How Do You Transfer A Balance By Telephone?

You can also request a balance transfer by telephoning the customer services telephone number of your credit card company.

When speaking to the customer services representative, state that you would like to transfer a balance. You will then be guided through the rest of the process over the telephone.

You will need to know the name of the credit card that you are transferring the balance from i.e. MBNA Platinum, the full 16 digit number from the front of that credit card and also the the amount of the balance that you wish to transfer.


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