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Large Balance Transfer Credit Cards

Large Balance Transfer Credit Cards

Large balance transfer credit cards are those credit cards which allow a customer a large credit limit.

These cards can allow a customer to make a large amount balance transfer. This balance transfer can be from one, or perhaps several, of their existing credit cards.

Before the banking crisis began, being approved for a large balance transfer credit card, was often quite common for many UK customers.

Back then, many more customers were approved for a new balance transfer credit card. The credit limits given to these new customers were also, often much higher. This then allowed these customers to balance transfer a large amount. This could be a £8000 balance transfer, for example.

In today’s financial climate, it can often be more difficult than in previous years to get accepted for a new credit card. The banks and credit card companies are overall, generally more cautious with their lending. As a result they tend to approve customers with lower credit limits than in the years before the credit crunch.

Due to the current ongoing Coronavirus pandemic, the credit card companies are also now even more cautious with their lending. Credit card acceptance rates are down, and credit limits are also now generally lower.

Applying for Larger Balance Transfer Cards

How can you increase your chances of successfully applying for large balance transfer credit cards in the UK, in 2021?

Large balance transfer credit cards are still available, although fewer customers will now be able to get one. If you can meet the following criteria, your chances of applying successfully for large balance transfer credit cards increase.

  • You will need to have a very good or excellent credit history
    • Missed payments or credit problems in the recent past, will reduce your chances of obtaining a new large credit card limit
  • You are in regular employment with an annual income of £20000 or more
  • You will need to have a good ratio of your total income to your potential lines of credit
    • Consider the following example :-
    • You have an income of £30,000 a year and 3 existing credit cards, each with £10,000 credit limits.
    • However, you currently only have an outstanding balance on one card of £6,000
    • In this case the banks are likely to consider that you already have too much credit available to you
    • As a result, if you are approved for a new credit card, then the card is likely to have a lower credit limit
    • Far better would be to have an income of £30,000 and one credit card with say a £8,000 limit and an outstanding balance of £6,000.
  • You are a homeowner, on the electoral roll, who has lived at the same address for multiple years

Meeting all of the above criteria will help your chances of successfully applying for a larger balance transfer credit card.

Large Balance Transfer Credit Card

Which UK credit cards are large balance transfer credit cards?

We have seen that all of the following featured credit cards ,can be generous with their credit limits. As a result these cards can be classified as a large balance transfer 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)
More Information

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
More Information

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
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)
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)
More Information

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
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 20 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 20 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

M&S Shopping Plus*
  • 0% for 20 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 20 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
More Information

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
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)
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)
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

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

It is important that you make your monthly payments to the credit card company on time every month. Many of the UK card companies will withdraw the 0% balance transfer offer, if you miss any monthly payment.

This applies with all of the above large balance transfer credit cards, and indeed for any other Visa, or Mastercard balance transfer credit card.


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Published: June 21, 2021, Updated: July 1, 2021 by Balance Transfer Expert

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