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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 larger credit limit.

These cards can allow you to balance transfer a large amount. This larger balance transfer can be from one, or more, of your existing credit cards.

Many years ago, before the 2008 banking crisis, getting approved for a large balance transfer credit card, was 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 current 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 now more cautious with their lending to new customers.

As a result they tend to approve customers with lower credit limits than in the years before the credit crunch. A £3000 card limit will be easier to get than a credit card with a £7000 limit, for example.

Due to the recent Coronavirus pandemic, the credit card companies are once again, now more cautious with their lending. Credit card acceptance rates are down, and the credit limits given to customers, are also now generally lower.

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 described as a large balance transfer credit card.


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Balance Transfers:
0% for up to 26 months
Balance Transfer Fee:
3.49%
Purchases:
0% for 3 months
Representative APR:
24.9% APR (variable)
M&S Transfer Plus*
  • 0% for up to 26 months on balance transfers made within 90 days of account opening
  • 3.49% 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
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: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 24 months
Balance Transfer Fee:
3.49%
Purchases:
0% for 3 months
Representative APR:
24.9% APR (variable)
HSBC Balance Transfer*
  • 0% interest for up to 24 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
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: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions. You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 16 months
Balance Transfer Fee:
3.49%
Purchases:
0% for up to 18 months
Representative APR:
24.9% APR (variable)
HSBC Purchase Plus*
  • 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
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: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions. You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for up to 12 months
Balance Transfer Fee:
3.49%
Purchases:
0% for up to 20 months
Representative APR:
24.9% APR (variable)
M&S Purchase Plus*
  • 0% for up to 12 months on balance transfers made within 90 days of account opening
  • 3.49% balance transfer fee, minimum £5
  • 0% on purchases for up to 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
M&S Purchase 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: 24.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 24.9% p.a. (variable)
No balance transfers allowed to this card from first direct, HSBC or M&S credit cards
Balance Transfers:
0% for 20 months
Balance Transfer Fee:
3%
Purchases:
0% for 3 months
Representative APR:
28.9% APR (variable)
Sainsbury’s Balance Transfer
  • 0% interest on balance transfers for 20 months
  • 3% balance transfer fee on transfers made within first 90 days (minimum £3)
  • 0% interest on purchases for your first 3 months
  • Collect up to 3 Nectar points per £2 in Sainsbury’s, Argos, and Habitat
  • Collect 1 Nectar point for every £5 spent on your card elsewhere
  • Online account management
  • Annual Fee: None
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
Representative Example: 28.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 28.95% p.a. (variable)
No balance transfers allowed to this card from Sainsbury’s credit cards

Applying for a Large Balance Transfer Card

How can you increase your chances of successfully applying for large balance transfer credit cards in the UK, in 2024?

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

  • You will need to have a very good or excellent credit history
    • Missed payments or credit problems in the recent past, will greatly reduce your chances of obtaining a new large credit card limit
  • You are in regular employment with an annual income of £20,000 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 available credit
    • As a result, if you are approved for a new credit card, the new card is likely to have a lower credit limit
    • It would be better to have an income of £30,000 and just 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 large balance transfer credit card.

Balance Transfer Large Amount

If you do balance transfer a large amount, then 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 could be very costly, as you will then have to pay the standard interest rate on your outstanding debt.

A late payment will also mean that you may miss out on any additional balance transfer offers for existing customers. This applies with all of the above large balance transfer credit cards, and indeed for any other Visa, or Mastercard balance transfer credit card, in the UK.


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Published: January 4, 2024, Updated: January 4, 2024 by Balance Transfer Expert

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