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 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 large balance transfer credit cards, 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 make a large balance transfer. 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 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 2020?

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 Cards

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 theses cards can be classified as large balance transfer credit cards.


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Card Offers

Balance Transfers:
0% for up to 27 months
Balance Transfer Fee:
3%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

Sainsbury’s Balance Transfer
  • 0% interest on balance transfers for up to 27 months
  • 3% balance transfer fee (minimum £3) on transfers made at application
  • 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
More Information

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
More Information
To apply for a credit card you must be a Nectar member and should have been one for at least 6 months
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.95% p.a. (variable)
No balance transfers allowed to this card from Sainsbury’s credit cards

Card Offers

Balance Transfers:
0% for up to 29 months
Balance Transfer Fee:
2.95%
Purchases:
0% for 3 months
Representative APR:
19.9% APR (variable)
More Information

Card Details

TSB Platinum Balance Transfer
  • 0% interest for up to 29 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
More Information

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
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.95% p.a. (variable)
No balance transfers allowed to this card from TSB 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 26 Month
Balance Transfer Fee:
0%
Purchases:
0% for 26 months
Representative APR:
21.7% APR (variable)
More Information

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 26 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
More Information

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
More Information
Monthly fee of £3 payable
Representative Example: 21.7% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 15.9% p.a. (variable) with a monthly fee of £3 payable
No balance transfers allowed to this card from Santander 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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