How long will it take to make a balance transfer?

It might only be a few days before you get your new credit card, but it could take up to two weeks. It will then take up to another week to make the balance transfer.

Can I transfer money to my bank account?

Yes. Money transfer credit cards let you move money from your card to your bank account, with some cards offering 0% interest for several months. You can then use these funds to pay off an overdraft or loan or pay for a purchase, for example. Here is how to make a money transfer.

How do I repay my balance transfer?

The best way is to work out how much you need to pay each month to have cleared your balance by the end of the 0% period. Then set up a Direct Debit for this amount so you never miss a payment or pay interest.

What should I do with my old credit card?

Once you've transferred the balance from an old card, you have two options: you can either close the card or keep it. Closing the card can impact your credit rating as it will affect your credit utilisation, which is the amount of debt you have compared to the amount of credit available to you.

What will my credit limit be?

Your provider will confirm your credit limit after they approve your application. Here is how credit limits work and how much it costs if you exceed them.

What does being pre-approved mean?

Being pre-approved means you have a good chance of being accepted for a particular credit card and shows you the interest-free period and APR you should be offered based on your details. However, this doesn’t guarantee acceptance as you’ll still need to undergo a hard credit check and pass the lender’s ID checks.

Does my credit record matter?

Yes, your credit record matters as lenders use it to decide whether to offer you a balance transfer credit card as well as what APR and credit limit they are prepared to give you.

How much can I transfer?

Your provider will let you transfer a percentage of your credit limit (usually 90-95%), e.g. 90% of a £2,000 credit limit would mean you could use £1,800 towards balance transfers.

When should I apply for a balance transfer?

You should apply for a balance transfer at least three weeks before you need the balance on your old card to be paid off.

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What is a balance transfer card?How it works How to do a balance transfer Types of balance transfer cards Pros & cons Choosing the best deal Expert tips Debt advice Jargon buster FAQs

What is a balance transfer credit card?

A balance transfer credit card lets you move existing credit card debt to a new card – usually with a lower interest rate, or even 0% interest for a set period.

Balance transfer cards typically offer a 0% interest period that lasts anywhere from 6 to 29 months, though some deals can be as long as 38 months. This can help you save money, as more of your repayments will go toward reducing your debt rather than paying interest, making it easier to clear your balance faster.

Just be aware that most balance transfer cards charge a transfer fee, and once the 0% period ends, any remaining balance will start accruing interest at the standard rate.

How a balance transfer works in practice

A balance transfer credit card lets you move debt from one or more existing credit cards to a new card, usually with a 0% interest period.

Example:

You have £4,500 on your current credit card and are paying interest each month.
You transfer the balance to a card offering 24 months at 0% interest.
A balance transfer fee of 3% applies.
After the 0% period, a standard APR of 19.9% would apply.
During the interest-free period, you can focus repayments on reducing your debt, helping you pay it off faster.

Note: This is just an example. Actual terms, fees, and interest rates vary between providers, so check the details before applying.

How to transfer a credit card balance in four steps

Find out what you owe

Add up the balances on all your credit cards, including interest rates and any fees. Many balance transfer cards let you move debt from multiple cards, so knowing your total helps you choose the right deal and plan repayments during the 0% interest period.

Compare balance transfer credit cards

Once you know how much you owe, you can compare cards to see which ones allow you to move some or all of your debt. Use our eligibility checker, in partnership with Experian, to find out which credit cards you’re most likely to be accepted for. When comparing deals, look at the length of the 0% interest period, balance transfer fees, and the standard APR after the introductory period. This will help you choose a card that fits your repayment plan.

Apply for the card that suits you best

Online applications often give an instant decision, while phone, post, or in-branch applications can take up to 10 days. Have your personal and financial information ready, including income and existing debts, to help the provider assess your application quickly. If approved, you’ll receive your card and instructions for transferring your balance. If declined, you may be able to reapply once your credit profile improves.

Initiate the balance transfer

Once your application has been accepted, you’ll need to request the balance transfer with your new card provider. This usually happens through your online banking, app, or by providing the details of the card you want to transfer from. Most providers require you to do this within the first 60-90 days to qualify for the 0% rate. After the transfer is complete, your old card balance will be paid off by your new provider, and you can start making repayments on your new balance transfer card.

What type of balance transfer card is best for you?

0% balance transfer cards

These cards offer lengthy interest-free periods to allow you to pay off your balance and save on interest payments. You’ll most likely have to pay a small fee of between 1% and 3.5% of the balance transferred to get the longest interest-free periods.

No fee balance transfer cards

Although many providers charge a transfer fee when moving over a balance, some don’t. However, fee-free balance transfer cards usually offer shorter interest-free periods – the longest you’ll currently get is 14 months. Work out how long you need to pay off your balance and if you need more time, it’s probably better to pay the fee and opt for a longer 0% deal.

Balance transfer and purchase cards

These are often known as “combo cards” and enable you to carry out a balance transfer and make purchases interest-free on the same card. Having two separate cards for different purposes can make it harder to keep track of your finances, so a combo card can help simplify things.

More combination cards

Pros and cons of balance transfer credit cards

Pros

A 0% balance transfer period lets you pay down your debt faster, as repayments go toward the balance rather than interest

Moving debt from a higher-interest card to a lower- or 0%-interest one can reduce the total interest you have to pay

You can consolidate multiple card balances onto one card, making your debt easier to manage

Managing the card well — by reducing your balance and making payments on time — could help improve your credit score over time

Cons

Most cards charge a balance transfer fee, typically up to 3.5%

If you don’t clear the balance before the 0% period ends, interest will start to apply at the standard rate

Using the card for new purchases may incur interest, depending on the card’s terms

You may not qualify for the longest 0% periods or the lowest fees, as these depend on your credit score and the provider’s assessment

How to choose the right balance transfer credit card

The best balance transfer credit card for you will depend on your credit score and overall finances. When comparing deals, consider the following:

Interest-free period: This is the introductory window where no interest is charged on your transferred balance. A longer 0% period gives you more time to repay your debt without interest, which can make monthly payments more manageable.
Balance transfer fees: Many cards charge a fee to move your balance, usually of up to 3.5% of the amount transferred. This fee is added to your new card balance, so factor it into the total cost.
Purchases and interest: Some balance transfer cards charge interest on new purchases straight away – they don’t always include a 0% purchase offer. If you plan to use the card for spending as well as transferring a balance, check the purchase rate and whether a separate interest-free purchase period is included.
Card providers: You usually can’t transfer a balance between cards from the same provider or banking group. For example, if you hold a NatWest credit card, you won’t be able to transfer the balance to a NatWest or RBS balance transfer card.

Expert balance transfer credit card tips

Check eligibility first: Use a credit check tool (like Experian) before applying. It won’t hurt your score and shows how likely you are to be accepted.
Transfer quickly: Most cards only offer the 0% rate on balances transferred within the first few weeks after account opening. Don’t miss this window.
Balance period vs. fees: A longer 0% period isn’t always better. Compare the transfer fee to the interest you could save, and choose a card that fits your repayment plan.

Have a repayment plan: Aim to clear your balance before the introductory period ends. If that’s unlikely, plan ahead to move to another 0% card.
Mark your calendar: Note when your 0% period ends to avoid unexpected interest charges.
Never miss a payment: Always pay at least the minimum. Missed payments can incur fees and may cancel your 0% deal.

Need extra support with debt?

Even with the right balance transfer card, managing debt can sometimes feel challenging. If you’re struggling to keep up with payments, don’t be afraid to ask for help.

There are several independent services that provide free advice. These services can help you manage debts and make sure you’re receiving all the benefits you’re entitled to, such as tax credits, which could help boost your income and support repayments.

StepChange

StepChange is a charity providing advice on budgeting and debt management. They have a helpline offering free, independent support.

Citizens Advice

You can find your local Citizens Advice by clicking here. They provide guidance on legal and financial issues.

National Debtline

National Debtline offers confidential, free advice for people facing debt problems in England, Wales, and Scotland.

“If you're looking to clear an expensive overdraft, a 0% balance transfer card won't work. Try looking at a money transfer card instead, or even taking out a loan to save on interest.”

Lucinda O'Brien

Senior Financial Editor

Balance transfer credit cards jargon buster

Balance transfer credit cards FAQs

About the author

Lucinda O'Brien

Lucinda O'Brien has spent the past 10 years writing and editing content for regional and national titles. She applies her industry knowledge to ensure readers can make confident financial decisions.

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How will a balance transfer affect my credit score?

Applying for and using a balance transfer credit card can affect your credit score in several ways, both in the short term and the long term.

1. Hard credit check (application stage)

When you apply for a new card, the provider will perform a hard credit check to assess your eligibility. This is recorded on your credit file and can cause a small, temporary dip in your score. Scores often recover within a few months if you maintain good credit habits.

2. Changes to your credit utilisation

Credit utilisation is the proportion of your available credit that you’re using. Transferring balances to a new card can temporarily change your utilisation:

If your new card increases your total available credit, your overall utilisation may decrease, which can have a positive effect on your score.
However, if you transfer a large balance and max out your new card, your utilisation may stay high, which can negatively impact your score.

3. New credit account on your file

Opening a new card adds a new account to your credit history. A new account may slightly lower your score initially, but over time, responsible use will help build your credit history.

4. Impact of repayment behaviour

Your behaviour with the balance transfer card matters:

Making repayments on time will support your credit score.
Missing payments can lead to fees, higher interest, and a negative mark on your credit file, which can significantly lower your score.