More about balance transfers
How long do they take?
Balance transfers normally arrive the next working day after they’ve been approved. Transfer fees may apply.
How much can you transfer?
The minimum amount is £100 and there’s no limit to how many you can make. Just make sure you stay within the credit limit you’ll be given when approved for your new credit card. You’ll also need to allow for any balance transfer fees and other transactions to be added to the card.
What happens after the introductory offer ends?
Your interest will go to the standard rate for your credit card. This might be higher, unless you clear your balance in full before the introductory offer ends. Bear in mind, you’ll lose your introductory rate if you don’t make your minimum payment each month and stay within your credit limit.
Things to look out for
- The interest rate and any fees charged to your account. This is known as the Annual Percentage Rate (APR) and is useful for comparing the overall costs of credit cards.
- How long the introductory offer is for.
- Only borrow what you can afford to pay back each month.
- Make sure the credit card limit suits your needs.
- Try to pay back your full statement balance each month, so you don't have to pay any interest.