How to transfer a credit card balance

Key takeaways

• Request your balance transfer during the application process, or as soon as your application is approved.

• Balance transfers typically take one working day, but can take longer if you've requested it on a weekend, bank holiday, or after 7pm.

• Continue making payments on your old card until your transfer is confirmed.

How to transfer a credit card balance

This video information is available as a Text Transcript

How do I transfer my credit card balance?

Once you’ve decided you will benefit from transferring your credit card debt to a balance transfer credit card, these are the steps to follow.

1. Apply for a balance transfer card

Look for low or 0% balance transfer deals and compare how long the introductory period lasts, plus any fees you’ll be charged for the balance transfer.

The longest interest-free introductory period currently available is 36^{^} months, subject to eligibility.

Our eligibility checker can show you your chances of being approved for any type of credit card, including cards with balance transfer features. And better still, searching won’t affect your credit score in any way.

Take note of the terms and conditions. For example, you might not be able to apply for a balance transfer card from your existing credit card provider, or a maximum balance transfer limit could apply. When you’re happy with your choice, make the application.

2. Request the balance transfer

Request the transfer during the application if you can, or as soon as your balance transfer credit card application is approved.

You can usually do a balance transfer over the phone or online. You’ll need to provide account numbers of your old cards and tell your new provider how much of your balance you want to transfer (there may sometimes be a credit limit on how much you can transfer, so again, check the T&Cs).

3. Clear your debt

With your transferred balance now on the new credit card, you can start making your regular monthly payments to clear the debt.

Ideally, you’ll aim to clear the remaining balance before the end of the low or interest-free period.

Sometimes your credit limit on a new balance transfer card won’t be enough to cater for all your outstanding balance from other cards.

If this is the case, you may wish to prioritise clearing the remaining balance on the old card first – where the interest rates are highest.

Keep up with the minimum repayments on all cards to avoid late fees and the possibility of having your 0% deal withdrawn.

Also keep a close eye on when the balance transfer card interest rate is due to rise to the standard card interest rate. At this point, you'll start to pay interest at a higher rate if you've not cleared the outstanding balance.

How long does a balance transfer take to complete?

After your new card issuer processes your balance transfer request, the balance transfer typically takes one working day to complete. If you've requested the transfer on a weekend, bank holiday, or after 7pm, it may take longer to process.

In some cases, it can take several days, or even weeks, for a balance transfer to be processed if the new or old card issuer has to make extra identification checks.

While the information above is taken from each providers' help and support information, be sure to check their terms and conditions.

We recommend making payments on your old card until you get confirmation the transfer has gone through, so you don’t run the risk of being hit with late-payment fees.

Why would I make a credit card balance transfer?

You might want to move your credit card debt with a balance transfer to take advantage of:

Better interest rates: You may be struggling to pay off your existing balance because you’re being charged high rates of interest. Switching to a new balance transfer credit card that offers a low or 0% interest rate on transferred balances could help lighten that load and help you save money in monthly payments and overall interest.

On average, MoneySuperMarket customers save up to £398^{^} by moving their balances to a specialist balance transfer card.

A new 0% deal: If you’ve already moved your balance to a low or 0% balance transfer card, but aren’t going to clear the debt before the end of the introductory period, it can make financial sense to shop around for a new credit card deal and look to shift the balance again.

Switching incentives: Some credit card providers offer rewards when you take out a balance transfer card. Rewards available with a balance transfer vary from cashback on your spending to discounts on streaming services.

Want to see how much you could save? Our credit card calculator shows how much you could save by transferring an existing balance.

What do I need to consider before I transfer a balance?

There are a few things to consider before you sign up for a new balance transfer credit card and carry out the balance transfer. Some questions you should ask yourself are:

What are my alternatives to a balance transfer card?

If a balance transfer card isn’t right for you, there are other ways to get on top of credit card debt. These include:

Personal loan. A fixed-term loan with set monthly repayments. Interest is often lower than credit cards if your credit score is good, but you’ll pay interest from day one and early repayment charges can apply.

Overdraft. Borrowing through your current account is quick and flexible, but interest rates are usually high and can change at any time, making it an expensive long-term way to clear debt.

Remortgaging. If your credit card debts are high, borrowing against propertycould be an option and you could secure lower interest rates. However, you could lose your home if you can’t meet repayments.

Credit union loan. Loans from not-for-profit lenders, often at lower rates than high-street credit. They can be more accessible if your credit history isn’t perfect, but borrowing limits may be lower.

Using savings. Paying off debt with savings avoids interest altogether. The downside is losing your financial safety net, so it’s best only if you still keep an emergency fund.