How to transfer a credit card balance: video transcript
Transferring a credit card balance can be a great way to cut interest repayments and clear your credit card debt faster.
First, you’ll need to compare specialist balance transfer credit cards, which charge low or no-interest on a balance you transfer from another credit card for a set time.
After successfully applying for a balance transfer card, you can transfer your existing balances to your new card. If you’re paying interest on a balance, you’ll want to transfer it to your new card as soon as possible. Many cards will stipulate that you must transfer your credit balance to your new card within a certain time frame, such as the first three months or 90 days.
You’re often charged a fee, which is a percentage of the balance you’re transferring. If a card charges a 3% balance transfer fee and you’re moving £2,000 to the new card, your new balance will be £2,060.
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.
It usually takes several days for a balance transfer to be processed.
Comparing balance transfer credit cards with MoneySuperMarket is quick and simple. Just hit the button in this guide. Give us a few details about you and your finances and we’ll search the market to find the best balance transfer deals to suit your needs.