28 thoughts on “What you need to know about balance transfer cards

  1. Drew

    Good reminder about applying for credit cards. It dings your credit score every time and if you do it too often, it can actually change it.

    Reply
  2. Idon irwin

    I have found that Experian is the best. But when I try to log in with my address it gives me the wrong address as it should be only as it’s on my electoral role. How can we change it to the exact way it is written on my electoral role. All other agency’s have it written properly, and that is why I have an excellent score rating. Can you help

    Reply
    1. CreditExpert Neil

      Hi Idon, thanks for your kind comments about Experian! We can get the format of address that your electoral roll details are recoded under checked for you. Email your details, (name, DOB and address) to uksocialsupport@experian.com I look forward to hearing from you. Kind regards Neil.

      Reply
  3. Bryan

    If I have 2 credit cards- 1 that I can draw cash out of and 1 that can’t- and do a balance transfer to the one that can draw cash- can I draw this money? Thanks

    Reply
    1. CreditExpert Neil

      Hi Bryan, generally a balance transfer can only be used to transfer existing debt from one card to another and there will normally be certain conditions that need to be met. Your card issuers should be able to tell you if they can help you with other options. Kind regards Neil.

      Reply
  4. DANIELLE

    Can I transfer the balance of 1 card onto 2 other cards? I’ve been accepted for 1 but concerned I won’t be able to transfer the full amount. Not sure if I should apply for another?

    Reply
    1. CreditExpert Neil

      Hi Danielle, this would be up to your card provider, and each card provider can have different conditions. You may want to check with your card provider and see if they will be able to accept the transfer or not.
      Kind regards Neil.

      Reply
  5. Dave

    Hi…I have just completed a balance transfer from Barclaycard to Virgin money, however, I have made an extra payment on my Barclaycard that means I am now £105-00 in credit with it. Can I use this for a purchase without affecting my new deal with Virgin?

    Reply
    1. CreditExpert Neil

      Hi Dave, you would need to check the terms of the transfer with Virgin to see if this would be an issue. Kind regards Neil.

      Reply
  6. AK

    Hi, I was wondering if it is at all possible to get a transfer card with a total credit limit higher than £3000. Most of the cards on the market offer credit limits up to £1200 but no higher, thanks

    Reply
    1. CreditExpert Neil

      Hi Martin, it would be up to the lender as to whether they would accept you application if you are unemployed. We don’t hold information relating to employment status on your Experian Credit Report, but a lender may ask for his as part of the application process.
      Kind regards
      Neil.

      Reply
  7. Roxy M

    Hi,
    Im thinking of doing a balance transfer as i want to clear my card. If i get one, am i able to clear it off quickly or are there restrictions holding me back, to tie me in for longer. Say my balance is £1700 and i want to pay off £800 in the next two months, am i able to do that? I wont spend of the card, i just want to clear it. The leftover balance i can clear via a monthly direct debit for just over the minimum but i’m concerned that paying a lump sum would cause implications somehow. will i also be affected if i clear the card within the 0% interest period as a whole?

    Thanks

    Reply
    1. CreditExpert Neil

      Hi Roxy, it will be up to the card provider as to whether they have any restrictions on when payments can be made. With most credit cards their is a minimum payment that needs to be made each month, and then any additional amount you pay is up to you.
      On your credit report lenders would be able to see that you made an initial large payments and then smaller amounts after this. Having accounts that are paid regularly can help your Experian Credit Score, and it would not negatively impact your Experian Credit Score paying the card within the 0% interest period.
      Kind regards
      Neil .

      Reply
    1. CreditExpert Neil

      Hi Craig, this would be up to your lenders. The old card may be closed when the balance is transferred so you would need to check with the lenders if this would be the case. Kind regards Neil.

      Reply
  8. Donna

    Hi I reveived a 5 month balance transfer with capital one. It is ideal for my need however once complete and paid off on the new 0% balance transfer card will the lender offer me another option of a balance transfer deal or would i need to look elsewhere? Also i tried to move debt from a vanquis gold card but was rejected. Do I have to remain with them until repaid?

    Reply
    1. CreditExpert Neil

      Hi Donna, thanks for getting in touch. It would be up to your card provider as to whether they are prepared to offer another balance transfer deal. Vanquis would be able to confirm for you if you can close the account while there is an outstanding balance, should they do this you would need to check that they don’t record the account as defaulted as this would be harmful to your credit report. Kind regards Neil.

      Reply
  9. Samantha Jane

    Hi, can I transfer money from a capital one balance transfer card to my hsbc debit account to pay off my overdraft? Thanks.

    Reply
    1. CreditExpert Neil

      Hi Samantha, it would depends on the terms of the account as to whether the card provider would allow this. Usually balance transfer cards are only for transferring a balance from other credit cards. You may find it helpful to speak to a free debt charity such as StepChange if you need advise on paying off your overdraft. Kind regards Neil.

      Reply
  10. Vikki

    If you do not manage to pay off full amount by end date of 0% balance transfer then can you carry on paying you just get charged interest on remaining balance?

    Reply
    1. CreditExpert Neil

      Hi Vikki, this would usually be the case however you may want to check with your card provider to confirm this. Kind regards Neil.

      Reply
  11. Levi Allen

    If I did a balance transfer at 0% then used the card for a purchase of £70 Will I only be charged interest on the £70 or on the full amount

    Reply
    1. CreditExpert Neil

      Hi Levi, you would need to check with your card issuer for this as it would depends on the terms and conditions of the agreement. Kind regards Neil.

      Reply
  12. Verity

    Hi
    I’m transferring my balance from Lloyd’s, do I need to pay the minimum fee this month if I’m also clearing the balance?

    Reply
    1. CreditExpert Neil

      Hi Verity, we can’t provide financial advice. You may want to check with Lloyds to find out if they are expecting a payment this month. If they are and the payment isn’t made then a late payment could end up being recorded on the account. Kind regards Neil.

      Reply

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