How much can you balance transfer to another credit card?

There are limits on how much you can transfer to another credit card and which credit card provider you can apply to. But even so, it’s well worth considering if you have a debt to pay off. 

Who can apply for a balance transfer credit card?

If you owe money on one or more credit cards and want to get a balance transfer card, you must:

• Be a UK resident with a UK bank or building society

• Be employed and receive a regular income

• Not have any County Court Judgments 

• Be looking to transfer from Visa, MasterCard or American Express store and credit cards 

• Not apply to providers of any credit cards you currently have. This includes credit cards issued within the same group - for example, transferring from a Capital One card to a Post Office card.

Read more: Which banking group owns your credit card?

How much of your balance can you transfer?

You can typically apply to transfer from £100 to up to 93% of the amount you owe on your credit cards. Some card providers let you transfer up to 95%.

The maximum limit governing how much you can transfer exists to cover any balance transfer fee and pending purchases. 

Read more: 

• Understanding credit card fees

• Compare 0% and no fee balance transfer cards

What can you do if your balance transfer limit is too low?

Transferring 93% of what you owe to a 0% card is attractive to anyone paying a small fortune in credit card interest. But while your application may be successful, securing a 93% limit isn’t guaranteed. 

Such an outcome could leave you with a sizable chunk of debt on your old cards, but you shouldn’t act hastily and reject what you may feel is a disappointing offer. Credit card providers base their decisions on applicants’ credit reports and may broadly agree on limits. While this is less than ideal, the good news is you can open as many balance transfer cards as you need, enabling you to cover the bulk of your debt.

Read more: How many balance transfers can you do? 

How is your credit score affected?

Making several credit applications can affect your credit score. But that shouldn’t dilute the appeal of balance transfer cards. 

Apply for one 0% interest deal at a time, and stop once you have enough to cover most of your debt. The benefits of clearing what you owe usually outweigh any temporary damage caused to your credit score by making several applications over a short period.

How many balance transfers can you make to one card?

In theory, you can transfer almost all of your debt from multiple credit and store cards to a single balance transfer card. In practice, the credit limit on the new card might not allow you to transfer all your balances. In this case, start by transferring the balances from the cards with the highest interest rates.

Aside from this, the main restriction is you can’t transfer from a card that is part of the same banking group as your balance transfer card. For example, you couldn’t import debt to an HSBC balance transfer card from a First Direct, M&S or another HSBC credit card, including balance transfer credit cards. 

Read more…

• Compare balance transfer credit cards

• Common balance transfer mistakes – and how to avoid them

• Pros and cons of balance transfer cards