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:
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.
FAQs
Card issuers typically have rules surrounding the amount of debt you can transfer in relation to your credit limit. Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit.
What is the maximum balance transfer on a credit card? ›
Credit card balance transfers are often limited to an amount equal to the account's credit limit. You typically can't transfer a balance greater than your credit limit—and you won't know your credit limit until you're approved for the account.
Is there a credit limit on balance transfers? ›
It's important to know that you won't be able to do a balance transfer for more than your credit limit, and that any balance transfer fees you're charged will count toward hitting your credit limit.
Is it okay to max out a balance transfer card? ›
Avoid transferring a balance up to the new card's full credit limit. If you transfer a balance that either maxes out your new card or gives it a really high utilization rate, that could hurt your credit score. A maxed-out card can lower your score by more than 100 points, according to myFICO.
Do balance transfers hurt your credit score? ›
A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.
Is it a good idea to do a balance transfer? ›
If you need extra time to pay off a big credit card purchase, transferring the balance to a balance transfer card can be a smart move. If you manage to pay off your balance before the intro period ends, you can successfully dodge interest that may otherwise have been added to your balance.
What is the max amount I can transfer? ›
3) IMPS to registered beneficiary - up to Rs 5 Lakh per day/per transaction. 4) NEFT to registered beneficiary per day - up to Rs. 10 lakh./per transaction - up to Rs 5 lakh. (Newly added beneficiary — less than 24 hours old — the limit is Rs 25,000).
What is the transfer balance limit? ›
The general transfer balance cap is currently $1.9 million (2024/25) and it applies to all retirement phase income streams, including: Account based pensions. Transition to retirement pensions that are in retirement phase, and. Defined benefit pensions.
Is there a limit on transfer amount? ›
Bank transfer limits
All banks have a maximum limit on the amount you can transfer domestically and internationally. These limits can vary widely between banks, which is why you must check this information with your bank directly, particularly if you are planning on moving large movements of funds.
What are the rules for balance transfers? ›
Balance transfer limits: Your new credit card issuer will take a look at your credit history and determine your credit limit. You can then likely only transfer a certain proportion or dollar amount of that limit to the card. Prioritize transferring the highest-interest debt you can to save the most money.
In other words, UPI payments can also be made using a credit card. How much may be transferred with a credit card? As long as it is greater than or equal to 75% of your credit card's maximum limit, there is no upper limit.
How much can you credit 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.
What is the balance transfer cap? ›
Your transfer balance cap is a lifetime limit on the amount you can transfer into one or more retirement phase accounts. The earnings on an account in retirement phase are tax free.
What is the smartest way to do a balance transfer? ›
8 Smart Ways to Maximize a Balance Transfer
- Check your credit score. ...
- Decide how much you want to transfer. ...
- Make a payoff plan. ...
- Be aware of balance transfer fees. ...
- Shop around for free balance transfer offers. ...
- Understand how to leverage a balance transfer. ...
- Don't close your original credit card account.
The maximum amount is usually up to 93% of your credit limit. Remember, you may pay an interest rate and fee each time you complete a balance transfer.
How much debt can I transfer to another credit card? ›
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.
How much can you transfer through credit card? ›
There is no limit on the maximum amount as long as the amount being transferred is not more than 75% of your credit cards limit. There is a processing fee that will be charged for the options, and it is based on the amount that is being transferred.
What happens if I transfer too much into my credit card? ›
Whether you've made too large a payment or had a refund come through for a recent return, an overpayment results in a negative balance on your credit card. Suddenly, your credit card issuer owes you money instead of the other way around.
Can you transfer half a credit card balance? ›
You can transfer a partial balance of your maximum limit and keep the rest of the balance on your current card.
