What is a balance transfer?
Transferring balances is an easy way to consolidate your other
credit and store card balances in one place.
You can transfer balances from your other credit cards or some of
your store cards online at any time. You should continue to make
your normal payment to each card account until the card provider has
confirmed receipt of the appropriate amount. Transfers are
usually very easy. Simply complete the balance transfer form online,
telling them the account number you wish to transfer your balance
from and the amount of the balance you would like them to pay and
they will take care of the rest.
Why is it worth making a balance transfer?
Transferring balances is an easy way to
consolidate multiple card balances and you could save on interest
payments. If you owe money on other higher interest rate store
cards, charge cards or credit cards, transferring the amount of your
balance to your credit card account could save you money.
How much can I balance transfer?
Obviously it depends on the credit card provider You can normally
request a minimum of £100 balance transfer and up to your available
credit limit for a transfer from any UK credit cards or charge
cards
Do all Card Providers allow Balance Transfers ?
Most credit card providers now allow balance transfers, some such as
Morgan Stanley, Egg Card for example give you a limited 0% Apr on
your transfers. This is an incentive for new card holders. Below we
have provided you with a list of credit card providers, who offer
good rates for balance transfers.
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