A balance transfer is a way to move debt from existing credit cards or store cards to a new credit card, usually with a lower interest rate. This can make it cheaper to pay off your debt as you’ll pay less interest.
Why make a balance transfer?
You can use a balance transfer to:
- Move debt away from cards with higher interest rates
- Bring multiple credit card balances together
- Reduce the amount of interest you’re paying.
Balance transfers are not for:
- Moving debt from loans, overdrafts or mortgages
- Avoiding repayments - you’ll still need to make at least the minimum repayment each month
- Spreading the cost of new purchase.
Important
Stay within your credit limit and make your monthly payments on time to keep your promotional rates.
How do I transfer a balance to my credit card?
- You can start a balance transfer using the app, Internet Banking, or by booking an appointment to talk to us in branch or on a video call.
- You’ll just need to know where you’re moving the balance from and the amount you want to move.
What are the balance transfer fees?
Transfers made within 90 days of opening the account:
- 3.49% APR for our Platinum cards, 0% for Advanced
- 0% interest on balance transfers for the duration of your promotional period.
Transfers made after 90 days:
- 5% APR for all cards
- You’ll pay interest on your balances at the APR charged to your card, unless you’re offered another promotional period.
What you’ll need to apply:
Details
Eligibility
No debts
Start your balance transfer
In the app
It’s the quickest way to start a transfer
Log into the app, go to ‘Products’ and select ‘Balance transfer'
We just need to know where you want to move the balance from, and the amount
Or apply online
Log into Internet Banking
Go to ‘Manage your card’ and then ‘Balance transfer’
Common balance transfer questions
Your interest rate depends on your personal circumstance and any promotional period that applies to your account. You can see this rate at the start of your balance transfer application and your monthly statement.
Where applicable, interest is charged from the day it reaches your account. If you don’t pay off your balance transfer amount by the end of your promotional period, interest will be charged on the remaining balance.
We charge a Balance Transfer Fee for every transfer you make.
| Balance Transfer Fee | |
|---|---|
| Platinum Purchase Card (first 90 days) | 3.49% |
| Platinum Balance Transfer Card (first 90 days) | 3.49% |
| Advanced Card (first 90 days) | 0% |
| All cards after 90 days | 5% |
Once you’ve applied for a balance transfer and it’s been approved, the balance should land in your account the next working day.
If you aren’t paying off the full amount, we’ll use your payment to pay off any balance with the highest interest rate first and work down to the lowest interest rate. If you have more than one balance transfer at the same interest rate, we’ll use your payment to pay off the one that was applied to your account first.
Yes. If you’re still within your promotional 0% purchase offer, you’ll have no interest charged for the duration of this period. When your promotional period ends, if you don’t repay the full balance each month, you’ll pay interest at your standard interest rate.
You’ll always be charged interest on any cash withdrawals you make from the date of the transaction, even if you repay the full balance on time.
Important Information
* The representative APR is the Annual Percentage Rate of charge. You can use it to compare the overall cost of credit between different lenders.
**Balance transfers: minimum £100 up to maximum 95% of credit limit from UK cards only (excluding TSB credit cards).
***Purchases exclude cash advances, gambling transactions and payment protection premiums.
The issue of a credit card is subject to status and depends on our assessment of your circumstances. You must be 18 or over and a UK resident to apply.
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