A balance transfer lets you move debt from an existing credit card or store card to a new credit card, often with a lower or 0% promotional interest rate. This could help you reduce the amount of interest you pay and make your borrowing easier to manage. On this page, we explain how balance transfers work, when they could be useful, what fees apply, and how to transfer a balance with TSB.
How does a balance transfer work?
A balance transfer moves the amount you owe from one credit card to another. Your new credit card provider pays the amount you owe to your existing card provider. You then repay that balance on your new credit card instead.
Here's how it works:
1. Choose the balance you want to transfer.
Decide which credit card or store card balance you'd like to move.
2. Request a balance transfer.
Apply with your new credit card provider and tell them which balance you'd like to transfer.
3. Repay your new balance.
If your request is approved, your balance will move to your new credit card and you'll make your repayments there instead.
Why make a balance transfer?
You can use a balance transfer to:
- Move debt away from cards with higher interest rates
- Combine multiple credit card balances into one monthly repayment
- Potentially reduce the amount of interest you’re paying
- Make your borrowing easier to manage with one monthly payment
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 a 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?
It’s quick and easy to complete a balance transfer with TSB:
- You can start a balance transfer using the TSB 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.
Our Platinum Balance Transfer Card has a representative APR of 24.9% (variable).*
What are the balance transfer fees?
A balance transfer fee is a one-off charge based on the amount you transfer. For example, if you transfer £1,000 and the fee is 3.49%, we'll add £34.90 to your balance.
For TSB customers, the following fees apply:
Transfers made within 90 days of opening the account:
- 3.49% fee for our Platinum cards, 0% for Advanced
- 0% interest on balance transfers for the duration of your promotional period.
Transfers made after 90 days:
- You can still make a balance transfer, but the 0% interest offer won’t apply
- A 5% balance transfer fee will be charged
- You’ll pay interest at your card’s APR unless you’re offered another promotional period
What you’ll need to apply:
Details
Eligibility
No outstanding 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
A balance transfer moves your credit card balance to another credit card. A money transfer lets you move money from your credit card to your current account. You can then use the money for other expenses, but interest and fees may apply.
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.
A 0% balance transfer means you won't pay interest on the balance you transfer for a set promotional period. This can help you pay off more of what you owe, as more of your repayments go towards reducing your balance rather than paying interest.
When your promotional period ends, your standard interest rate will apply to any remaining balance. To make the most of a 0% balance transfer, try to repay as much as you can before the promotional rate expires.
Find out more in our guide to 0% interest credit cards.
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% |
You can transfer up to 95% of your available credit limit. We’ll let you know how much you can transfer before you complete your request.
For example: If your available credit limit is £3,000, you could transfer up to £2,850.
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.
See our guide to paying off your credit card for more tips.
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, you’ll pay interest at your standard interest rate if you don’t repay your full balance each month.
Some transactions aren’t covered by your 0% purchase offer and may be charged interest from the date you make them. These include cash withdrawals, buying currency and gambling transactions.
A balance transfer could be worth considering if you already have credit card debt and want to reduce the amount of interest you pay or bring multiple balances together into one monthly repayment.
Before applying, make sure you understand any balance transfer fees, how long the promotional period lasts and the standard interest rate that will apply afterwards. You'll also need to make at least the minimum monthly repayment to keep your account up to date.
If you're unsure whether a balance transfer is the right option, compare it with other borrowing options before making your decision.
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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