How long do they take?
Once approved, balance transfers normally arrive the next working day.
How much can you transfer?
The minimum transfer amount is £100. There’s no limit to how many transfers you can make, but you must stay within the credit limit of your new credit card. You’ll also need to take into account any other transactions on the card, and transfer fees to be added.
What happens after the introductory offer finishes?
Your interest rate will go to the standard rate for your credit card. This might be a higher rate, unless you clear your balance in full before the introductory offer ends. If you don’t make your minimum payment each month and stay within your credit limit, you’ll lose your introductory rate.
Things to look out for
- The interest rate and any fees charged to your account. This is known as the Annual Percentage Rate (APR) and is useful for comparing the overall costs of credit cards.
- How long the introductory offer lasts for.
- Only borrow what you can afford to pay back each month.
- Make sure the credit card limit suits your needs.
- Try to pay back what you’ve spent in full each month, so you don’t have to pay interest on what you’ve borrowed.