Balance transfers

What is a balance transfer?

A balance transfer is when you move the balance from a credit or store card to another credit card.

Watch this short video if you want to know more.

Watch our video, for a quick summary on what a balance transfer credit card is, and how it works.

Why would I make a balance transfer?

Some customers want to keep all their credit card balances in one place. A balance transfer can let you do this. Also, a balance transfer could help you save on interest as they often come with a promotional offer.

Find out more below

How do I make a balance transfer?

If you’re eligible, you’ll find your balance transfer offers when you log in to Internet Banking. Then, just follow the simple on-screen instructions.

Make sure you have the card details of all the balances you want to transfer and you understand the terms and conditions (PDF, 773KB).

If your available credit limit isn’t sufficient to complete the transfer, you can apply for a credit limit increase online. Simply select the ‘More actions’ button on your credit card account and then the ‘Manage credit limit’ button.

What else do I need to know?

How long does a balance transfer take?

After we approve it, the transfer will normally arrive by the next working day.

Do balance transfers affect my credit score?

Balance transfer applications are subject to eligibility and security checks but these are unlikely to affect your credit score.

How much can I transfer?

The minimum balance you can transfer is £100. The maximum will need to be less than your available credit limit. This is to allow for any balance transfer fee plus any other fees or transactions. You cannot transfer a balance from other Bank of Scotland credit cards, loan companies or bank accounts.

What’s the difference between a balance transfer and a money transfer?

Balance transfers are about moving credit or store card balances to a different credit card. A money transfer lets you transfer money from your credit card to any of your own UK-based current accounts. To find out more, visit our money transfer page.

Ready to make a balance transfer?

We generally offer two types of promotional offers on balance transfers

  1. 0% interest rate for a set period of time 
    Subject to a transfer fee. No interest is charged during this period and the fee is added to your total balance.
  2. Low interest rate for a set period of time 
    This offer typically has no fee (0%). Low interest offers could provide a cheaper way to borrow for a longer period, potentially reducing the need to regularly switch offers.

Please note

  • To keep any promotional rate, you must stay within your credit limit and pay at least the minimum payment on time each month. 
  • If you only make your minimum payment each month, it will take you longer to pay back what you owe and it could cost you more in interest. 
  • Interest on purchases: Purchases will only be interest free if you pay off your entire credit card balance each month including any balance or money transfers, unless you have a promotional rate for purchases.

View your balance transfer offers

Log in to Internet Banking to see if you have a balance transfer offer waiting.

Register for Interest Banking

Your balance transfer offers
    • We do not accept balance transfers from other Bank of Scotland credit cards, loan companies or bank accounts
    • Balance Transfer applications are subject to eligibility and security checks but these will not leave a footprint on your credit file
    • Keeping promotional rates - To keep any promotional rates that go with your balance transfer, you must always stay within your credit limit, and make your payments on time each month
    • After your promotional offer ends, you will be charged the standard interest rate, which can be confirmed on your statements
    • Low interest offers charge interest daily, we add together all the daily interest amounts in each statement period and add the total to your balance on your statement date
    • Payment allocation - we use your payments to pay off the balances charged at the highest interest rate first, so your more expensive balances are paid sooner. Your payment will include any interest or charges incurred as a result of those balances
    • Other borrowing options - Before you apply for a balance transfer it's worth considering other ways to borrow, as well as any savings you may have, as these could be better options for you. Read more about other ways to borrow.

Making sure you get a fair deal

We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.

To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.

Download the statement of responsibilities (PDF 60KB)

Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.