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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.
Balance transfers in more detail
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.
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- 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.