How much can I transfer?

Generally speaking the amount that can be transferred onto a 0% balance transfer credit card will be determined by the offer terms and by the credit limit granted by the new provider.

0% balance transfer credit cards usually allow transfers to be made up to 90 - 95% of the available credit limit.

This is often to allow transfer fees to be added to the account without exceeding the credit limit.

However, some 0% balance transfer offers actually stipulate a maximum transfer amount unrelated to the credit limit.

Where applicable, this is usually stated to be around £3,000 or £5,000 - or 90 - 95% of the credit limit - whichever is less.

0% balance transfer credit cards

0% balance transfer credit cards are a popular choice for those with a good credit history to move outstanding balances to promotional rates to help pay them back at a lower cost.

Used well, they can offer considerable savings in interest and help cardholders pay back debts quicker.

Competition in the market is strong and these deals have rapidly increased in length from their inception, with the market leading deals now lasting up to almost 2 years.

More recently competition seems to of started to reach a ceiling on the offer length and transfer fees are now starting to come down instead.

See the current offers on our 0% balance transfer credit cards page or find out more general information in the accompanying guide to balance transfers and how they work.

Limits on the total transfer amount

The obvious limitation to how much you can transfer will be the credit limit offered by the new provider.

How much is granted will largely depend on how much the credit card provider feels comfortable lending - and will often take into account income as well as any existing borrowing commitments and available credit elsewhere.

If the credit limit is not enough, the general rule is often to make use of what's been made available - as it could still help to reduce interest costs.

Some deals will also have set limits away from the total amount you could borrow on the card, commonly £3,000 or £5,000 - so it's important to check the offer details meet your requirements.

Additionally, you can't move balances from credit cards issued by the same banking group - this isn't always obvious as so many banking brands fall under group umbrellas - so it's another point worth looking into.

The easiest way around this is simply to choose a card from another lender, however another option - which is perhaps more useful in terms of repaying overdrafts and small loans - is to use a super balance transfer credit card, which allow you to move money to a current account at 0% - where it can then be used as you need it.

Transferring balances from multiple accounts

0% balance transfer credit cards can be used to clear up debts running over multiple card accounts.

However, even though you can move debts from as many cards as you wish - you'll still be limited by the new card's limit (and/or the offer terms), and so you'll be able to transfer an accumulated amount up to the limit.

As transfer fees are set as percentages of the amount being moved (rather than a flat rate per transfer) - transferring balances from multiple accounts won't work out any more expensive than if the debt was being moved from just one account either.

Alternative offers for larger balances

People with larger outstanding credit card debts may want to consider life of balance transfer credit cards - which offer a low rate until the balance is repaid in full, offering cardholders a longer term solution for reducing interest charges.

The total amount you could transfer to a different type of deal is unlikely to vary hugely away from the differences in lenders, but they may offer a more stable solution to keeping interest rates low while larger debts are being repaid.

How the balance is actually moved

Transferring an existing credit card balance onto a 0% promotional rate is a fairly straightforward process that the new credit card issuer will manage.

It's basically a case of providing existing card account details to the new provider, who'll then pay those debts and add the balance owing to the new account.

One important point to be aware of is balance transfer window periods - 0% promotional offers often have terms in which balances must be transferred during the first 30 to 90 days of account opening in order to quality for the 0% rate.

Keeping to the terms of the offer

It's useful to budget monthly repayments to ensure balances are repaid before the end of the 0% period.

Additionally though, as a promotional offer - 0% balance transfer credit cards require at least the minimum amount to be paid back each month and the credit limit to be adhered to - or the 0% rate can be withdrawn.

Setting up a direct debit to pay at least the minimum is a good way to ensure payments are never late or forgotten.

Any remaining balance will revert to the standard interest rate once the 0% promotional period has ended, as this can often be high it's worth trying to avoid - and as much as of course the aim is to get debt free quicker.

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