Can you transfer credit card balance to another credit card

Is a balance transfer right for me?

When you make a balance transfer, the request can reach the other card company as quickly as the next working day. There might be a fee for each transfer, but it means you can manage your credit all on one card, which could save you money on interest – and makes it much easier to keep track of your finances.

Índice Show

Is a balance transfer right for me?
What is a balance transfer?
What is a money transfer?
How to transfer a balance
How much it costs
Things to watch out for
How can I transfer money from my credit card to another credit card?
Can you transfer balances from two credit cards to one?
Can you transfer any credit card balance to another?

Just remember that you can't transfer a balance from another Barclaycard, or a store or credit card issued by the Barclays Group. The minimum you can transfer is £100. The maximum amount can vary, depending on your individual credit limit and the existing balance on your Barclaycard.

You’ll find the amount you can transfer in ’Transfers and offers‘ in Barclaycard online servicing, and in the Barclays or Barclaycard app.

To get the most out of your balance transfer you should always pay at least the minimum payment on time, stay within your credit limit, and aim to pay off your balance before the offer runs out. If not, you could lose any promotional rates you may have and revert to the standard rate. If your card also comes with a purchase offer, be careful of new spending once your promotional purchase offer ends.

Balance transfers can help you to lower the cost of your credit card borrowing and consolidate multiple debts.

What is a balance transfer?

Transferring your balance means moving all or part of a debt from one credit card to another.

People often use them to take advantage of lower – sometimes 0% – interest rates.

Switching to a card with a lower interest rate lets you:

pay less interest on what you currently owe (but you’ll usually pay a fee)
organise your finances by consolidating multiple monthly payments into one.

What is a money transfer?

A money transfer is like a balance transfer, but instead of the money going from one credit card to another, the money from the credit card goes into your chosen current account.

This allows you to pay off an overdraft, or cover an essential or unexpected bill using a credit card, which might charge you a lower interest rate.

How to transfer a balance

When you apply for a new low or zero-interest credit card, you’re given the opportunity to transfer any other balances on other cards at that point. Or you can contact your credit card provider to arrange a transfer.

You’ll need:

the details of the card you want to transfer
the card number and the provider
the balance you want to transfer.

You might be able to do this online.

How much it costs

Credit card companies usually charge a fee for balance and money transfers. This is often around 2-4% of the amount you’re transferring, which will be added to your outstanding balance.

Make sure you check the fee and take this into account when calculating potential savings, especially if the 0% promotional period is quite short.

Things to watch out for

Interest rates — most balance transfers offer a better interest rate (often 0%) for an introductory period. When that period ends, the interest rate will go up. So it’s important that you know when it finishes. Check how well the final rate compares with other cards, and see if you can get a better deal elsewhere.
Check transfer limits — check with your credit provider what limits might exist.
Be aware that if you spend using your balance transfer credit card, the purchases you make might not be included in the 0% rate.

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How can I transfer money from my credit card to another credit card?

Contact the new credit card company to do the balance transfer. The best way to transfer a credit card balance is by contacting the new credit card company with the balance transfer request. You can typically do a balance transfer over the phone or online.

Can you transfer balances from two credit cards to one?

If you have credit card debt on multiple cards, it can be a good idea to consolidate it to one balance transfer card to save money on interest charges and manage your debt better. You can generally transfer as many balances as you want to a single 0% APR card, but you'll need to meet certain requirements.

Can you transfer any credit card balance to another?

Generally, you can log onto your account and request a balance transfer through the issuer's online portal. Be prepared to provide information about the debt you're looking to move, including the issuer name, the amount of debt and the account information.