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What is a balance transfer?
How you can use a credit card to help manage your finances.
A quick summary
- A balance transfer lets you move a balance from an existing credit or store card to another card with a different provider.
- With all of your borrowing in one place, your balances could be easier to manage. Plus, you could receive an introductory or promotional interest rate for a set period of time.
- The minimum balance you can transfer is £100, the maximum is dependent on your credit limit.
- It can be expensive to use a balance transfer card for other purposes such as everyday spending, as the standard purchase rate might be higher.
- A balance transfer is one of four ways to use a credit card, including card purchases, money transfers and cash transactions.
Balance transfer basics
A balance transfer is when you move your existing credit card balance(s) to another credit card with a different provider.
- This can help you keep all of your borrowing in one place.
- You could receive an introductory or promotional rate for a set period of time.
- Balance transfers are subject to approval. Balance transfer fees may apply.
Watch our short video for more details.
Why is a balance transfer useful?
A closer look at balance transfers
You may be charged a balance transfer fee
Your balance transfer fee is usually worked out as a percentage of the balance you’re moving across. If you make multiple balance transfers, you’ll likely be charged for each one.
You’ll also pay interest, depending on your rate
You might get an introductory interest rate for a set period of time. Or, you might pay your standard balance transfer rate. Either way, the sooner you clear your balance, the less interest you’re likely to pay.
You can’t transfer between two cards with the same provider
For example, you can’t transfer your balance from one Lloyds Bank credit card to another. There are also some store cards you can’t balance transfer from, so check with your provider beforehand.
The minimum balance you can transfer is £100
On the other hand, the maximum varies from person to person depending on your overall credit limit and credit available at the time.
New customer looking to make a balance transfer?
The first step is to find a balance transfer card that’s right for you using One Check – our easy to use eligibility checker that doesn’t affect your credit score.
Let’s look at the details
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Once approved, the transfer should arrive on the next working day.
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The lowest credit card balance you can transfer is usually £100. The maximum amount is usually up to 93% of your credit limit.
Remember, you may pay an interest rate and fee each time you complete a balance transfer.
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To complete a balance transfer with a Lloyds Bank credit card, you’ll need a few things to hand:
- All of the card details for both cards, including credit card numbers.
- Your phone, as you’ll need to complete a security check using it.
- If applying online, you’ll need Internet Banking log on details.
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At Lloyds Bank, you can make a transfer from most credit cards and some store cards (those which display the Mastercard®, American Express®, or Visa® logo), but not from other Lloyds credit cards, loan companies or bank accounts.
The easiest way to find out for certain is to check with your credit card provider.
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On the transactions pages of your PDF or paper statement there is a breakdown of your balance and the interest rates that apply.
If you have a balance transfer promotional or introductory interest rate the expiry dates will be shown here.
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