11.3 How to balance transfer to a credit card

If at any point you decide you want to move a balance from one credit card to another card, you will first need to find the card you wish to transfer to. Some cards come with introductory offers for balance transfers as a means of attracting new customers. This comes in the form of an interest free period on the balance you transfer for a set number of months or until a set date.

To apply to transfer existing credit card balances to a new card you need to fill in the standard application form for the credit card that you want to balance transfer to (see section 4.1 ‘What does a credit card application look like?’).

Towards the end of the application form you will find a section labelled ‘transfer your card balances’ which will likely include a grid with spaces for you to enter information about the card balances you want to transfer to the current card you are applying for.

To transfer balances from other cards you simply have to enter the following details for EACH card you wish to transfer a balance from:

• Name of credit card company
• The type of credit card
• Your credit card account number (found on your credit card bill)
• The amount you want to transfer in whole pounds (pence will not be transferred)

The grid will usually contain enough rows for details relating to four or five other credit cards. However, it is important that you put the credit card balances in order of importance in case the amount across all the cards you want to transfer exceeds the credit limit the new card provider is willing to give you. This way the new card provider will make the balance transfers that are most important to you.

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