How To Transfer A Balance

The process of transferring an outstanding balance from one credit card to another is usually a very simple process.

Most balance transfers occur during or shortly after you apply and are accepted for a new credit card, although occasionally your existing credit card company may try to tempt you to move a balance from another credit card to them with a special balance transfer offer.

When you apply online for a new credit card offering an introductory rate on balance transfers, part of the application process will ask you if you would like to transfer a balance from another card. You will be asked to enter the name of the card i.e. Barclaycard, the credit card number of the card you are transferring from (make sure you enter the correct 16 digit number) and the amount of the balance you wish to transfer.

Once you have been accepted for your new credit card then the balance is usually transferred from your old credit card to the new one within 10 working days. Always check that the balance has been moved before stopping any payments that may be due to your old credit card company.

If you did not enter the details for any transfer as part of the online application process then you usually have to phone the customer services number of your new credit card to arrange the transfer, but remember that the introductory rate on transfers may only apply to balance transfers made within say 30 days of account opening, so do not leave it too long.