What is a balance transfer?
A credit card balance transfer involves moving the balance of an existing credit card to a new credit card. This balance transfer is usually done in order to save money as many credit card suppliers offer an interest-free period for balance transfers for new customers.
As competition in the UK credit card industry continues to grow, card issuers are offering longer interest-free periods for balance transfers. So there are plenty of opportunities to save money, so it's vital you shop around to ensure you find the most suitable balance transfer offer and save the most money.
How does a balance transfer work?
Apply for a new credit card and, if your application is accepted, you can transfer your existing balance by talking to your new card issuer and giving the details of your old card. Many credit card companies have an online system so that you can do the balance transfer yourself. In addition to transferring balances from credit cards, you can also transfer existing debts from store cards. |
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What will it take to pay off my credit card? |
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