Summary

A balance transfer is when you move some or all of your outstanding debt from an existing credit card to another credit card.

It means you could pay low or no interest on debt, making it a more cost effective method of borrowing.

How balance transfers work

Balance transfers allow you to enjoy low interest rates or even 0% interest for a set period.

The way it works is simple. You transfer your debt from one credit card to your preferred card, allowing you to take advantage of a lower or 0% interest rate. You cannot transfer a balance from one Co-operative Bank or smile credit card to another.

The amount you pay back each month will be up to you – though there will be a minimum payment requirement. And of course, you will need to make all of your repayments on time. It’s also a good idea to repay your balance before the interest-free period ends. Otherwise your rate is likely to rise and you’ll have to pay back more.

There are sometimes limits on the minimum and maximum amounts you can transfer – these will be stated in your terms and conditions if applicable, so you should check those before you do anything.

What happens at the end of the 0% balance transfer interest offer period

After the expiry of the 0% interest balance transfer offer period any remaining balance that you have transferred and which you have not paid off will be charged at your standard balance transfer rate, as set out in your monthly statement.

You can still transfer a balance to your credit card after any promotional period is over. It will be charged at your standard balance transfer interest rate, as set out in your monthly statement.

Any purchases which remain unpaid will also be moved to the standard balance and the standard purchase interest rate will apply. It will also apply to any future purchase transactions you make. 

Balance transfer fees

When you transfer an existing balance to another credit card, you are likely to be charged a balance transfer fee. The amount you pay will be dependent on your provider and the terms and conditions of your contract.

If a balance transfer fee is applicable to the balance transfer offer, this fee will be applied to your credit card account at the time of the balance transfer being processed. The balance transfer fee will be shown on your next statement as ‘Balance transfer fee’ and your monthly minimum payment is likely to increase as a result. Depending on your minimum payment arrangement with us, you may be required to pay the whole fee within the first minimum payment due after the balance transfer has been processed.

Potential charges

As with any other type of credit card, you may be charged a penalty if you're late, miss your repayments or you exceed your credit limit. Not only could this be costly, but it could also damage your credit rating and make it harder to apply for credit in the future.

How quickly will a balance transfer be processed?

We would normally expect to process your balance transfer on the first working day after opening your account or, if you already have an account, after your request has been received by us. Payment will usually be received by the bank or card issuer that provides your other account on the next working day. There may be occasions when this is not possible.

When to stop paying other lenders

You should continue to make payments to your other lenders until your balance transfer has been processed and confirmed by them. If you choose to close your other card account you will need to contact the card provider.

Need more information on balance transfers?

If you would like more information on balance transfers see the balance transfer terms and conditions below.

Important PDF document

Balance transfer terms and conditions

How long do I have to transfer a balance to my Co-operative Bank credit card?

If you are eligible for a 0% balance transfer interest rate, the period within which you must transfer a balance to benefit from the promotional offer is set out in your credit agreement. When you make your balance transfer you must allow enough time for us to process the transaction before the expiry of the promotional period. You can make a balance transfer by calling +44(0)345 600 6000 and providing the card details and the details of the balance you wish to transfer. call charges

You can still transfer a balance to your credit card after any promotional period is over. It will be charged at your standard balance transfer interest rate, as set out in your monthly statement.

Can I transfer my balance from an existing credit card?

You can transfer a balance from another credit card or store card which you hold with other lenders at any time, provided the account is in your name and you have a sufficient credit limit . You cannot transfer a balance from another Co-operative Bank or smile credit card.

Visit our balance transfer credit card section for more information, including interest rates and fees.

How do I transfer a credit card balance?

You can transfer a credit card balance in 2 ways:

Online

  1. Log in to your online banking account.

  2. Select the card to which you want to transfer a balance.

  3. Under Account Actions, select Balance Transfer.

  4. Enter card details as prompted on-screen.

  5. Enter the amount you want to transfer as prompted on screen. (Remember to account for the balance transfer fee when doing this and please note, you can’t transfer more than 95% of your agreed credit limit).

  6. Click Next. This takes you to a confirmation screen.

  7. Check that all the details are correct, then click Confirm to do the transfer. It may take until the next working day to complete this action.

By phone:

  1. Before calling, make sure you have both sets of card details to hand.

  2. Call us on +44(0)345 600 6000 and we’ll do the balance transfer for you. Lines are open 8am to 8pm. call charges

  3. We’ll send you a letter confirming that we’ve completed the transfer.

How quickly will my balance transfer be processed?

We would normally expect to process your balance transfer on the first working day after opening your account or, if you already have an account, after your request has been received by us. Payment will usually be received by the bank or card issuer that provides your other account on the next working day. There may be occasions when this is not possible.

Once I've applied for a credit card balance transfer, should I stop paying my other lenders?

You should continue to make payments to your other lenders until your balance transfer has been processed and confirmed by them. If you choose to close your other card account you will need to contact the card provider.

What happens at the end of the 0% balance transfer interest offer period?

After the expiry of the 0% interest balance transfer offer period any remaining balance that you have transferred and which you have not paid off will be charged at your standard balance transfer rate, as set out in your monthly statement. Any balance transfers which you make following the expiry of the offer period will also be charged at your standard balance transfer rate. Any purchases which remain unpaid will also be moved to the standard balance and the standard purchase interest rate will apply. It will also apply to any future purchase transactions you make.

What is a balance transfer?

A balance transfer is when you move debt from one credit card to another, typically in order to pay it off at a lower interest rate.
When you do a balance transfer, you effectively use one credit card to fully or partially pay off the other.
We may charge you a fee for doing a balance transfer.

For further information, please see our Balance Transfer Credit Card page.

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