Balance Transfer

What is a balance transfer?

A balance transfer is when you move any outstanding balance from a credit or store card to another credit card. This is 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 card. We may charge you a fee for doing a balance transfer.

How do I transfer a 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. Select Manage Account option
4. Select request Balance Transfer in the list of options
5. Enter card details as prompted on-screen
6. 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)
7. Click Continue. This takes you to a confirmation screen.
8. 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 0345 600 6000 (Lines are open 8am - 6pm Monday to Friday, 9am - 5pm Saturday and Sunday) and we’ll do the balance transfer for you
3. We’ll send you a letter confirming that we’ve completed the transfer

How much can I transfer?

When making a promotional balance transfer you must transfer a minimum of £100 and no more than an amount equal to 95% of your available credit limit (that is your credit limit minus any outstanding balance). We have the right to refuse a balance transfer or limit the amount you can transfer.

What fees will I have to pay?

A balance transfer fee may apply each time you make a balance transfer from one credit card to another. It is a one-off charge which will be added to your outstanding balance and will be a percentage of the balance moved.

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.

What happens at the end of the Offer period?

After the expiry of the Offer period any remaining balance which 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.

Where can I transfer a balance from?

You cannot transfer a balance from another Co-operative Bank credit card (including charity branded credit cards). You can transfer a balance from another other credit card or store card which you hold with other lenders provided the account is in your name.

Once I’ve applied for a 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.

How much will I pay each month?

You must continue to make the minimum payment each month, as shown on your statement. If you want to pay more than the minimum then it will reduce your balance earlier.

Will my monthly payments only go towards paying off my new balance transfer?

If you do not pay off your full statement balance each month, we will use your monthly payments to reduce those balances which are subject to a higher rate of interest, before applying the amounts to lower rate interest balances. If you have more than one promotional balance with the same interest rate, we will apply your payment to reduce the balance with the earliest expiry date first.

What happens if I miss payments?

If you miss your monthly payments, or exceed your credit limit, we will not penalise you by removing the Offer. You may, however, incur a default fee. It is important that you make your monthly payments on time as missing payments can have serious consequences.