What is the limit of how much I can transfer to a 0% rate?

Related FAQ's Q. Can I transfer balances from multiple credit card accounts? A. Yes, 0% balance transfer credit cards can be used to clear up debts running over multiple card accounts. Q. How much will I have to repay each month if I use a 0% balance transfer credit card? A. 0% balance transfer credit cards require you to pay at least the minimum amount each month to retain the 0% deal and to avoid any missed payment charges. Q. Why do I have to pay a transfer fee? Can I avoid paying it? A. Balance transfer handling fees - or transfer fees for short - were introduced by credit card companies to recoup lost profits from 0% rate offers. It’s now become a real rarity to find any 0% offer without a transfer fee – and when you do, the 0% period tends to be no longer than 6-months max. Q. How long is the longest 0% balance transfer deal available? A. 0% balance transfer credit cards may no longer be the new craze of the financial world – but their popularity has yet to abate and neither has the competition between the credit card companies. Q. How can I transfer my balance? A. The process of transferring existing credit card balances on to a new 0% balance transfer credit card can be quite straightforward, and there are a number of ways in which you can do this.

How much you can transfer onto a 0% balance transfer credit card is mostly limited by the credit limit offered when you open the account.

However some offers may also limit the amount that will qualify for the 0% rate, for example up to £5,000 or up to 95% of the credit limit.

A few things to bear in mind about transferring balances include:

• You can transfer balances easily using a number of methods, such as online or by phone, and the easiest way is to get the new card provider to transfer the balances for you by providing the relevant details of your existing cards and debts.
• You can transfer balances from a number of credit cards, making it easier to manage your credit card debt and potentially saving you a fortune in interest.
• You can only transfer balances up to the credit limit that is granted on your new 0% balance transfer credit card.

Effectively transferring your balances
Anyone that has a number of credit cards with outstanding balances will know what a struggle it can be to keep up with repayments – not to mention how costly it can be to pay interest on several credit card debts.

However, over recent years many consumers have found an effective way to relieve this problem, and this is through transferring their existing credit card balances onto a 0% balance transfer credit card, thus enabling them to enjoy a period of time to repay the combined debts without being hit by interest charges.

This also has the added benefit of making it easier to manage your credit card debts, as you will only have to make one repayment each month rather than juggling several cards and debts.

Transferring your balances from your existing credit card accounts to your new 0% balance transfer credit card is very easy, and you can simply provide your new card provider with the relevant details, which will enable the new provider to repay the old balances on your other cards and transfer the debts onto your new card.

You will then start repaying the debt on your new card instead of on your old ones – and you will enjoy a specified interest free period during which you should try and clear the debt before interest charges start up again. The interest free period can vary from one provider to another.

Although you are able to transfer balances from multiple existing credit cards onto your new 0% balance transfer credit card you should bear in mind that, as with all other credit cards, there will be a credit limit set on your new card.

It is important not to exceed this limit, and therefore you will only be able to transfer balances from existing cards up to your specified credit limit. So, for instance, if your new credit limit is £2000 you can transfer combined credit cards debts of up to this amount onto your new 0% balance transfer credit card.

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