Balance transfer credit cards
Transferring existing credit card and store card balances you hold elsewhere could simplify your outgoings and make things easier to manage.
Not sure how balance transfers work?
- With a balance transfer credit card, you could combine your existing card balances, so they’ll all be in one place and you’ll just have one monthly repayment to think about.
- A balance transfer card might come in useful if you’re looking to move credit card and selected store card balances you’ve already got.
- Balance transfer cards sometimes come with an introductory rate, so when you move balances from one card to another, you’ll pay that rate until it ends.
- Transfer fees may apply.
Read our balance transfer guide or watch our video if you’d like things explained in more detail
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Helping you understand balance transfers.
If you move the balances from your existing credit cards to another credit card with a different provider, you could have just one monthly payment to manage.
And if you’re currently paying quite high interest, moving your balance to a credit card with a lower interest rate could reduce your borrowing costs or give you more time to pay things off.
With a balance transfer, the minimum you can transfer to us is £100.
While the most you can transfer is 93% of your credit limit … leaving some room for any pending transactions, interest or fees.
There are two main costs of a balance transfer:
Your transfer fee … which is a percentage of the amount you’re transferring … added on to your balance when you make the transfer.
And interest
… based on your balance transfer interest rate … which you’ll pay on your balance over time until it’s cleared.
Sometimes, you’ll find a promotional offer on a credit card with interest rates as low as 0% for a set period of time.
But once that offer ends, any remaining balance or new transfers will be charged at your standard balance transfer interest rate.
At MBNA, we’ll always tell you your balance transfer fee, and interest rate, up front.
To recap, a balance transfer could help you:
manage all your borrowing in one place
reduce borrowing costs with a lower interest rate
and give you longer to repay what you owe.
So, consider your options and make sure it’s the right choice for you.
MBNA – choices made simple.
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How long do they take?
Balance transfers normally hit your account the next working day after they’ve been approved.
How much can you transfer?
The minimum amount is £100 and there’s no limit to how many you can make. Just make sure you stay within the credit limit you’ll be given when approved for your new credit card. You’ll also need to take any balance transfer fees and other transactions into account.
What happens after the introductory rate ends?
Your interest will go to the standard rate for your credit card. This might be higher, unless you clear your balance in full before the introductory rate ends. If you pay late or miss a payment, you may have to pay fees, lose any promotional offers you have, and it could damage your credit score.
What to look out for
- The interest rate and any fees charged to your account. This is known as the Annual Percentage Rate (APR) and is useful for comparing the overall costs of credit cards.
- How long the introductory rate is for.
- Only borrow what you can afford to pay back each month.
- Make sure the credit card limit suits your needs.
- You don't have to pay any interest as long as you pay off your full main balance (not including any introductory or promotional balance or money transfers) plus any instalment plan payments, or if your minimum payment is higher, you pay at least your minimum payment, and you did the same the previous statement period.
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- Online card management - check your balance, review transactions, make payments, request transfers and lots more on your computer, phone or tablet.
- Full fraud protection - you won’t be charged for transactions you didn’t authorise, as long as you tell us if you spot anything odd, or if you lose your card.
- Choose how you pay - make repayments through your bank, using your debit card, or set up a regular Direct Debit.
- UK call centres - call us if you need to talk to us about something on your account.
- Contactless cards - make secure payments wherever you see the contactless symbol. Add your card to your phone too, to make paying even quicker.
- Paperless monthly statements - get your monthly statements delivered to your inbox instead of your letter box.
Who it's for
You can apply for this card if you:
- are a UK resident aged 18 or over
- have a regular income
- don't have a history of bad credit, such as bankruptcy
- don't have an Individual Voluntary Arrangement (IVA) or County Court Judgments (CCJs)
- haven't been declined for an MBNA credit card in the last 30 days.
Ready to see which balance transfer credit cards you’re eligible for?
To see which balance transfer credit cards you’re eligible to apply for and your estimated credit limit up front, try our eligibility checker.
It takes about 5 mins to complete and it won’t affect your credit score.
Let's take a closer look
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You can use a balance transfer credit card to move balances from most other credit cards, and some store cards too.
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You can request a balance transfer from most credit cards, and some store cards. Usually, cards that display a Mastercard®, American Express® or Visa® logo.
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To take advantage of any promotional interest rates, you may need to make qualifying transfers within a set number of days from account opening. After that, the standard account interest rate would apply to further transfers, unless a new transfer offer is provided to you. Terms may vary, so always check any offer details carefully.
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Once approved, your balance transfer will normally arrive the next working day.
To protect your credit score, continue making any necessary payments to your existing credit or store card provider. At least until your balance transfer is complete.
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Some credit card providers let you transfer balances from accounts that aren’t held in your name. Keep in mind, it’ll become your responsibility to repay that balance.
At MBNA we don’t offer this as an option. To request a balance or money transfer, the name and address on both accounts must match.
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Instead of listing every credit card we offer, we’ll only show you cards you could apply for, so you can make an informed choice about which cards will suit your needs.
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The right credit card for you depends on what you want to use it for, and on your personal circumstances.
We’d suggest reading through everything on this page and on our website, so you understand exactly which credit card is right for you. We also have a handy guide on choosing the right credit card.
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If you want to combine existing card balances, then a balance transfer credit card might be useful.
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A credit card can help you manage your finances, but it needs to be the right choice for your needs. Other borrowing options might be more suitable depending on what you need it for. -
When you use the eligibility checker, we only perform a soft search which won’t affect your credit score. This means it can’t be seen by other lenders and won’t affect applying for other products. If you go ahead and apply then we will do a full credit check. This will be noted on your credit file and may affect your credit score.
Useful information
To find out more about MBNA credit cards, and borrowing in general, read our understanding credit section.
You’ll find helpful guides on managing your credit card, transfers made easy, and in-depth information about how credit scoring works.
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Draft credit card Terms and conditions (PDF, 355KB)
We'll send you the full terms and conditions relevant to you once you’ve been accepted for the credit card.
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Responsible lending
MBNA is a responsible lender. We only want you to borrow what you can afford, in a way that’s best for you. The outcome of your credit card application depends on our assessment of your circumstances.
You can talk to a member of our team about the choices you've made. They’ll also be able to talk to you about your options if you’re experiencing financial difficulties.
A note on fraud
You won't have to pay us for any unauthorised postal, telephone or internet transactions made by someone other than you or an additional cardholder. But you and additional cardholders must take all reasonable measures to protect your account.
You should never tell anyone your PIN. You can give suppliers your card details and won’t be liable if they misuse them. But if you’ve given someone else your card details, you’re liable for all transactions unless you’ve told us they’re not authorised.