Our balance transfer credit cards offer you the chance to move your credit, and store card balances to one card, while paying no interest for a set period. This allows you to:
Take advantage of an interest free period
Manage your debt effectively
At TSB, our balance transfer cards remain interest free for up to 27 months. If you’re paying interest on other credit or store cards, our balance transfer card could enable you to save money, by paying 0% interest. This could allow you to clear the balance quicker by saving money on the interest.
TSB offers two Balance Transfer Cards, which can be seen below:
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A balance transfer is when you move the debt from one or more existing credit cards to a single credit. The benefits of making a balance transfer are that typically you will be charged less interest, or will make lower monthly repayments.
A 0% balance transfer credit card allows you to move the balance from multiple existing credit cards to the new one. As the new card has no interest for a set period of time on the balance(s) transferred, this allows the card holder to pay off debt more efficiently. If you miss a payment or go over your credit limit, you may no longer be eligible for the deal rate - check the terms and conditions of the card you are applying for to see if this applies.
Balance transfer cards are ideal for people trying to pay off credit or store card debt with high interest rates. These cards allow you to transfer balances from several cards and pay them off whilst using an interest free period.
To carry out a balance transfer, you simply move the outstanding balance from one credit card onto another. The balance is then owed on the new card, typcially at a lower interest rate or with an interest free period.
It is possible to transfer money from several cards onto a 0% interest card, as long as you remain within the terms and conditions of the new card.
It will mainly depend on the total size of the debt. However much you can transfer over will depend on the new card’s credit limit and terms and conditions. You can transfer balances from as many cards as you like, however, the total amount must remain within the new card’s limit and terms and conditions.
If you have several cards, it is worth transferring those with the highest interest rates first.