High credit limit balance transfer credit cards

Many providers don’t state a minimum or maximum credit limit and stipulate it is “subject to status”. However, you’ll find most credit builder or platinum credit cards will set minimum and maximum credit limits.

Why does the credit limit matter on a balance transfer credit card?

Credit card providers use your credit limit to determine how much debt you can transfer to a new card. Most card providers will let you transfer up to 90% or 95% of your credit limit. They do this to leave room for balance transfer fees and potential interest.

For example, if you had £2,000 worth of credit card debt and got a balance transfer card with a £2,000 credit limit, you won’t be able to transfer all of the balance to the new card. A balance transfer card with a higher credit limit of £3,000, on the other hand, is more likely to allow you to move the whole £2,000 debt across. So the higher your credit limit, the more likely you are to meet these requirements and get your balance transfer approved.

How to compare balance transfer cards

While it can be difficult to compare balance transfer credit limits, consider the following factors when comparing balance transfer credit cards to make sure you get the right option for your needs.

• Promotional period. The market is inundated with balance transfer cards which offer 0% interest for an introductory period, which could range from 12 to 30 months, or even longer. If you have a large debt, you might want to consider applying for a longer term 0% offer.
• Balance transfer fees. Most balance transfer cards charge a one-off processing fee of 1%–3% of the total debt you move to the new card. Make sure you factor this cost in before you apply so that you know exactly how much you will pay for the card you choose. There are some balance transfer cards which don’t charge a fee, although you may find the promotional period is shorter than the ones that do charge a fee.
• Standard interest rate. At the end of the introductory period, the balance transfer interest rate will revert to a higher standard rate so work out if you can pay off your debt within the promotional period.
• Other interest rates. While there may be an interest-free period on balance transfers, the same may not apply on other transactions, such as purchases or cash advances.
• Complimentary extras or rewards. A few balance transfer credit cards offer rewards or other perks. Complimentary benefits can add value for those who plan to use the card long term, so make sure you factor them in when weighing your options.
• Other fees. Balance transfer cards can also come with a range of other charges including late payment, over limit fees and foreign transaction charges. Most balance transfer cards don’t charge an annual fee, but always check in the provider’s summary box for a full breakdown of charges.

What to watch out for with a balance transfer card

Avoid these pitfalls to get the most out of a balance transfer credit card.

• Not paying off the balance before the end of the introductory offer. Any remaining balance at the end of the introductory period will be charged the higher standard rate of interest on the balance.
• Making purchases on the new card. New purchases will attract interest at the standard purchase rate. If you’re planning on making purchases as well as transferring an existing debt, it may be worth considering a separate purchases card with a 0% offer or a “balanced” or “matched” card offering 0% on both.
• Not factoring in fees. Balance transfer fees, annual fees, cash advance fees and other charges will all add to your credit card debt. Not factoring them into your budget could make it harder to pay off the balance before the end of the introductory period.
• Minimum payments. Credit cards have minimum payments and you’ll need to meet this requirement each month to keep the account in good standing. Even with a high credit limit 0% balance transfer credit card, minimum payments may not be enough to pay off the total debt before the end of the introductory period, so aim to pay more than this amount each month to avoid higher interest charges.
• Declined applications. Some balance transfer cards have higher application requirements such as good-to-excellent credit history and high minimum incomes. Make sure you meet the eligibility conditions to lessen the chances of your application being declined and your credit score being affected.
• Cancelling cards. Once the balance transfer is complete, you’ll be responsible for managing or cancelling any of the old cards.

How to apply for a balance transfer credit card

Follow these steps to apply for a high balance transfer credit limit credit card today.

1. Compare cards. Compare balance transfer credit cards to find one that suits your needs.
2. Use the eligibility checker. If the card issuer has an eligibility checker on its website, use one before making a formal application. These can tell you your likelihood of being approved for a certain card, as well as your likely credit limit and interest rate. Unlike applications, using an eligibility checker does not affect your credit score.
3. Fill out the application. You’ll be asked to provide a range of details including your full name, residential address, email address, employment history, income and bank details.
4. Provide details for the balance transfer. During your application you’ll be asked to provide details of any accounts that you wish to transfer balances from including the account name and number, financial institution and the total debt you wish to move to the new card.
5. Submit the application. You should get a response within a few minutes either on the website or via email.

Upon a successful application, the credit card provider will contact you to finalise the application and issue your card. After that, you should get the card within 5 to 10 working days, although it could be up to 14 days depending on the issuer.

With some cards you might need to activate it before the issuer completes the balance transfer process. This usually takes between five to seven working days, although occasionally can take longer.

What happens if your limit is too low?

You won’t find out what your credit limit is until you apply. In some instances, you may find the credit limit is lower than you wanted. However, a lower credit limit may not be as much of a hindrance as it seems. Here are some different ways you can deal with the existing debt you want to transfer being more than the maximum limit:

• Transfer what you can. Transfer as much of the balance that you can to the new card and take advantage of the introductory rate. During this time, you’ll still need to make minimum payments on your original card and the new one.
• Request a higher limit. Try to request a higher credit limit from the provider. It will require calling the issuer or visiting a local office, and there’s no guarantee that the provider will agree to it.
• Seek an alternative. When transferring only a portion of your balance or if the credit card issuer won’t raise your limit, it may be time to look for another means if you’re set on moving your debt. A personal loan could give you the maximum limit you need, but you likely won’t benefit from the type of promotion a balance transfer credit card offers.

Can you transfer multiple credit cards with a balance transfer?

Frequently asked questions

• Which banks can I balance transfer to?

  The key rule that decides whether you can transfer a balance to a bank is whether or not your existing bank belongs to the same credit provider. For example, balance transfers are not allowed between Natwest and Royal Bank of Scotland since RBS is the credit provider for both.

• Can I transfer balances from more than one card or account?

  Yes. One of the advantages of balance transfers is the ability to consolidate multiple accounts into a single account. While there may be limits on the amount you transfer or requirements that prevent you from transferring balances between the same credit issuer, transferring debt from a store credit card and a military credit card shouldn’t prevent you from getting approved.

Written by

Chris Lilly

Head of publishing

Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

Chris's expertise

Chris has written 612 Finder guides across topics including:

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