If you already hold a mortgage, credit card, savings or current account with Ulster Bank, this deal lets you transfer that debt across to Ulster Bank and benefit from a lengthy 0% interest period.
Ulster Bank Balance Transfer Credit Card review 2023
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 14 months
- Balance transfer fee
- 0%
- Account fee
- £0
Our verdict
Existing Ulster Bank customers can transfer debt from cards that aren't held with the RBS group to enjoy 14 months of 0% interest.There are longer 0% deals than this available on the market (up to 29 months, in fact), but this card offers a noticeably lower balance transfer fee.
Remember that if you haven't cleared your balance when the 14 months are up, your remaining debt will start to accrue interest at the card's standard rate. Additionally, some cardholders will be given a higher standard rate than the advertised 24.9%, depending on Ulster Bank's assessment of their creditworthiness.
If you're an existing customer, you probably already use the Ulster Bank app and will be glad to know that, yes, you can track your card using the app. In fact, you can even lock and unlock it from the app, which is ideal when the card's missing and you're not sure if it's down the back of the sofa or in the hands of a thief!
Since it's on the Mastercard network, your Ulster Bank card will be accepted in more than 40 million locations worldwide and you'll get access to Priceless Cities experiences.
Pros
- Over a year of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- No balance transfer fee
- No annual fee
Cons
- Minimum annual income requirement of £10,000
- Applicants with low credit scores are unlikely to be eligible
Details
Product Overview
| Issuer | Ulster Bank |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 14 months reverting to 24.9% |
| Balance transfer fee | 0% |
| Purchases | 0% for 3 months reverting to 24.9% |
| Purchases interest-free period | Up to 56 days |
| Money transfers | 26.9% |
| Cash advances | 26.9% |
| Minimum credit limit | £350 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges, 1/12th of annual fee plus 1% of the outstanding balance or double the amount of that month's interest and any default charges, plus any instalment plan fee(s), plus £1. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 0% |
| Money transfer fee | 3% |
| Foreign usage charge (EU) | 2.75% |
| Foreign usage charge (rest of world) | 2.75% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | Max £12 Waived until end of 2023 |
| Duplicate statement fee | £0 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Minimum income | £10,000 |
| Residency | UK residents |
| Availability | Available to new customers |
The Ulster Bank Balance Transfer Credit Card is issued on the Mastercard network so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
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How does it compare?
Ulster Bank's card
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Table: sorted by length of 0% balance transfer offer, promoted deals first
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Repayment options
You can make manual repayments through Ulster Bank's app by logging in to your online banking or over the phone (0800 046 6486). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of Max £12 Waived until end of 2023). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 14 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | Fixed amount | Fixed percentage | Full amount |
|---|---|---|---|
How to apply for the Ulster Bank Balance Transfer Credit Card
If you've compared cards and want to apply, completing the secure online application form takes about 10 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you’ll need to make the process as straightforward as possible.
Frequently asked questions
How long does it take to receive the Ulster Bank Balance Transfer Credit Card?
You'll know whether or not your application has been approved within 5 minutes of submission. As long as it's approved, Ulster Bank states your shiny new card will be with you in 5-7 working days.
If I miss a repayment, will I lose my interest free offer?
No, but there are plenty of other good reasons not to miss a credit card payment, like hurting your credit score and getting hit with a penalty fee.
How much can I transfer using Ulster Bank Balance Transfer Credit Card?
You'll be able to transfer up to 95% of your available credit limit. Credit limits are tailored to the applicant and will be based on Ulster Bank's assessment of your circumstances.
How can I request to change my credit limit on the Ulster Bank credit card?
You can do this through internet banking by selecting "Cards" from the main menu. In the "Manage your personal credit card" section select "Manage your credit card limit". Add your annual income, requested credit limit and the last 5 digits of your card. Finally, select "submit". Alternatively, you can call a customer adviser 0800 046 6486.
Finder credit card ratings
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★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.
You can read more about our scoring criteria on our credit card methodology page.
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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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