How does BT cards work?

I am thinking of looking for a fee free BT card to switch my 0% purchase card which is coming to an end rather than paying it off but have never done this before.

1. Do you have to transfer the whole balance left on the card? Or can you set how much to transfer from the old card if the credit limit offered on the new card is lower than the balance left on the old card.
2. Is it just a case of filling a form when you get the new card?
3. How long does the transfer take? Trying to gauge how long to wait before the end of old deal before applying for new card.
TIA.

Replies

  • mrs_Tmrs_T Forumite
    1K Posts
    Part of the Furniture 500 Posts Combo Breaker
    You can transfer part of the debt if you want and you usually specify how much and who to when you apply for the new card, so before they tell you your credit limit. From my experience it can take up to a month.
  • Westie983Westie983 Forumite, Ambassador
    5.1K Posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Ambassador
    I did this a couple of days ago, I inputted the details of the card that I wanted to pay off as part of the application.

    As I already have accounts with the bank, I was able to see my card on my online banking within hours of applying, I then decided I wanted to change my balance transfer, as I decided to pay off two cards instead of just the one.

    I was able to use the balance transfer offer button on my online banking and inputted the details again and this was confirmed and completed yesterday so within 48 hours of me applying.

    Today I get a email to say my balance transfer has failed, (this was the original one) this was because the other one had already gone through and I didn't have enough credit left to perform the balance transfer.

    So if you have applied for a BT within the application it should be processed within a few days.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySaving Expert.

    Save 12k in 2022 #18 Total (£5000) £750.00/£5000 = 15.00%
    Sealed Pot Challenge ~ 15 #24 Total (£115) £50.00/£500 = 10.00%
    Xmas 2022 £1 a Day #13 Total (£246) £25.00/£365 = 6.84%
    Virtual Sealed Pot #1 Total (£500) £300.00/£500 = 60.00%
    £2 Savers Club 2022 #8 Total (£4.00) £10.00/£300 = 3.33%
    Total £1135.00/£6665 = 17.02%
  • Westie983Westie983 Forumite, Ambassador
    5.1K Posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Ambassador
    I am thinking of looking for a fee free BT card to switch my 0% purchase card which is coming to an end rather than paying it off but have never done this before.

    1. Do you have to transfer the whole balance left on the card? Or can you set how much to transfer from the old card if the credit limit offered on the new card is lower than the balance left on the old card. Yes you can just pay off the amount that you have on your new credit card if this is less then what you currently owe
    2. Is it just a case of filling a form when you get the new card? depends if you have entered the details as part of the application otherwise you can also do the BT online or over the phone when you get the card
    3. How long does the transfer take? Trying to gauge how long to wait before the end of old deal before applying for new card. The one I have just done took two days to pat off two cards and the amount is already showing on the accounts
    TIA.

    Ive answered some of your questions for you based on my experience;
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySaving Expert.

    Save 12k in 2022 #18 Total (£5000) £750.00/£5000 = 15.00%
    Sealed Pot Challenge ~ 15 #24 Total (£115) £50.00/£500 = 10.00%
    Xmas 2022 £1 a Day #13 Total (£246) £25.00/£365 = 6.84%
    Virtual Sealed Pot #1 Total (£500) £300.00/£500 = 60.00%
    £2 Savers Club 2022 #8 Total (£4.00) £10.00/£300 = 3.33%
    Total £1135.00/£6665 = 17.02%
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