Balance transfer - how much?

Hi we have 6k on a credit card and the 0% is ending, we were thinking of getting a 0% transfer card for 14 months (natwest) to shift the debt but wondering is there a limit on how much you can move over and how many times can you shift debt to these cards or is it just a one of move

Thanks in advance 

Dave

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  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,901
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    edited 14 November 2023 at 4:49PM
    You'll have a specified period during which you can make as many transfers as you need, subject to your credit limit (and permissible cards).
  • Nasqueron
    Nasqueron Posts: 8,358
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    Dave05 said:
    Hi we have 6k on a credit card and the 0% is ending, we were thinking of getting a 0% transfer card for 14 months (natwest) to shift the debt but wondering is there a limit on how much you can move over and how many times can you shift debt to these cards or is it just a one of move

    Thanks in advance 

    Dave
    It would depend what you get offered, if anything at all. Typical limit is 90-95% of the card limit so if you got £5k limit you would probably be able to shift £4.5k + fee. The 14 month card would be 14 months from opening, it is not rolling, so if it allowed transfers for the whole length, you could transfer in the final month and have 1 month to pay, not an extra 14

    I would suggest doing a credit check (eligibility checked on the bank site) and see whether you are likely to get it, else use whatever plan (savings for example) you had to pay it off in the event you don't get another card
  • jefaz07
    jefaz07 Posts: 530
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    Nasqueron said:
    Dave05 said:
    Hi we have 6k on a credit card and the 0% is ending, we were thinking of getting a 0% transfer card for 14 months (natwest) to shift the debt but wondering is there a limit on how much you can move over and how many times can you shift debt to these cards or is it just a one of move

    Thanks in advance 

    Dave
    It would depend what you get offered, if anything at all. Typical limit is 90-95% of the card limit so if you got £5k limit you would probably be able to shift £4.5k + fee. The 14 month card would be 14 months from opening, it is not rolling, so if it allowed transfers for the whole length, you could transfer in the final month and have 1 month to pay, not an extra 14

    I would suggest doing a credit check (eligibility checked on the bank site) and see whether you are likely to get it, else use whatever plan (savings for example) you had to pay it off in the event you don't get another card
    NatWest will tell you what limit you’ll get too. So a better indication of whether it’s suitable. 
  • DullGreyGuy
    DullGreyGuy Posts: 9,136
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    Dave05 said:
    Hi we have 6k on a credit card and the 0% is ending, we were thinking of getting a 0% transfer card for 14 months (natwest) to shift the debt but wondering is there a limit on how much you can move over and how many times can you shift debt to these cards or is it just a one of move
    Most allow you to do multiple transfers but the 14 months is from account opening not when the transfer is done and some require the promotional rate transfers to be done within a certain timeframe of account opening. 

    Transfer will be a high percentage of the total card limit, exact amount depends on the fees (they don't allow you to do a transfer that would go over the limit when the fees are applied)
  • Nasqueron
    Nasqueron Posts: 8,358
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    jefaz07 said:
    Nasqueron said:
    Dave05 said:
    Hi we have 6k on a credit card and the 0% is ending, we were thinking of getting a 0% transfer card for 14 months (natwest) to shift the debt but wondering is there a limit on how much you can move over and how many times can you shift debt to these cards or is it just a one of move

    Thanks in advance 

    Dave
    It would depend what you get offered, if anything at all. Typical limit is 90-95% of the card limit so if you got £5k limit you would probably be able to shift £4.5k + fee. The 14 month card would be 14 months from opening, it is not rolling, so if it allowed transfers for the whole length, you could transfer in the final month and have 1 month to pay, not an extra 14

    I would suggest doing a credit check (eligibility checked on the bank site) and see whether you are likely to get it, else use whatever plan (savings for example) you had to pay it off in the event you don't get another card
    NatWest will tell you what limit you’ll get too. So a better indication of whether it’s suitable. 
    NatWest give a suggestion yes, but not guaranteed until final checks - I agree it is a good feature and will help OP though
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