Transfer an Existing Balance Transfer to another Bank’s Balance transfer deal

HappySad

I have credit card with £7,000 balance transfer at 0% that will soon expire. I see my other bank has a credit card balance transfer offer for 18 months. 

Is it normal or ok to transfer a balance transfer balance from one credit to another banks credit card?  Do I need to do anything special or extra? Or is it standard to do this? Thanks   

CliveOfIndia

It's completely standard.  In fact, the only time you can't usually transfer balances is when the two credit cards in question are owned by the same banking group (which is the one thing you need to check).  But yes, this is the normal way of doing things.

HappySad

CliveOfIndia said:

It's completely standard.  In fact, the only time you can't usually transfer balances is when the two credit cards in question are owned by the same banking group (which is the one thing you need to check).  But yes, this is the normal way of doing things.

Thanks loads CliveOfIndia, that’s very helpful. 

I’m hoping my credit file doesn’t get a hard or soft search, as they’re offering it to me without me asking for it. 

Nasqueron

They do not do credit checks purely for a balance transfer

HappySad

Nasqueron said:

They do not do credit checks purely for a balance transfer

Excellent Nasqueron. That’s great to hear this. 

Nasqueron

Keep in mind that if you need to get a mortgage or something they will look at debt, so ensure it's managed and you have a plan to pay off if the lender asks. I only mention it as you're asking about avoiding a search

Hoenir

Nasqueron said:

Keep in mind that if you need to get a mortgage or something they will look at debt, so ensure it's managed and you have a plan to pay off if the lender asks. I only mention it as you're asking about avoiding a search

Promotional credit card balances are visible to lenders searching credit file data. Algorithm's do the crunching and compare to the lender's current criteria. 

Nasqueron

Hoenir said:

Nasqueron said:

Keep in mind that if you need to get a mortgage or something they will look at debt, so ensure it's managed and you have a plan to pay off if the lender asks. I only mention it as you're asking about avoiding a search

Promotional credit card balances are visible to lenders searching credit file data. Algorithm's do the crunching and compare to the lender's current criteria. 

Yes but that's an aside - OP mentioned not wanting a search so I was considering they might be applying for something important and some lenders may want the debt paid regardless of promo rate if they feel it affects affordability

HappySad

Nasqueron said:

They do not do credit checks purely for a balance transfer

I have a bank account however no credit card with them. 

1. Would they do a credit check if I setup a brand new credit card with an existing bank. 

2.  Then after I’ve paid off that balance transfer would my credit limit be that if the balance transfer? 

grumpy_codger

HappySad said:

CliveOfIndia said:

It's completely standard.  In fact, the only time you can't usually transfer balances is when the two credit cards in question are owned by the same banking group (which is the one thing you need to check).  But yes, this is the normal way of doing things.

I’m hoping my credit file doesn’t get a hard or soft search, as they’re offering it to me without me asking for it. 

HappySad said:

Nasqueron said:

They do not do credit checks purely for a balance transfer

I have a bank account however no credit card with them. 

1. Would they do a credit check if I setup a brand new credit card with an existing bank. 

 Most likely, they will, but this may depend on the wording of the 'offer'.

2.  Then after I’ve paid off that balance transfer would my credit limit be that if the balance transfer? 

I don't understand the question. The credit limit they give you can be lower and higher than the balance you want to transfer and normally you are allowed to transfer up to about 90% of the limit. You can transfer a part of the balance if the limit isn't high enough.
When you pay the balance off the credit limit doesn't change, but they can increase or reduce it at any time.

HappySad

grumpy_codger said:

HappySad said:

CliveOfIndia said:

It's completely standard.  In fact, the only time you can't usually transfer balances is when the two credit cards in question are owned by the same banking group (which is the one thing you need to check).  But yes, this is the normal way of doing things.

I’m hoping my credit file doesn’t get a hard or soft search, as they’re offering it to me without me asking for it. 

HappySad said:

Nasqueron said:

They do not do credit checks purely for a balance transfer

I have a bank account however no credit card with them. 

1. Would they do a credit check if I setup a brand new credit card with an existing bank. 

 Most likely, they will, but this may depend on the wording of the 'offer'.

2.  Then after I’ve paid off that balance transfer would my credit limit be that if the balance transfer? 

I don't understand the question. The credit limit they give you can be lower and higher than the balance you want to transfer and normally you are allowed to transfer up to about 90% of the limit. You can transfer a part of the balance if the limit isn't high enough.
When you pay the balance off the credit limit doesn't change, but they can increase or reduce it at any time.

grumpy_codger said:

HappySad said:

CliveOfIndia said:

It's completely standard.  In fact, the only time you can't usually transfer balances is when the two credit cards in question are owned by the same banking group (which is the one thing you need to check).  But yes, this is the normal way of doing things.

I’m hoping my credit file doesn’t get a hard or soft search, as they’re offering it to me without me asking for it. 

HappySad said:

Nasqueron said:

They do not do credit checks purely for a balance transfer

I have a bank account however no credit card with them. 

1. Would they do a credit check if I setup a brand new credit card with an existing bank. 

 Most likely, they will, but this may depend on the wording of the 'offer'.

2.  Then after I’ve paid off that balance transfer would my credit limit be that if the balance transfer? 

I don't understand the question. The credit limit they give you can be lower and higher than the balance you want to transfer and normally you are allowed to transfer up to about 90% of the limit. You can transfer a part of the balance if the limit isn't high enough.
When you pay the balance off the credit limit doesn't change, but they can increase or reduce it at any time.

Thanks for explaining and trying to understand my questions. I thought that a balance transfer amount offered would be separate from the credit you can make purchases. I thought if I transfer my balance for say £2,000 then pay it off. That card would then be left with the ability to borrow £2,000 for purchase.