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