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Understanding balance transfers

Understanding balance transfers

What is a balance transfer?

A balance transfer is where part or all of a debit balance (or debt) you owe to another lender is transferred from one card to another, usually to save money on interest repayments.

A balance transfer credit card can be a good way to slow down and take stock of your debt. With everything in one place it’s easier to keep track of your balance and payments.

By transferring high interest balances to a credit card which features a promotional offer or lower rate, you could save on interest repayments. Although remember that handling fees might apply to any transfers you make.

Transferring other more expensive debts to this card and paying only the minimum amount due each month may lower your overall monthly debt repayments, but it may take you longer and cost you more to repay what you owe. Other lenders may charge a fee for settling a loan early.

Please note you cannot transfer balances between MBNA accounts.

MBNA Balance Transfers

Video Transcript


Other great benefits

You don’t need to do anything if you made any transfers at the application stage. We’ll take care of them for you, and you’ll see the balance plus your transfer fees in the account summary section on your first statement.

For existing customers, approved transfers will reach your credit card account the next business day, unless you make your request after 4pm, or on a weekend/bank holiday, when it’ll take an extra business day. That’s so long as your request passes our normal security checks and there aren’t delays at your existing credit provider.

You’ll need to make a minimum payment each month but we won’t charge you extra if you’d like to pay more each month to clear your balance faster.


Important to remember

  • All transfers are subject to our approval.
  • The lowest amount you can transfer is £25.00. The maximum amount you can transfer depends on your credit limit and any existing balance you may have on your account. The total transfer amount (which includes any transfer fees) plus any balances already on your account and any transfer requests already made, cannot be more than 95% of your credit limit. This is to allow for future transactions on the account.
  • You cannot transfer balances between MBNA accounts.
  • Once the transfer has been processed you cannot cancel it and any fees cannot be returned.

Promotional offers – if you’ve taken advantage of a promotional offer, but you haven’t paid off the transfer amount in full before that offer ends, interest will be payable on the remaining amount at the standard interest rate applicable at that time.

Remember to stay within your limit and to make your monthly payments on time, otherwise you’d lose the promotional offers on your account and pay the standard interest rate instead.

Promotional offers will no longer apply from the beginning of any statement period during which you have breached your terms and conditions, for example if you haven’t paid on time or have gone over your credit limit. You cannot transfer balances between MBNA accounts.


How to make a transfer

You’ll need to know how much you want to transfer, along with the details of the account you want us to transfer that amount from.

Not a customer?

You can request a transfer as part of any new credit card application. If you apply online it’s one of the options on the ‘account choices’ section. Compare MBNA balance transfer credit cards.

Existing customers

It’s easy to request a transfer using our online and mobile services, just log in or register to get started.

There’s always the phone

If you need a hand with your balance transfer, simply contact us.

Important: if you plan to pay your balance in full every month to avoid interest on card purchases, please consider whether making a transfer is right for you. Card purchases will only remain interest free if you pay the whole balance (including the amount of any transfer) in full every month, or if you have a 0% promotional rate on card purchases, otherwise interest will be payable.

You cannot transfer balances between MBNA accounts. Promotional offers will no longer apply from the beginning of any statement period during which you have breached your terms and conditions, for example if you haven’t paid on time or have gone over your credit limit.

The credit cards are issued by MBNA Limited. Registered Office: Stansfield House, Chester Business Park, Chester CH4 9QQ. Registered in England and Wales under company number 02783251. Authorised and regulated by the Financial Conduct Authority. MBNA Limited is also authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, Register Number: 204487 for the provision of payment services. Credit is available, subject to status, only to UK residents aged 18 or over.

Calls and online sessions (e.g. completing an application) may be monitored and/or recorded for quality evaluation, training purposes and to ensure compliance with laws and regulations.