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Looking for balance transfer credit cards?

  • Transfer your existing credit card balance
  • Guaranteed credit limit
  • Check your eligibility with no impact to your credit score
Check my eligibility This won't affect your credit score

Representative example: Amount of credit £1,200. Interest rate: 34.0% pa (variable) Representative 34.0% APR (variable)

Balance transfer credit cards

A balance transfer credit card is a credit card which will simply allow you to move existing debt from one, or several other credit cards or store cards, to another card with a potentially lower APR.

APRs vary from one credit card lender to another. If the APR on your new card is lower than that on your existing card, this can be an advantage as you’ll be charged less interest on your credit card balance(s). Some balance transfer credit cards even come with the additional benefit of a 0% interest free period which you can use to pay off your debt by making a regular repayment without incurring interest charges. The period for which the card remains at 0% can also vary from one lender to another. After the 0% interest free period has finished, the card will revert to a higher APR. It's also important to note that you can't usually transfer your balance between the same providers. 

Use our eligibility checker to see if you’ll be accepted for a 118 118 Money balance transfer card, this won’t affect your credit rating.

Apply for a credit card from 118 118 Money then call us to do a balance transfer
Use our Eligibility check to find out what credit limit we'll offer you before you apply, without affecting your credit rating!
Check my eligibility This won't affect your credit score
Why choose 118 118 Money for a credit card balance transfer?

When we created the 118 118 Credit Card, we wanted to make it simple and fair for users.

Our 118 118 Credit Card - the guaranteed rate credit card - has one interest rate for purchases, cash, balance transfers and money transfers.

You get a Guaranteed Credit Limit - and you can use our eligibility check to see what credit limit we'll offer you before you apply.

Unlike other balance transfer credit card providers, who may charge a fee for your balance transfers - we don't charge any balance transfer fees!

The guaranteed rate card comes with an interest free period of up to 51 days, so long as you pay off your balance in full each month.

There are no cash withdrawal fees*, no late payment fees, no overlimit fees, no foreign transaction fees and no trailing interest fees.


Guaranteed Rate, Credit Limit and Zero Fees*

  • Credit card for balance transfers
  • No fees
  • Check your eligibility with no impact to your credit score
Check my eligibility *We do not charge any fees. However, third party vendors may have their own charges. An example of this is an ATM where a usage fee could apply.

How do balance transfer credit cards work?

Borrowing on a balance transfer card means you take the balances from existing credit cards or store cards and put them onto another card which (usually) has a lower APR or 0% interest for a period of time, meaning you pay less on your monthly repayments and less interest on the overall balance. You may have to pay a balance transfer fee although some card issuers do offer introductory 0% transfer fee balance cards.

The 118 118 Credit Card has no balance transfer fee. You will be able to make balance transfers up to the credit limit but will need to make sure you pay off any interest incurred whilst you still have the balance which you transferred, to keep you under your credit limit.

You may not always get the representative APR you see in the representative example, but when you use an eligibility checker, what a lender is willing to offer you should be clear before you go through with a full application.

Are balance transfer credit cards a good idea?

Depending on the credit limit, you may be able to consolidate several existing credit card balances into one, meaning fewer monthly repayments to juggle. The key thing with a balance transfer credit card is to make sure you work to pay off as much of the debt as possible before any special offer expires so that you don’t lose the benefit of moving your balances. Where your balance transfer credit card has a lower interest rate, this will help you pay off debt faster if you manage your credit card repayments on time every month.

What is the best balance transfer credit card?

This is largely dependent on a few different factors. Firstly, your own individual circumstances. If you have bad credit or no credit history or you may have had a CCJ in the past, all of this can influence the type of card you’re likely to be eligible for. With a bad credit history, there are specific cards which cater for this, but the representative APR can be higher.

Secondly, it also depends on what other features you may require as a cardholder which will also influence the availability. You may require a card with a 0% balance transfer, but also 0% on purchases if that’s how you intend on using your credit card. In some instances, you may decide that you don’t want to pay a balance transfer fee but don’t require anything further. It is therefore essential that you give due care and consideration to see which card best meets your individual circumstances.

How does a credit card balance transfer onto the 118 118 Credit Card work?

Transfer a balance onto the 118 118 Credit Card and you won’t be charged any extra on top of that amount. Here’s what you can expect to pay from your first statement:

3.5% of the balance shown on your statement, as well as any interest charges and/ or any over limit amount;


A minimum of £10 (or the full balance shown on your statement if less than £10).

For purchases and cash withdrawals, the 118 118 Credit Card offers up to 51 days’ interest-free if you choose to pay off your statement balance in full.

Once you take out your new 118 118 Credit Card, give us a call on 02920 548 118 to make your balance transfer.

Apply for a credit card for balance transfers

Want to apply for a credit card for balance transfers with 118 118 Money?
You can try our eligibility check first to see if you’ll be accepted before you apply without affecting your credit rating.

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Balance Transfer Credit Card FAQs

If you’re unable to get a balance transfer credit card to move existing credit card balances, then an alternative option may be an unsecured loan.

If you want to save money on your existing credit card balances and put them into one place, then a balance transfer credit card might be an option for you. A balance transfer credit card can help you lower the long term total cost of what you owe, and you may be able to consolidate more than one existing debt.

The main benefit of using a credit card for a balance transfer, is that you may be able to move balances with a higher interest APR onto one with a lower APR or even one with an interest free period. Provided you close any existing cards with accounts that you have transferred the balance from, or resist the temptation to spend again, you’ll only have one payment coming out a month versus many.

Got existing balances on one or more credit or store cards? You could move one credit card balance or consolidate several balances onto one credit card. If you have multiple credit cards and store cards with high APRs, and you’re finding it difficult to juggle all your repayments, then consolidating everything onto a balance transfer card might be a better option for you. You should also consider using a balance transfer credit card if your current card APR is higher than balance transfer credit cards on the market. It could save you money in the long term.

A balance transfer credit card is for anyone who would like to move their existing balance to another credit card. You could lower the total cost of what you owe, assuming you are moving the balance to a card with a lower APR. Balance transfer credit cards are also for borrowers with multiple existing credit cards, who may wish to consolidate all of their borrowing onto one card.

Balance transfer credit cards may not be the option for you if you find that your existing cards have a lower APR. This is because you will end up paying more in the long run. Also, if you need some help to be disciplined in paying off the debt within a certain time, then you may want to consider taking out an unsecured loan instead.

A balance transfer fee will either be a fixed fee, or a percentage of the balance transfer you are doing. At 118 118 Money, we don’t charge any balance transfer fees, just our standard interest rate.

What happens if you spend on a credit card after you have done a balance transfer, really depends on the lender’s terms and conditions. Some offer a 0% deal on purchases, as well as 0% on the balance transfer for an agreed period of time after you open your account. Other balance transfer credit card lenders will charge you interest on balances as a result of new purchases. You'll need to stay under your credit limit once your balance transfer and new purchase spending is combined.

If you're a UK resident, your credit score is one of a few things which affect whether a lender is willing to provide you with a credit card or loan. There are various credit cards with a balance transfer aimed at a range of borrowers from those who have had a financial blip in the past to those who have always been able to make their repayment on time every time.

The 118 118 Credit Card currently has an interest rate of 34.0% pa (variable). You can use our eligibility check to see whether we can offer you a 118 118 Credit Card. 

Once you have your 118 118 Credit Card, just give us a call on 02920 548 118 and we will be able to help transfer the balances from your existing credit cards or store cards onto your new 118 118 Credit Card.

If a direct debit is how you usually pay your account, you may want to update these details to pay the minimum payment or another higher amount regularly. Otherwise, the direct debit will carry on collecting the full amount which is outstanding on the account (including the balance transfer). The direct debit details would also need amending to reflect the change of card provider. However, if you are able to pay the account balance following a balance transfer, you wouldn’t need to set up the direct debit.

See our helpful FAQs for more information about the 118 118 Credit Card. Still not sure about something? Our customer service team are ready and waiting to help, 8am-7pm Monday – Saturday, and 9am – 5pm on Sundays.


Ready to apply for a card with 118 118 Money and do a balance transfer?

See if you’ll be accepted before you apply and find out what credit limit we'll offer you without affecting your credit rating!