What could a 0% balance transfer do for me?
If you have a Santander credit card, you may receive a 0% balance transfer offer. A balance transfer lets you move a credit card balance from another credit card provider to your Santander credit card, which could help you save money.
A 0% balance transfer could help you:
- Bring together balances from more than one credit card – giving you one monthly payment to manage.
- Save with a 0% interest rate on your balance for a fixed period. This could help you reduce the cost of your borrowing if you’re currently paying a higher rate elsewhere.
Before making a balance transfer, consider all your borrowing options and make sure it’s the right choice for you.
After an introductory offer ends, we’ll start charging the standard interest rate for your card on any remaining balance. We may also make additional balance transfer offers available to you, depending on your account.
We’ll let you know when you have a balance transfer offer by email or through messages in Mobile or Online Banking. You can also contact us by phone or chat to find out.
How to make a balance transfer with us
To make a balance transfer, you’ll need to make sure your card is activated
Don't forget to review your Direct Debit
If you use a Direct Debit to pay your balance in full each month, don’t forget to change it in Online Banking. This will stop the transferred balance being paid off in the first month. You can find out more about how to change your direct debit.
What do I need to know?
- You need to be the primary cardholder to complete your balance transfer on both your Santander credit card and the credit card you want to transfer your balance from.
- You can transfer more than one balance and make full or part balance transfers (minimum £100).
- After your introductory offer, we usually charge you a fee of 3% of the balance you’re transferring (minimum charge £5). For example, if you transfer a £1,000 balance, you will be charged £30. This means your overall balance will be £1,030. We’ll let you know what the fee is at the time of your transfer.
- Maximum transfer is 95% of your available credit limit. So, if you have a credit limit of £1,000 and request a transfer of £1,500, only £950 would be transferred.
- You can’t transfer your balance from another Santander or cahoot credit card, or from a loan or overdraft.
- You may be able to increase your credit limit so you can transfer a larger balance. Not everybody will be able to do this, but you can manage your credit limit through Mobile Banking, Online Banking or by contacting us.
- Any balance that’s left at the end of the 0% period will be charged at your standard purchase rate. This is shown on your monthly statement.
If you’ve taken advantage of a 0% balance transfer offer, using your card for purchases may not be the best option. Why?
- If you don’t have a promotional offer on purchases, we’ll charge you interest on those purchases. This will happen even if you make a repayment to pay off the purchase amount. The only way to avoid interest is if you pay off your full statement balance, including any balance transfer by your next payment due date.
- At the end of any promotional offers, your remaining balance will be charged at your standard interest rate.
- If you withdraw cash, remember, if you use your card to take out cash, you’ll be charged a 3% (minimum £3) fee. Interest will be charged on the cash you take out from the day it’s withdrawn. It’s the same fees whether you’re at home or abroad.
When you opened your credit card, it may have come with an introductory balance transfer offer. Details would have been included with the information when your credit card was sent to you. If you’re not sure what this offer is or the amount of time remaining on your balance transfer, you can check in Mobile Banking, Online Banking, by calling us, or through chat. You’ll need to make sure your card is activated to see your balance transfer rate or offer.
If you’ve recently opened a credit card and asked us to transfer a balance as part of your application, this will be processed once you’ve activated your credit card. We’ll be in touch if we can’t process your request.