Balance Transfer Credit Card
This one's for paying off other balances
0% interest on balance transfers
made within 60 days of account opening.
Pay 0% for up to 18 months
on your transfer, subject to eligibility.
2.9% balance transfer fee
£250 – £7,000
personalised credit limit.
Representative
36.9% APR
(variable)
Your APR, credit limit and promo offer may vary based on your circumstances. Balance transfers must be made within 60 days of account opening to benefit from the 0% offer.
The minimum amount you can transfer to your Vanquis card is £100. The maximum is 90% of your credit card limit. For example, if your limit is £1000, you can move up to £900. There’s a 2.9% transfer fee. So, if you transfer £900, a £26.10 fee will be added to your balance.
Am I eligible for a Vanquis Credit Card?
You can apply if you’re 18 years old or over, have a regular income and are a permanent UK resident.
You’re not eligible if you are currently bankrupt, have an active Individual Voluntary Arrangement (IVA), have a card or open application with us or we’ve declined you in the last 6 months.
To check your eligibility, you’ll need your address details for the last 3 years, your bank details, your annual income and your monthly outgoings.
How does a balance transfer card work?
The Vanquis Balance Transfer Credit Card lets you move your debt from one or more credit cards to our card with a 0% interest period.
If you don’t miss a payment, it could help you clear your debt faster and pay less interest overall.
Once the offer period ends, the interest rate will rise. If it’s affordable, try to pay off your balance before that happens.
Why use a credit card balance transfer?
Reduce interest costs
You can save money by transferring existing balances from interest-charging credit cards to a new card with our 0% interest Balance Transfer offer.
Simplify your payments
You can consolidate multiple credit card balances into our Balance Transfer Credit Card, creating one form of repayment. This can make it easier for you to manage your debt and reduce the risk of missed payments.
Credit card debt consolidation
By taking advantage of our credit card’s 0% interest period, you can focus on paying off your original balance quickly. As a result, this can help you improve your overall financial health.
Why choose a balance transfer over a money transfer?
By choosing our Balance Transfer card, you can move all your existing credit card debt to a new card with an initial 0% interest rate.
Money transfers give you cash directly, although usually at higher rates. This makes it less cost-effective for those looking to reduce their monthly payments and build their credit score quickly from the start.
Our Balance Transfer cards help to consolidate your credit card finances, with a 2.9% balance transfer fee.
What’s a balance transfer fee?
There’s usually a one-off fee when you transfer a balance – you can check this before you apply.
It’s a percentage of the total amount you’re moving and it’ll be added to your balance when you make the transfer.
For example, if you’re moving £900 with a 2.9% transfer fee, you’ll be charged an extra £26.10. That means the total you owe will be £926.10.
Why choose Vanquis?
We're the bank that's got your back.
We lend to a much wider range of customers than the high street banks.
Our eligibility checks give you confidence you’ll only be accepted for a credit card if you can afford the repayments and the APR is right for you.
All our credit cards are easy to apply for and simple to manage through our app.
We've helped over 5 million people and we're ready to help you.
Check out our Trustpilot reviews to read what our customers say. Why not join them and apply online today?
Frequently Asked Questions
Balance transfer cards – is there a catch?
With our cards, there are several potential fees to consider. These include one-off transfer fees, a limited introductory 0% APR period and higher interest rates after the promotional period ends.
Also, missed payments can lead to increased rates, so it’s important to manage your payments carefully.
Does a balance transfer affect my credit score?
It could. At first, a balance transfer may lower your score, as you’ll be using more of your available credit. And remember, applying for a new card with other providers means there’ll be a hard credit search done on you. This can temporarily impact your score as well.
What happens to my old card after a balance transfer?
After a balance transfer, your old credit card will stay active unless you choose to close it. But try to avoid closing it immediately, as this can negatively affect your credit utilisation ratio (the percentage of your available credit you’re using) and credit history length. Both these things can influence your credit score.
What happens when the 0% interest period on balance transfers ends?
When the 0% period ends, interest will start building on any remaining balance at the standard APR. Paying off the balance before the offer ends can help you stay in control of your debt and avoid interest charges.