How I Saved $5,000 with an Instant Balance Transfer –You Can Too

If you are in the UK and find yourself struggling to get a credit card, you must try an instant balance transfer credit card.

In this article, we will look at the details of an instant balance transfer credit card, how it works, and why it’s a popular choice for many individuals seeking to manage their debt more effectively.

What is an instant balance transfer Credit Card?

An instant balance transfer credit card is basically a credit card that allows you to transfer existing credit card balances to a new card instantly.

The main purpose of this card is to take advantage of a lower interest rate or promotional offer, making it easier for you to pay off your debt. This can significantly reduce the interest you pay on your existing debt.

But the question is, Why are UK credit card users excited about an instant balance transfer credit card?

Well, it is all about speed and certainty. With these instant balance transfer credit cards, customers can get instant decisions on approval.

Imagine applying for a card, and within just a few minutes, you know if you have been approved or not. Really, it’s fascinating No?

This means you can quickly find out if you will be able to move your balance or not. It is a fast, straightforward way to take control of your finances.

How instant balance transfer Credit Card Work?

To use a balance transfer card, apply for one with a lower interest rate or a 0% introductory rate on the new card.

Once your card is approved, you can transfer your existing credit card balances to this new card. This can be a wise financial move as it can save you money when paying a high interest rate.

Benefits of Using an Balance Transfer Credit Card

Here are some of the key benefits of an instant balance transfer card. You can save a lot if you take action at the right time:-

Interest Savings

By moving high-interest debt to a card offering 0% introductory APR, you can significantly reduce interest costs during the promotional period.

Consolidation

Combining balances from multiple credit cards onto one card streamlines your payments and makes managing them more straightforward.

Debt Management

An instant balance transfer card helps you manage debt better by offering a clear and structured repayment plan.

Financial Breathing Room

The interest-free period provides you with time to pay off your debt without accruing additional interest charges.

Credit Score Boost

Using the card responsibly can improve your credit score by lowering your credit utilization ratio.

Some of the popular featured 0% cards are suitable for customers looking for balance transfer credit cards and an instant decision:-

HSBC balance Transfer

Features of HSBC Purchase Plus

Some of the features of HSBC Purchase Plus Credit Card:-

• 0% interest on balance transfers for up to 17 months (if made within the first 60 days)
• 3.49% balance transfer fee (minimum £5)
• 0% interest on purchases for up to 20 months from account opening
• After the promotional period, standard variable rates apply for balance transfers and purchases
• Worldwide offers and discounts with HSBC Home&Away
• No annual fee
• Online card management

Eligibility Criteria of HSBC Purchase Puls

Check the below eligibility criteria of the credit card:-

• Annual income or pension before tax of £6,800 or more
• UK resident
• Aged 18 or over
• Do not hold an HSBC Basic bank account

M&S Transfer Plus

Features of M&S Transfer Plus

• 0% interest on balance transfers for up to 26 months (if made within 90 days of account opening)
• 3.49% balance transfer fee (minimum £5)
• 0% interest on purchases for 3 months from account opening
• Collect M&S points every time you shop anywhere in the world with your card
• Earn one point for every £1 spent in M&S and one point for every £5 spent elsewhere
• Manage your account online
• No annual fee

Eligibility Criteria of M&S Transfer Plus

• UK resident
• Annual income or pension of at least £6,800
• Aged 18 or over
• Have not held a credit card with M&S Bank within the previous 12 months

Read More: Zopa Credit Card Review

Balance Transfer Credit Cards Approval

When applying for a balance transfer credit card, the process can vary depending on the card provider. Here are some of the reasons for what to expect, especially when an instant decision isn’t possible:

Referral Process

If a credit card company can’t make an immediate decision online, your application is likely to be referred for further review. This involves additional manual checks by a credit analyst from the bank or credit card company.

Approval Delays

These manual checks can delay the approval process by several days. If additional information is required from the customer, this can further extend the approval timeline.

Faster Payments Regulations

Thanks to new regulations, UK balance transfers are now processed much quicker. While it used to take weeks, most transfers are now completed within days.

Availability of Instant Decision Cards

Instant decision balance transfer credit cards are offered by various UK card companies and are available on both the Visa and MasterCard networks.

Global Acceptance

Cards issued by UK banks or credit card companies, whether on the Visa or MasterCard network, are widely accepted at millions of hotels, restaurants, and retailers worldwide.

Conclusion

In the world of personal finance, balance transfer credit cards offer a valuable solution for managing high-interest credit card debt.

They provide an opportunity to save on interest payments, simplify your finances, and improve your credit score.

By taking advantage of lower interest rates, you can make significant progress in paying off your debt and improving your financial well-being.

Ella

Hello! I’m Ella Patel, a blogger based in India with a strong specialization in the finance sector. My journey into the world of finance and writing is a blend of academic achievements and professional experiences, which I am excited to share with you