How long does a balance transfer take?
A balance transfer is where a customer makes a request to transfer the outstanding debt on an existing credit card to a new credit card. Often the new credit card will offer a 0% introductory deal on balance transfers which can give the customer an opportunity to save money by paying less interest during this introductory offer period.
The length of time that a balance transfer takes to clear is now largely dependant on who the two credit card companies involved are.
Some UK credit card companies do tend to be slightly quicker than others in their balance transfer processing time.
Many customers now apply to make a balance transfer when they apply for a new 0% credit card online.
As a result, the credit card companies
have now adapted their computer systems to allow new credit card accounts to be set-up more quickly than in the past and also to process balance transfer requests online.
How Long Does Balance Transfer Take?
So how long does a balance transfer take on average? In previous years balance transfers could take anything up to 2 to 3 weeks, but faster electronic payments regulations were introduced by law in early 2012.
As a result, in general most 2015 UK balance transfer requests are now completed in 3 to 4 days or less. Details of some of the most popular credit cards and the length of time that they say to allow, to complete a balance transfer to them, are detailed below :-
How long does a balance transfer take to Tesco - 3 working days