How Much Can I Transfer?

This all depends on how high the credit limit is on your new balance transfer credit card. Having said that, remember that you will most likely be limited to transferring an amount equal to no more than 95% of the credit limit.

This allows a little breathing space so that you can make the odd purchase, if necessary, and still not exceed your limit. You should also check to see if there is any cap on how much you can transfer, regardless of your credit limit. If you are looking at a 0% offer for six months, however, most people will not be dealing with any huge amount lest it becomes impossible to clear the debt in time.

You can normally make transfers from more than one credit card, and from store cards. So long as the total amount is within your allowed limit. If your credit limit is too low to transfer the full amount you had in mind, it is normally still viable to shift as much as you are allowed – always taking into account the annual fee. $4,000 at 0% and $1,000 at 15% is still better than the whole $5,000 at 15%.

The level of your credit limit will be dictated by your own personal circumstances – mainly your income and expenditure and employment situation – and crucially by your credit rating. Balance transfer cards are not made available to people with poor credit scores, because credit card providers are wary that this might be a last-ditch attempt to clear a crippling debt. No credit card company wants to be the one that is left with an unpaid debt because the customer declares themselves bankrupt.

If you suspect that your credit rating may be an issue, you should check it out before making an application. Every credit card application, whether successful or not, is added onto your credit history. Too many failed applications can look like a desperate bid to escape financial difficulties, rather than a genuine and understandable attempt to ease interest payments for a few months.

The real key to how much you can transfer lies not with the credit limit you are allocated, but rather with some careful calculations on your part. You need to be realistic about the amount you want to transfer. You must make sure that the balance transfer rate you choose allows for a long enough period that you can fully repay your debt in time. 0% is not the only offer available. There are deals for longer than six months at a slightly higher rate of interest, or life-of-the-loan transfers at around 5% to 9%.

Related posts:

1. Is There A Limit To How Much I Can Transfer To A 0% Balance Transfer Card?
2. Can I Transfer Multiple Credit Cards Onto A Balance Transfer Credit Card?
3. The Balance Transfer Process
4. HSBC Balance Transfer
5. How Do I Request A Balance Transfer, And How Long Does It Take To Process?
6. How To Transfer Your Existing Card Balance to An Aussie MasterCard Credit Card
7. How Do 0% Balance Transfer Credit Cards Work?

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
St George Vertigo	Editor's Choice: Low Interest Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Coles Group Source MasterCard	The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points	19.74%	21.99%	0% for 6 months	$0	62
Bankwest Zero Platinum MasterCard	Editor's Choice: No Annual Fee Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers	16.99%	16.99%	1.99% for 9 months	$0	55