How Much Can I Transfer?

Featured Balance Transfer Credit Card

Apply for a new Suncorp Clear Options Standard card and start living a simpler and more relaxing life. With a promotional balance transfer rate of 2.9% p.a. for 12 months you can ditch your other cards. Plus the card comes with Visa Entertainment privileges which gives you access to the best entertainment experiences from concerts and cinema to sporting events and travel offers.

• $39 annual fee
• 12.24% p.a. on purchases
• 1.9% p.a. for 12 months on balance transfers
• Cash Advance Rate of 17.99%
• Enjoy generous credit limits of up to $20,000

Click here to read the Suncorp Clear Options Standard Visa Card terms and conditions

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%.

• Comparison of Top 10 Credit Card Offers

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)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0