What is a balance transfer?
Credit cards
A credit card balance transfer involves transferring the balance of one card to another card. You can also use balance transfers to move balances from multiple cards onto a single card.
Many people choose to make a balance transfer in order to save money on interest repayments or consolidate their balances in one place, which can make it easier to stay up to date with their monthly payments.
What are the benefits of a balance transfer?
- Getting a lower interest rate so you can pay less interest on your existing debt
- Making it easier to manage debt by keeping everything in one place
- Giving you the opportunity to take stock and work out all your finances
What is a balance transfer fee?
You should factor in the balance transfer fee when you’re choosing a card to transfer a balance to, as it will be added to the balance of the card to which you are transferring.
How to make a balance transfer to my credit card?
1. Check your current balance and interest rate
2. Choose the card to transfer the balance to
- That the interest rate for balance transfers is lower than your current card – and will stay lower the whole time your balance will be on it. Many cards offer an introductory interest rate – such as a tempting 0% rate – that goes up after a few months.
- What the balance transfer fee is – even if the interest rate is 0%, most lenders charge a balance transfer fee of 2-5% of the balance.
- How much you’re allowed to transfer – check the minimum and maximum amount you can transfer and whether it meets your needs. With an Aqua card, you can transfer up to 90% of your available credit card limit (including the balance transfer fee).
- Check who the lender is – you probably won’t be able to transfer between two cards issued by the same lender, even, if the cards have different branding. For example, you cannot make a balance transfer from an Aqua card to any other card provided by NewDay and store cards.
3. Read the fine print and apply for the card
4. Make the balance transfer
5. Start paying off your balance
How long does a balance transfer take?
How to do a balance transfer on an Aqua card
Once you’ve activated your card, you can use Online Account Manager or the Aqua App to request a balance transfer.
Once logged in, select the Balance Transfer option and tell us how much you want to transfer, providing the details of the card you wish to transfer the balance from and we will do the rest.
How much can I transfer?


