Can I use my credit card the same day I transfer a balance?

Q: Can I start using my credit card the same day after a balance transfer?

Answer: Balance transfer cards are designed to allow you to transfer your expensive debt from one credit card to another.

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They’re a great idea if you’re paying extortionate interest rates to your current provider, but by their very nature people want them to work quickly. After all, why would you want to pay more than you need to, particularly if you have a large repayment coming up.

Same day balance transfer

The good news is that it is possible to get a same day balance transfer, but it depends entirely on the time you make the transfer, and who you’re making the transfer with.

Some providers allow a same day balance transfer as long as the request is received within working hours and early enough on the day (typically before 5pm).

Naturally this will depend on when your old provider processes the payment, so you will have to speak to your current provider as well.

Other providers will process your transfer by the next working day.

Be aware

Even if the balance transfer goes through the same day it’s a good idea to keep up your repayments on your old card until the balance is cleared to avoid unnecessary interest payments or late fees.

You should also make a careful note of when your balance transfer deal is likely to expire to avoid paying interest on your balance transfer card. When deals expire you will quickly revert to a high interest rate, so aim to pay off your balance to transfer again.

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