If you’ve got a credit card with a high interest rate, moving the balance to another card can be a smart way to save money. It’s called a balance transfer – and it usually means you’ll pay less interest (sometimes even 0% for a set period). But what if you don’t want to switch banks or lenders? Can you do a balance transfer with the same bank? Let’s break it down.
In most cases, the answer is no. Credit card providers don’t usually let you transfer debt from one of their cards to another. That’s because they wouldn’t make any extra money from the transfer – the whole idea of offering a balance transfer deal is to attract new customers. So if you’ve got two cards with the same bank, you’ll usually need to look elsewhere for a balance transfer deal.
Just because you can’t move your balance within the same bank, it doesn’t mean you’re stuck.
You could:
Look for a balance transfer card with another lender – Use ClearScore to check your credit card offers and see which balance transfer deals you’re eligible for.
Think about your credit score – The better your credit score, the more chance you have of being accepted for the top deals.
Consider a money transfer card – These let you move money directly into your bank account, which you could then use to pay off your existing card.
Before you move your balance, keep in mind:
Fees – Most balance transfers charge a fee (for example, 2–3% of the amount you move).
Promotional periods – Low or 0% interest rates usually last for a limited time, so check when the standard rate kicks in.
Eligibility – Your chances of being accepted depend on your credit score and history.
You can use ClearScore to see your eligibility before you apply – that way, you’ll avoid knocking points off your score by applying for cards you’re unlikely to get.
So, can you do a balance transfer with the same bank? Usually not. But you’ve got plenty of other options – and ClearScore can help you find the best one for your situation. By checking your offers, keeping an eye on your credit score, and knowing the small print, you’ll be in the best position to cut costs and get on top of your debt.