How Long Does a Balance Transfer Take?

Balance transfers can take from two days to six weeks, depending on the card provider. This means you may have to make an extra payment on your old card to avoid any penalties or fees.

Balance transfers are made between issuers either through an electronic funds transfer or a balance transfer check. When you use a balance transfer check, it takes a bit longer because the check needs time to clear, just like when you deposit a regular check. Be sure to account for this when planning your balance transfer.

If you've opened a new card with an introductory balance transfer APR offer, you'll also need to wait for the issuer's approval before you can start a transfer. Depending on the approver, you can initiate the balance transfer immediately, or you’ll need to wait a couple of days to proceed.

The timeline varies based on the specific card issuer and on what you’re trying to balance transfer. Most credit card issuers disclose their balance transfer timelines on their websites; if not, you can call them to confirm.

For example, transferring your balance to Discover usually takes four days, provided that your account is active for at least 14 days. So, if you just got your Discover it Balance Transfer credit card, you’re looking at 18 days to complete a transfer.

There are several factors why your balance transfer is taking longer than expected:

After starting a balance transfer, regularly check both credit card accounts. When the transfer from your new card is processed on the old card's account, it will appear as a standard payment. If it fully clears the outstanding balance, your old account will show a $0 balance. Meanwhile, your new account will display the transferred amount as a credit entry.

If your balance transfer is not complete after the maximum time period indicated by your card provider, consider calling the issuer to check on its status. The representative you talk to should be able to indicate how much longer your balance transfer may take, and you might even learn what’s holding it back.

Sometimes, when you get a new credit card and want to transfer a balance onto it, your request might be put on hold. This pause is generally to check that you're not trying to transfer more debt than your new card's credit limit allows. If your transfer request is denied because it's too high, you might be able to lower the amount and reapply.

Finally, you usually can't transfer a balance between two cards from the same company. Card issuers allow balance transfers to attract new customers, not to move existing debt around. If you try to transfer a balance between two cards from the same issuer, your request will likely be denied. Always check your card's terms and conditions to understand the rules.

Here’s what else you need to do to make the most out of your balance transfer:

• Check if there's a deadline to complete the transfer to benefit from promotional rates. Factor this into your planning for future transfers.

• Ensure you've got a good plan to pay off balances, like establishing a monthly payment schedule that significantly exceeds the minimum required. Aim to clear your debt before any introductory low-interest period ends to avoid higher rates. Also, consider allocating extra funds, like tax refunds or bonuses to your payments and regularly review your budget to identify areas where you can cut expenses and redirect savings toward your debt.

• Assess any transfer fees and ensure the credit limit on the new card covers your debt, including fees.

• Continue making minimum payments on your old account to avoid penalties and regularly check both accounts. If the transfer takes longer, contact your card issuer.

• Monitor your accounts and understand your new card's terms, especially post-promotional rates and fees.

Getting to know answers to other commonly asked questions about how long balance transfers take will put you in a better position to decide if taking this path might work well for you.