How to Do a Credit Card Balance Transfer

Transferring your existing credit card balance to another credit card is an easy process. You can initiate it over the phone or online, and it usually takes two days to six weeks to complete. Be sure to read your card’s details, including balance transfer fees, transfer limits and timing of transfers since these policies differ per card issuer.

If you're in the market for a balance transfer card, opt for one that offers a low or zero percent introductory APR, provides an extended introductory duration and has eligibility criteria that align with your credit rating to maximize the advantages of transferring your balance.

If you’re still looking for a balance transfer card, choose one that offers a 0% intro APR, a lengthy introductory period, a low standard APR and low balance transfer fees. A longer intro period can give you more time to pay off the balance without interest, and lower fees can make it cheaper to move your balance from one card to another.

Note that you generally need good-to-excellent credit to qualify for the best balance transfer cards. However, your relationship with your card issuers can also boost your chances.

Once you’ve been approved for a balance transfer card, you’ll receive your new card along with the Card Agreement. This document lays out the terms of the card and the transfer offer. Read the terms carefully, especially when it comes to the following:

Balance Transfer Fees Most card issuers impose balance transfer fees, commonly between 3% and 5% of the total amount transferred. Be sure to include this when calculating how much you can transfer to your new card. Your credit card issuer will consider balance transfer fees as part of your total transferred balance.

Balance Transfer Limit Your card agreement should provide you with a credit limit. Although some card issuers limit the amount you can transfer, most let you utilize your total credit limit.

For example, when you transfer a balance to a Citi card, the maximum amount you can transfer plus the balance transfer fees should be less than your credit limit or a specified limit. Meanwhile, Chase cards limit the amount you can transfer (including balance transfer fees) to your credit limit or $15,000, whichever is lower.

Time Limit to Transfer There's usually a specific time frame within which you need to complete the transfer to take advantage of the introductory offer. Different card issuers have different policies. For example, American Express, Bank of America and US Bank give you a 60-day window to transfer the balance to enjoy the 0% intro period. Wells Fargo gives you 120 days to make the transfer to be eligible for the balance transfer offer.

Promotional Interest Rates Typically, the introductory period ranges from six to 18 months. Ensure you have a plan to settle your balance before the promotional period concludes. If you cannot pay off your balance during the low-interest period, it may be worthwhile to reassess whether a balance transfer is the right strategy for you.

You can initiate the balance transfer by providing your old account information to your balance transfer card issuer. Remember that the approval might take some time, and different cards have different time frames. Transferring a balance can take anywhere from two days to six weeks per the card issuer's terms. To avoid penalties and fees, continue making regular payments on your existing card.

Once your balance has been transferred, you should continue making regular and timely payments. Consistent payments can help you avoid late fees and potential credit score dips. Some cards have penalties if you fail to pay the minimum payments by the due date. Your card may charge a penalty fee or revoke the 0% introductory offer.

Additionally, paying regularly can contribute positively to your credit history, leading to potential long-term benefits for your credit score. Creating a payment schedule or setting up automatic payments can be helpful strategies for staying on track.

The process of transferring balances is similar across cards, but there are nuanced differences you need to consider to ensure a smooth process.

A balance transfer to an American Express card usually takes five to seven business days to complete. During this period, continue making payments to your old card to avoid any penalties.

Note that American Express limits your balance transfers — you can only do two balance transfers per card and transfer up to four accounts under your name for each balance transfer. Amex also limits the amount you can transfer to up to your credit limit or $7,500, whichever is lower.

You can complete a balance transfer with Bank of America online. It usually takes two to four days, but it may take up to 14 days if you have a new account.

When requesting a balance transfer, note that you can only submit three balance transfers per online session. Be sure to transfer within 60 days of opening the account to enjoy the 0% introductory APR period.

Capital One makes it easy to transfer balances to its cards; the process typically takes three to 15 business days and is done online. Unlike most issuers, Capital One lets you transfer auto, personal and student loans in addition to credit card debt.

Once you get your Chase balance transfer card, you can initiate a balance transfer online or over the phone. While Chase completes most balance transfers in one week, they can sometimes take up to 21 days. Chase only allows balance transfers up to your approved credit limit or $15,000, whichever is lower. The limit includes the balance transfer fee, so consider this when making your request.

Pay the least amount due by the due date. If you miss a required minimum payment by 60 days, Chase will end your introductory APR and charge you the Penalty APR instead.

A balance transfer with Citi can be completed over the phone or online. To be eligible for the introductory balance transfer offer, you must request the transfer within four months of opening your account.

Balance transfers usually take two to 21 days to complete. To avoid any penalties, continue making payments to your old card until the transfer is reflected on your Citi card and your old card reads $0.

While most cards allow you to transfer up to your current credit limit, Citi limits the amount you can transfer to less than your credit limit or up to a specified amount. Be sure to call its customer hotline to verify your transfer limit.

You can transfer a balance to a Discover card by requesting it online or over the phone. The process usually takes four days, but if you’re a new holder, you have to wait 14 days after opening your account before you can ask for a balance transfer.

To qualify for the balance transfer offer, you must initiate the transfer within the indicated period indicated in your Card’s terms and conditions.

Balance transfers with US Bank credit cards can take up to 14 days to complete. During that time, keep up with payments on your current balances to avoid any penalties or unnecessary fees.

To be eligible for the balance transfer offers, you must submit your request within 60 days of opening your account. You can only transfer as much as your credit limit minus any applicable fees.

You can transfer your balance to a Wells Fargo card over the phone or online up to your credit limit, less the balance transfer fee. Note that the balance transfer takes 14 days to complete. You should keep making payments on your other accounts during that time to avoid late fees.

Once you open your account, you have 120 days to transfer the balance to get this introductory rate.

Pay off your balance before the introductory period ends to maximize the benefits of your credit card balance transfer. The standard APR kicks in after the introductory period, and any remaining balance accrues interest, increasing the cost. If you still carry a balance, you have the option to pay it off or initiate another balance transfer.

Your credit card stays active after you pay off your balance. We suggest keeping your balance transfer credit card open even if you're not using it. Maintaining an open account improves your credit score by increasing your credit utilization ratio and credit history.

Many people often have questions about the specifics of balance transfers. This FAQ section will provide quick, concise answers to some of the most commonly asked questions to help you better understand how balance transfers work.