Which banks can I balance transfer to? | finder.com
Which banks can I balance transfer to?

Can I transfer a balance across cards from the same issuer?

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If you’re ready for a balance transfer, you might run into a road block if you want to transfer between the same issuer.

If you get an offer in the mail for a balance transfer credit card, you may be ready to jump on it. You might be surprised to learn that most credit cards won’t allow you to make transfer between the same credit card company. For example, if you get an offer from American Express, it’s likely you won’t be able to transfer your debt from your Delta Skye Miles® or Blue Cash Everyday® Card from American Express because they’re all credit cards issued by Amex.

So if you’re considering a balance transfer from other credit cards, find out the issuer and what debt the credit card is willing to take on.

Can I transfer debt with the same issuer?

Transferring debt between the same issuer is typically not allowed. Most credit card companies has restriction on transferring balances on other credit cards or other loans from the same issuer. For example, if you have debt on a Saks Fifth Avenue store card, Sony and Kohl’s that you’d like to consolidate onto a Capital One card, your application will likely be denied because they’re all affiliates Capital One.

Check with the issuer before you apply for your balance transfer card to learn if you can transfer balances with certain providers. Though there are sometime exceptions. For example, Barclays will consider a transfer between some of its issued cards at its discretion.

What’s the difference between a credit card issuer and a credit card brand?

To understand this more clearly, let’s distinguish between a credit card issuer and credit card brand. While credit cards are often branded by banks, stores or even supermarkets — like Lowe’s, Amazon and Costco — these cards are actually issued by larger financial institutions like Visa.

Changes between credit card brands and issuers

Some credit card brands may change card issuers from time to time. So, check your current card issuer when you’re about to request a balance transfer. In some cases, a different issuer may be affiliated with your account, which could affect your ability to balance transfer your debt to other associated credit card brands.

Why are balance transfers not allowed between cards by the same issuer?

When credit cards send you a balance transfer offer in the mail, they’re looking for new customers. Balance transfers let you shift debt from one creditor to another, with a benefit of lower rates. It’s not likely they’ll let you to transfer other debt with them — debt they’re profiting from — to get a lower rate.

Compare balance transfer credit cards

Name Product Annual Fee Credit Score Min. Intro Balance Transfer APR Reward Value per Dollar Secured or Unsecured Introductory Balance Transfer APR APR (Annual Percentage Rate) for Purchases Annual Fee Minimum Credit Score
680
0%
1
Unsecured
0% for the first 15 months (then 14.99% to 25.99% variable)
14.99% to 25.99% variable
$0
Fair (660-699)
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & Fees
680
0%
1.5
Unsecured
0% for the first 15 months (then 14.99% to 25.99% variable)
14.99% to 25.99% variable
$0
Fair (660-699)
Earn up to $250 back. Earn $150 back after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Plus, earn an additional $100 back after you spend an additional $6,500 in purchases within your first 12 months. You will receive the cash back in the form of a statement credit. Rates & Fees
720
0%
Unsecured
0% for the first 15 months (then to variable)
13.99% variable
$0
Good (700-739)
A low, variable APR on purchases, balance transfers and cash advances.
95
680
0%
1
Unsecured
0% for the first 12 months (then 14.99% to 25.99% variable)
14.99% to 25.99% variable
$95
Fair (660-699)
Earn $200 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & Fees
680
0%
1.5
Unsecured
0% for the first 15 months (then 14.99%, 18.99% or 24.99% variable)
14.99%, 18.99% or 24.99% variable
$0
Fair (660-699)
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees.
195
0%
1
Unsecured
0% for the first 15 billing cycles (then to variable)
16.99% variable
$195
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
495
715
0%
1
Unsecured
0% for the first 15 billing cycles (then to variable)
16.99% variable
$495
Good (700-739)
Mastercard Black Card members receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
680
0%
1
Unsecured
0% for the first 15 months (then 14.99% to 25.99% variable)
14.99% to 25.99% variable
$0
Fair (660-699)
Earn 10,000 Membership Rewards® Points after you use your new Card to make $1,000 in purchases in your first 3 months.
680
0%
Unsecured
0% for the first 15 months (then 16.74% to 25.49% variable)
16.74% to 25.49% variable
$0
Fair (660-699)
Jumpstart your financial fitness! 60 day introductory balance transfer offer, save on interest, and get your free monthly credit score.
680
0%
Unsecured
0% for the first 15 statement closing dates (then 14.99% to 24.99% variable)
14.99% to 24.99% variable
$0
Fair (660-699)
Transfer high rate balances and save on interest with an Introductory $0 balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3% (min. $10).
690
0%
1.5
Unsecured
0% for the first 15 months (then 16.74% to 25.49% variable)
16.74% to 25.49% variable
$0
Fair (660-699)
Earn unlimited 1.5% cash back on every purchase - it's automatic. No minimum to redeem for cash back.
720
0%
1
Unsecured
0% for the first 12 statement closing dates (then 15.24% to 25.24% variable)
15.24% to 25.24% variable
$0
Good (700-739)
Earn more cash back for the things you buy most.
NASA Federal Platinum Advantage Rewards Credit Card
NASA Federal Platinum Advantage Rewards Credit Card
680
17.99%
1
Unsecured
17.99% for the first 90 days (then 11.65% to 17.99% variable)
11.65% to 17.99% variable
$0
Fair (660-699)
Enjoy perks and save money while gaining points that never expire with every purchase.
620
Secured
13.25% variable
$0
Poor (Below 660)
A great way to establish or improve your credit history.
300
10.99%
1
Secured
10.99% for the first 6 months (then to variable)
24.99% variable
$0
Poor (Below 660)
2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
24
580
Secured
25.74% variable
$24
Poor (Below 660)
Build, or rebuild, your credit with each purchase.
35
350
Secured
11.65% to 21.65% variable
$35
Poor (Below 660)
Get a card that can help you build credit. Determine your own credit limit. When you apply, you'll open a two-year certificate of deposit (CD) with $250 to $5,000. The balance of your CD is your credit limit.
35
350
Secured
11.65% to 21.65% variable
$35
Poor (Below 660)
You can get travel benefits (no foreign transaction fees), retail benefits and collision damage waiver coverage on your rental car.
650
Unsecured
26.99% variable
$0
Poor (Below 660)
Enjoy no annual fee, plus access to valuable benefits.

Compare up to 4 providers

What happens if I apply for a balance transfer with the same credit card issuer?

If you accidentally apply for a balance transfer with the same provider, the impact depends on the companies involved and your financial circumstances. Some potential outcomes include:

  • Your application may be declined.
    In most cases, the reason that your application is denied usually has more to do with other factors including your credit score and history. Even if a balance transfer isn’t possible, you could still be approved for the card.
  • It could affect your credit score.
    A denied application can potentially lower your credit score. Every time you apply for a credit card, the company does a hard pull on your credit that can temporarily lower your score. So, multiple denied applications can be bad news for your credit.
  • You could get an offer for the new card without the balance transfer.
    If you have good credit, you’ll likely to be approved for the card, even without the balance transfer offer.

Bottom line

Banks and credit card issuers will generally not allow you to transfer debt balances from a card issued by the provider or its affiliates. However, you can check with the issuer before applying for a new card. Contact the bank or credit card company and explain which companies you want to transfer debt from and ask if it’s allowed.

Before applying for any balance transfer, read the terms and conditions to understand the fees, expectations and limitations. Even if a bank allows you to transfer your balances, promotional terms such as 0% interest rates may not always be available to existing cardholders.

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