Can you transfer multiple credit cards with a balance transfer?

Can I transfer balances from another person?

Depending on your provider, you may be able to. Check with your provider.

You may also be able to open a joint credit card account and transfer debt to it. Then you and the other cardholder will share legal responsibility for the debt.

Learn more about transferring debt to another’s credit card account

Can I transfer balances between cards issued by the same bank?

Unfortunately, your bank won’t allow this. That’s because it uses balance transfer promotions to attract new customers, rather than give current customers a break from interest.

How to conduct multiple balance transfers

Most balance transfer applications will provide more than one section in the application for you to fill out the details of multiple balances. If the application only has the option to list two accounts, contact the provider to confirm whether you can request an additional account to be added.

Here you’ll need to provide your account details and the amount you’re transferring from each account. You’ll also need to organize the closure of your accounts once you’ve completed the balance transfer. If you don’t close your accounts, you may have to pay additional fees (such as a maintenance or annual fee).

Depending on the card, you may also be charged a balance transfer fee (usually of 2-3% of the balance amount) when completing the transfer.

Other balance transfer tips

Remember, the clock is ticking and you have to use every day you get with a balance transfer promotional rate of interest to reduce your credit card debt.

Start repaying immediately

Because the low introductory rate lasts six to 24 months, you have a limited time to repay your balance in full. Once the promotional period ends, your remaining balance will begin collecting at a rate (usually the standard interest or cash advance rate) which can exceed 20%.

Don’t use your balance transfer card for purchases

Your purchases will be paid off before your existing debt as the purchase amounts will be collecting a higher interest rate than the promotional balance transfer rate. Interest-free periods on purchases are also not awarded when you have an outstanding balance.

Mistakes to avoid when transferring multiple balances to one card

Transferring multiple balances means you’ll need to keep track of quite a few details. That said, stay vigilant and avoid these common balance-transfer mistakes.

Forgetting about the offer deadline

With many balance transfer credit cards, you must transfer your balances within a certain period to qualify for the intro APR. For example, the Citi Simplicity® Card offers 0% APR for an impressive 12 months, but only on transfers you make within the first four months.

To make sure you get your intro APR, take a look at your provider’s card disclosure.

To see details of your balance transfer promotion, check in the “APR for Balance Transfers” section of your provider’s card disclosure.

Not keeping track of payments on your old cards after making your balance transfers

Balance transfers usually take a while to complete — often between seven and 15 days. Before that time, you must make at least the minimum payments on your old card bills.

Not factoring in the balance transfer fee

The balance transfer fee is usually 3% of each transaction. That means a $3,000 transfer might cost you $90. Add up a few balance transfers and you could pay a larger fee than you thought.

To make sure the fee is worth paying, calculate how much you’ll save with your balance transfer.

What to do with older accounts

So, you’ve transferred your balances to your new credit card. Should you close your old accounts?

You can close them if you wish, but it may be a good idea to leave them open. Keeping your old accounts intact helps you keep your total credit high, which in turn helps you keep your credit score high. (Confused how this works? Learn about credit utilization.)

Keeping your old accounts open helps your credit score in another way: by increasing the average age of your credit accounts.

Learn what makes up your FICO score.

Bottom line

You may feel apprehensive about transferring multiple balances. That’s perfectly normal. Take the process step by step, asking your provider if you’re unsure about the rules.

While making your balance transfers, keep detailed records of what transactions you’ve initiated. Also, record important details about your intro APR and when you should pay off your debt.

Frequently asked questions

• Why should I transfer debt to another person's credit card?

  This might increase your credit score. For example, you may have a high credit utilization ratio — that is, you have high balances relative to your total credit. Transferring your balances to, say, your spouse’s account will lower your credit utilization.

  Meanwhile, your spouse may have low balances relative to their total credit. They may be able to absorb your debt without significantly increasing their credit utilization.

• Do I still need to make payments on a balance transfer card with 0% APR?

  Yes. You must make at least the minimum payment on your balance each month, or you may lose your 0% APR.

• How long will it take for my balance transfer to complete?

  It usually takes between seven and 15 days for a balance transfer to go through. However, sometimes it’ll complete in fewer days.

• What happens if I don't pay off my balance before the 0% introductory APR expires?

  Any remaining balance will start accruing interest at a higher interest rate (also called the ongoing APR). That’s why it’s usually a good idea to pay off your balance before your 0% APR period expires.

  Learn more about balance transfer intro APR.