Can you transfer multiple credit cards with a balance transfer?
Can you transfer multiple credit cards with a balance transfer?

Can you transfer multiple credit cards with a balance transfer?

You can transfer as much debt as your new card’s limit allows — but clarify the rules with your provider.

Most providers allow you to transfer two to five balances to the one account, though this will vary from provider to provider. As long as your total transfer balance doesn’t exceed the balance transfer limit, you should have no issue transferring debts from multiple credit cards.

The average American has more than $3,000 of credit card debt. This makes the US one of the biggest borrowers in the world. This debt is typically spread among two to or three credit cards, which means most of us carry more than one card at a time.

Did you know?

Most providers allow you to transfer debt from multiple credit cards, though the total transfer must not exceed the balance transfer limit (typically between 70% and 100%). In most cases, lenders will only let you transfer a percentage of the credit limit (between 70% and 100%).

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.

Compare balance transfer credit cards

Rates last updated April 25th, 2018
Name Product Product Description Intro APR for Balance Transfer APR for Purchases ( Purchase Rate ) Annual fee Minimum Credit Score
Blue Cash Everyday® Card from American Express
Earn $150 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $150 back in the form of a statement credit.
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
14.49% to 25.49% variable
$0
Fair (660-699)
The Chase Freedom® Unlimited™ credit card
Earn unlimited 1.5% cash back on every purchase – it's automatic. No minimum to redeem for cash back.
0% Intro APR for 15 billing cycles (with whichever is greater, $5 or 5% balance transfer fee)
16.24% to 24.99% variable
$0
Fair (660-699)
Chase Slate® credit card
Jumpstart your financial fitness! 60 day introductory balance transfer offer, save on interest, and get your free monthly credit score.
0% Intro APR for 15 billing cycles (with $0 for transfers in first 60 days. Then $5 or 5% balance transfer fee)
16.24% to 24.99% variable
$0
Fair (660-699)
BankAmericard Cash Rewards™ Credit Card
Earn more cash back for the things you buy most.
0% Intro APR for 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
14.49% to 24.49% variable
$0
Good (700-739)
HSBC Cash Rewards Mastercard®
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees
0% Intro APR for first 15 months from account opening (with whichever is greater: $10 or 4% balance transfer fee)
14.49%, 18.49% or 24.49% variable
$0
Fair (660-699)
NASA Federal Platinum Advantage Rewards Credit Card
NASA Federal Platinum Advantage Rewards Credit Card
Enjoy perks and save money while gaining points that never expire with every purchase.
9.9% Intro APR for 90-days
11.40% to 17.99% variable
$0
Fair (660-699)
DCU Visa® Platinum Secured Credit Card
A great way to establish or improve your credit history.
13.00% variable
$0
Poor (Below 660)
primor® Secured Visa Gold Card
Fast, easy application process. No processing or application fees!
9.99% variable
$49
Poor (Below 660)
Barclaycard Ring™ Mastercard®
A low, variable APR on purchases, balance transfers and cash advances.
10.49% variable
$0
Good (700-739)
Discover it® Secured Credit Card
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.
10.99% Intro APR for 6 months (with the amount of each transfer, 3% balance transfer fee)
24.49% variable
$0
Poor (Below 660)
Fifth Third Secured Card
Build, or rebuild, your credit with each purchase.
25.49% variable
$24
Poor (Below 660)

Have we missed anything in the comparison table? Tell us

Compare up to 4 providers

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 offers 0% APR for an impressive 18 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.

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2 Responses

  1. Default Gravatar
    SaulMarch 19, 2018

    I put 300 dollars on a few goggle play cards cause the man was suppose to give $35,000 to me his name was Jerry brown and he connected me to another man name Daniel carmen out of new jersey from easy payday loans and never received the money then they was suppose to give back the $325.00 and never received that either

    • Staff
      JoshuaMarch 25, 2018Staff

      Hi Saul,

      Thanks for getting in touch with finder.

      I’m sorry to hear about your situation. If you suspect that you have been deceived by these people, it is highly advisable to report this to the local authority. They will most likely help you find these people and bring your money back.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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