How many credit cards can you move to a balance transfer credit card?
Most providers allow you to transfer between 2-5 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 us one of the biggest borrowers in the world. This debt is typically spread between 2 to 3 credit cards, which means most of us carry more than one card at a time.
Why get a balance transfer?
If you’re looking to consolidate your debts under one account, a balance transfer credit card could be the answer.
Finding a card with a promotional balance transfer rate will allow you to pay off the debt faster without the cost of high interest. Some of these cards offer low or no interest rate on balance transfers for six to 24 months. If you were paying 15% on a $5,000 debt, transferring it to a 0% card will save you $750. Rolling your debts into one account also makes it easier to manage, meaning you only have one set of repayments to make and balance to keep track of.
Most providers allow you to transfer debts 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%).
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
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.Back to top