Guides to how to do a balance transfer with each bank
The process for transferring a balance varies between credit card issuers. Check our list of providers for guides on making a balance transfer:
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A balance transfer may be a great option to move high-interest debt to a new card with low or 0% intro APR. Furthermore, many cards offer attractive choices for benefits and rewards. Figuring out how to make a balance transfer, however, can be confusing.
Completing a balance transfer is simple. Just follow these six steps and you’ll be on your way to a lower interest rate.
Find out how much debt you currently owe on your credit card and the APR you’re paying on that debt. Calculate how much you can save by moving your debt to a promotional 0% APR card.
Consider if a balance transfer is worth it by looking at the transfer limits, transfer fees and the length of the promotion.
It’s important to compare 0% intro APR balance transfer offers on the market before deciding which will best serve your needs.
There are many ways to compare balance transfer cards, but a few of the most important factors include:
If you’re still not sure about the right choice, compare our best balance transfer cards.
Once you’ve found the perfect card, it’s time to submit your application.
Fill out an application online or through the mail, and include balance transfer amounts you wish to make. Be ready to provide your account numbers.
The exact amount you can transfer is determined once your application is approved.
Your new card provider transfers the balances on your behalf upon approval, up to the stated limit. It takes into account the transfer fees, and if the card has an annual fee. These fees affect your total transfer limit. It usually takes 7 to 15 days for a balance transfer to go through, so make sure to pay the minimum monthly payment on your old card until your transfer is complete.
While you’re waiting for your balance transfer to be approved, continue making payments on your account to avoid fees and interest and a potential hit on your credit score.
Once you receive notification that your balance has been transferred, reach out to your bank to confirm. Before you stop making payments on your old card, check the balance statement; it should stand at zero.
The logical option may seem like closing your old card. However, depending on how long it has been open, and if you used it responsibly, closing the account may affect your credit score.
Consider hanging on to your old card if it doesn’t have an annual fee. If the card does have an annual fee, weigh in the pros and cons of closing the card and whether the impact on your credit score is worth paying for it.
Once your balance transfer is complete, note how long your promotional APR lasts. If you have a balance after the APR expires, it starts accruing interest at the revert rate.
Try to make more than the minimum payment each month to repay the entire debt before the revert rate kicks in. Consider making financial changes or plans to help you clear off this debt. Two common helpful tips include:
And if necessary, seek free help for managing your debt, such as our credit card repayment calculator. A balance transfer may buy you some interest-free time to repay your balance and ultimately save you money. With some discipline and commitment, you can be debt-free faster than you thought.
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% intro APR period expires.
The process for transferring a balance varies between credit card issuers. Check our list of providers for guides on making a balance transfer:
If you submitted your application without making any balance transfer requests, you can usually request a transfer after approval. Do this in either online or over the phone.
Try to complete the transfer as soon as possible. If you wait longer than 60 days, you may lose your promotional APR.
If you don’t receive an immediate decision on your credit card, you’ll typically need to wait seven to 10 business days to hear back. If you still haven’t received word after this time, contact the bank to find out if there’s an issue. You may be asked to provide additional information.
You may be able to transfer debt from another person. Whether you’re able to depends on the provider.
Provider | Period to transfer balances at the promotional rate |
---|---|
American Express | Typically 60 days after approval |
Bank of America | Typically 60 days after approval |
Capital One | Not specified |
Chase | Not specified |
Citi | 4 months after approval |
Discover | Typically 60 to 90 days after approval |
Applying for a balance transfer card can be your first step to getting yourself out of debt. Consider the promotional APR period, transfer fee and the card’s annual fee when comparing your balance transfer options.
You’ll mainly want to compare balance transfer cards on factors such as intro APR and length of the promotional interest rate. However, you should also keep in mind that card providers don’t allow balance transfers between cards they issue. So if you have a Citi card, you won’t be able to transfer your debt to another Citi card.
Need to save interest on your existing debt? Here are the best balance transfer cards for 2022.
You might be able to save with a balance transfer — but only if you pay it off before the 0% intro period ends.
Save money on interest payments with a balance transfer.
Consolidate your credit card debts under one account and save with a 0% balance transfer credit card.
Pay off your debt interest-free with a long 0% intro APR on these balance transfer credit cards.
Consider these cards if you want strong rewards and time to make an interest-free balance transfer.
Get zero interest on balance transfers for 14 months.
With worldwide acceptance, Visa credit cards are one of the best for travel. Your choices include airline, hotel, cruise and general travel credit cards.
Both can help you organize your debt and save on interest, but which will save you more money?
How do you transfer balances from a catalogue account e.g. Next, over to your 0% balance transfer card?
Hi Nicola,
Thank you for your inquiry.
Generally, a balance transfer lets you move your debt from one or more credit cards to another credit card. If you have a Next catalogue account, it’s a store card so you will most likely not be able to transfer your balance from that card onto another credit card.
However, it’s best to contact the card issuer and inquire with them directly so they can advise you accordingly. You can also check the Product Disclosure Statements/Terms and Conditions before applying to see whether your Next catalogue credit is acceptable.
I hope this information has helped.
Cheers,
Harold