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A balance transfer credit card can help you save on interest, especially if you opt for a card that comes with a promotional balance transfer offer. While the actual transfer time varies from one credit card provider to the next, some credit card companies offer instant approval. This can make it quicker to transfer your debt and stop paying those high APRs.
For an in-depth comparison of balance transfer cards, choose your credit score below and click Show cards to take a look at some of your options.
Some credit cards offer instant approval, allowing you to sign up and potentially start using the credit line within minutes of submitting your application. In some cases, you may find a balance transfer credit card that offers this instant approval.
If you’re looking for a quick response, applying for an instant approval card can be the right choice. However, not all balance transfer cards offer instant approval so you could be limiting your choices.
When trying to decide on the right card, take into account how quickly you can be approved, but also the length of the promotional period, purchase APR and revert balance transfer APR.
Even if you’re approved right away, a balance transfer can take up to six weeks.
Typically you can’t initiate a balance transfers until you’ve activated your card. Depending on your provider and how soon you activate your card once you get it — that alone could take two weeks.
While it doesn’t guarantee approval, prequalification can give you a good idea of if you’re a good candidate for a card.
Credit card issuers that offer prequalification include:
Before applying for the card, check out its terms and conditions — a table that every credit card company is required to have on its site that clearly states fees, policies and information about APRs.
In your application, submit information about the banks and institutions for your transfer — you can expect a decision within a few seconds. If you’re approved, don’t expect the transfer to be instant. Transfers typically take between five and 14 days to process from the time you receive and activate your card.
Make sure you meet all the eligibility requirements for the new card, and pay particular attention to its minimum income requirement. Have all the required documentation available to support your credit card application, and provide all relevant details of the accounts from which you wish to transfer balances.
Read more about increasing your odds of approval with our guide to successfully applying for a balance transfer.
Your credit score plays a significant part in the overall approval process. If you have a very high credit score, you’re most likely a good candidate for instant approval. A good credit score can also increase your balance transfer card options. On the other hand, a lower credit score may prevent a credit card company from approving your application immediately — or at all.
However, lenders look at many factors when they evaluate your application. Other factors, such as too many inquiries into your credit, late payments, having a high income-to-debt ratio are all part of the big picture. Your credit score is one large piece of the puzzle when it comes to how lenders view their credit risk with you.
Typically store cards can only be used at the store and its affiliates. So cash advances and balance transfers aren’t always available. Check the credit card terms and conditions before applying.
You should generally avoid applying for multiple credit cards around the same time. Every time you apply for a credit card, it performs a hard pull on your credit. This temporarily lowers your score a few points.
Before you apply for an instant approval balance transfer card, ask:
You can look forward to noticeable savings in a relatively short time by getting an instant approval balance transfer credit card. It’s best to compare a few before deciding which one to use as there are many options available.
Transferring your balance to a new card with a lower APR or better terms can be a smart way to save money and lower your debt. However, while instant approval on your application might speed things along, the actual transfer time can vary. Though you’re approved and have provided information for your transfer, keep up to date on your payments until your transfer is complete. If instant approval isn’t a big deal for you, compare all balance transfer options to find a card suitable for your needs.
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Can you transfer business card balance to a none business card?
Hi MP,
Thanks for getting in touch with Finder. I hope all is well with you.
Yes, it is possible to balance transfer from a business credit card to a non-business credit card such as a personal credit card.
Check out some of the best balance transfer credit cards for consolidating and paying off your debts. Compare them in terms of balance transfer APR, fees and other key features to see which card offers the best value for your financial needs.
Please make sure you review the eligibility criteria, PDS/T&Cs of the card before making a decision and considering whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua