Compare top balance transfer credit cards and start saving money with quick approvals.
A balance transfer credit card can lead to noticeable savings in the form of 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 that can accelerate the overall time it takes for your debt to be transferred from one card to another.
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What is an instant balance transfer credit card?
A number of credit card providers give new credit card applicants the ability to find out about the status of their balance transfer request instantly. Instantly, in this case, means you can expect a response soon after you hit the ‘submit’ button on your online application.
Credit cards with balance transfer offers charge little to no interest on transferred balances for a given time period, which commonly varies from 6 to 12 months. Even when the offer doesn’t include a promotional rate, you might still benefit if the new card’s interest rate is noticeably lower than that of your existing cards.
What can I expect when applying?
If you find out about your balance transfer application’s status immediately, you might not get much time to go through the nitty-gritty of your new card and its advantages as well as any restrictions it may have.
Is the decision really instant?
Don’t expect instant to mean split-second. The decision, though, is rather quick, sometimes as fast as less than a minute. However, it might take longer for other providers. Bear in mind that while approval is instant, the actual transfer takes longer.
What can I do to increase my chances of approval?
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.
How does my credit score affect instant approval?
Your credit score plays a significant part in the overall approval process. In fact, if you have a very high credit score, you’re most likely to be a candidate for instant approval when it comes to your credit card application. On the other hand, a lower credit score may prevent a credit card company from approving your application immediately or at all.
However, it’s important to remember that lenders look at many things when evaluating your application for a card. Other factors, such as too many inquiries into your credit, late payments, being at the higher end of your available credit and your income are all part of the bigger picture. Your credit score is one piece of the puzzle when it comes to how lenders view their credit risk with you.
As the decision is instant, does that mean I can apply for multiple cards?
Applying for multiple credit cards around the same time is never a good idea, as it reflects poorly on your credit file, which could hamper your efforts of getting credit in the future. If you’re approved for multiple credit cards, you might be tempted to spend more than you can afford to repay. This could lead to you falling behind on your bills.
Are instant approval balance transfer credit cards right for me?
If you’re looking for a quick response, applying for one can work well for you. Remember, though, that not all balance transfer credit cards offer instant approval, so you end up limiting your choices.
How long until everything is finalized?
Even if you’re approved right away, transferring balances from your existing cards to the new card can sometimes take up to two weeks. This is to allow time for processing of your application.
What else should I consider when applying?
Before you apply for an instant approval balance transfer card make sure you consider the following as well:
- Is there a promotional offer?
A number of credit cards come with promotional balances transfer offers, and some charge 0% interest or lower introductory rates. Don’t forget that these promotional periods expire after a given period of time, after which any outstanding balance starts accumulating interest.
- What is the revert rate?
At the end of the promotional period, outstanding balances from transfers will usually start charging the cash advance interest rate or its purchase rate. In most instances, the cash advance rate is considerably higher than the purchase rate. The purchase rate is usually determined when your application was approved and is often based on your credit.
- How much can I transfer?
Just how much you can transfer onto your new credit card depends on the card you get. While some cards allow you to transfer up to 80% of your card’s credit limit, others limit you to 50% of your card’s limit.
You can look forward to noticeable savings in a relatively short timespan 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.
While instant approval on your balance transfer credit card application might speed things along, the actual transfer time can vary. There are also many factors that can affect whether you can get a decision right away. It’s important to keep paying on your older credit card balances until you’ve been notified that your balance transfer is complete.