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In a nutshell
Each card issuer has a different timeline for processing balance transfers, but it typically takes between two and 14 days to complete.
- If the new card issuer approves your transfer request, they will pay off your old debt and move the balance to the new card.
- You can check the balance transfer progress by logging into your account or calling the card issuer.
- While you wait for the process to complete, you’ll need to make any necessary payments to keep your account in good standing.
What is a credit card balance transfer?
A balance transfer is a transaction where you move credit card debt from one account to another, usually as a method for getting a lower interest rate. You’ll usually pay a fee of around 3% to 5% of the transferred balance to complete the transaction. Balance transfer credit cards can help you consolidate debt and save a significant amount of money in interest.
For example, let’s say your credit card has a $6,000 balance with a 22% interest rate, and you want to transfer that debt to a card with a 0% APR promotion for 18 months with a 3% transfer fee. Making a payment of $343 per month would allow you to pay off the balance (including the $180 fee) in that time frame without paying interest. By contrast, if you made a $343 payment on your current card, it would take you about four months longer to clear the balance — and you'd pay about $1,301 in interest.
How long a balance transfer takes
Balance transfer timelines vary by credit card issuer, and how you transfer your balance — either electronically or by check — also impacts how long it will take. Generally, the process takes between two and 14 days.
During this time, your credit card company goes through your application and either denies or approves your request. If you’re approved, the card issuer pays off your old debt and transfers the balance to your new account.
Before starting the process, you can call your card issuer and ask for an approximate time frame, or check their website for information. Here’s what to expect from some of the major card issuers:
- American Express: five to seven days.
- Bank of America: two to 14 days.
- Capital One: three to 15 days.
- Chase Bank: seven to 21 days.
- Citibank: two to 21 days.
- Discover: four days.
- U.S. Bank: up to 14 days.
- Wells Fargo: up to 14 days.
How to choose a balance transfer credit card
You have plenty of options if you’re looking for a balance transfer credit card. Many of these cards offer low or 0% APR promotions on balance transfers, which can help you save money. When you’re shopping around, look out for these features:
- Promotional period: The card may offer a low promotional APR for a certain amount of time, such as 15 to 21 months. After the introductory period ends, any balance you have on the card will start accruing interest at the card’s regular APR.
- APR: Check the annual percentage rate (APR) you’ll pay during the promotional period and the regular APR you’ll pay once the intro period is over.
- Balance transfer fee: Balance transfer credit cards often charge a fee of around 3% to 5% of the amount you’re transferring. When determining if the transfer will save you money, factor the fee into your calculations.
- Other features: Will you use the card after the promotional period ends? Check if the card offers rewards programs and other benefits, such as extended warranties, travel insurance or cellphone protection.
- Transfer limits: Consider how much debt you want to transfer, and check whether the card sets limits on this.
- Qualification requirements: Make sure you’re applying for a card that you can reasonably qualify for. Knowing your credit score before you apply could help you quickly narrow your options.
How to track your balance transfer’s progress
A balance transfer can take up to two weeks — in the meantime, you’ll need to keep up with any payments that are due on the first account. Tracking the balance transfer’s status can help you plan your budget. You may be able to do this by logging into your account online.
Some credit cards may show the balance transfer as “pending” while your balance transfer is in progress. When the transfer is complete, the balance on your new credit card should increase by the amount you transferred, and the old account balance should go down to zero.
Checking your old account for at least a month is a good idea. Even if you transferred the entire balance from the original account, a few stray purchases or recurring payments may be posted to the account. This can leave you with an unexpected balance.
What to do if your balance transfer is delayed
Every card issuer has a different timeline for processing balance transfers. If your transfer is taking longer than expected, follow these steps:
- Call your card issuer: First, contact your new card’s customer service department. They should be able to tell you if anything is delaying the process or if the issuer declined the balance transfer request. If you haven’t resolved the problem, reach out to the customer support department for your original credit card. Ask if the delay is on their end.
- Keep paying your bills: Make any necessary payments on both accounts until the transfer is complete. This will keep both accounts in good standing — plus, you’ll avoid late fees and potential impacts to your credit.
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The balance transfer timeline varies with each card issuer, but it typically takes between a few days and a couple of weeks. You can estimate the time frame by checking with the card issuer before requesting the transfer. Then, monitor your balance transfer progress online or by calling the card issuer.
Frequently asked questions (FAQs)
Do balance transfers hurt my credit?
Yes, a balance transfer may slightly ding your credit score when you apply for a new balance transfer credit card. This hard inquiry into your credit history may temporarily lower your credit score by a few points.
However, any negative effects from the balance transfer will likely fade — and there may be positive effects, too. Opening a new credit card increases your total credit limit, which could boost your credit score. Once the debt moves to a new credit card, the utilization rate on the initial account will appear as 0% on your credit report. That lowers your average utilization, which can improve your credit.
How long does it take for Discover to transfer a balance?
According to Discover’s website, your account must be open for at least 14 days before the issuer can begin processing a balance transfer request. After that time frame, the balance transfer usually takes four days.
Will I accrue interest on the transferred balance during processing?
While your card issuer processes the balance transfer, you might accrue interest in the account you’re transferring debt from.
Can I expedite the processing time of a balance transfer?
Not typically. If you need to transfer a balance quickly, your best bet is to use a card issuer that typically offers a quick transfer, such as Discover or American Express.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
