The basic steps for transferring a balance

A balance transfer moves debt from one credit card to another, usually one with a lower interest rate. You contact the new card issuer, give them your old card details and the amount you want to move, and they pay off that portion of your old balance. The debt then appears on your new card instead.

The process itself takes about one to two weeks from the moment you request it. The new card issuer contacts your old issuer, confirms the transfer amount, and sends payment directly to them. You do not move the money yourself — the two banks handle the transaction. During this time, keep paying your old card's minimum to avoid late fees, since the transfer is not instant.

Most balance transfers come with a promotional period: a set number of months (often 6 to 21 months, depending on the card and offer) during which the interest rate is 0% or very low. After that period ends, the regular interest rate kicks in. This window is your chance to pay down the principal without interest eating into your payment.

Key Takeaways

  • You must have a new credit card already open and approved before you can request a balance transfer; the issuer will not open one for you as part of the process.
  • Balance transfer fees typically range from 3% to 5% of the amount transferred and are added to your new card balance, so factor this into whether the move saves money.
  • The promotional 0% interest period lasts anywhere from 6 to 21 months depending on the card offer, and you need to pay down the balance before that period ends to avoid high interest charges.
  • Your old card remains open after the transfer unless you close it, and closing it can lower your credit score by reducing your available credit.

Where to find cards that accept balance transfers

Not every credit card offers balance transfer options. Cards marketed for balance transfers are usually issued by major banks (Chase, Bank of America, Citi, Capital One, Discover) and credit unions. These cards advertise the promotional period prominently — you will see language like "0% APR for 12 months on balance transfers" in the offer details.

You can search for balance transfer cards on comparison sites like NerdWallet, The Points Guy, or Bankrate, which filter by promotional length and fee amount. You can also visit the websites of banks where you already have accounts, since you may may have access to for better terms as an existing customer. Read the fine print on each offer: the promotional rate applies only to transferred balances, not new purchases, and some cards charge different fees depending on when you transfer (higher fees for transfers made later in the promotional period).

Your credit score affects which cards you will be approved for. If your score is below 670, you may only may have access to for cards with shorter promotional periods or higher fees. If your score is above 750, you have access to the best offers. Check your score before you apply so you know what to expect.

The fee structure and whether it makes financial sense

Balance transfer fees are charged upfront and added to your new card balance. A typical fee is 3% to 5% of the amount transferred. On a $5,000 transfer, a 4% fee costs $200, which means you now owe $5,200 on the new card. Some cards offer 0% fees for transfers made within the first 60 days, but this is rare.

To decide if a transfer makes sense, compare the fee cost against the interest you would pay on your old card during the promotional period. If your old card charges 20% APR and you transfer $5,000 with a 4% fee, you pay $200 upfront but save roughly $1,000 in interest over 12 months (the length of many promotional periods). The transfer is worth it. If your old card charges 8% APR and the promotional period is only 6 months, the interest savings may be smaller than the fee, making the transfer not worth doing.

Use a balance transfer calculator (available free on most card issuer websites) to run the numbers with your actual balance, old interest rate, and the promotional period of the new card. This shows you the exact dollar amount you will save.

How to request the transfer once you have the new card

After your new card arrives and is activated, log into your online account or call the customer service number on the back of the card. Tell them you want to request a balance transfer. They will ask for the name of your old card issuer, your old card number, and the amount you want to transfer. Some issuers let you do this online; others require a phone call.

You can transfer part of your old balance or all of it, but the amount cannot exceed your credit limit on the new card. If your new card has a $6,000 limit and you want to transfer $8,000, you can only move $6,000 (or slightly less, depending on the issuer's policy). The issuer will tell you the maximum transfer amount before you confirm.

After you request the transfer, the issuer gives you a confirmation number and an estimated completion date. This is usually 7 to 14 days, though it can take up to 21 days in some cases. During this time, continue making at least the minimum payment on your old card to avoid late fees. Once the transfer posts, your old card balance will drop by the transferred amount.

What happens to your old card after the transfer

Your old card does not close automatically after a balance transfer. It remains open with whatever balance remains on it (if you did not transfer the full amount). You can keep using it for new purchases, pay it off, or leave it alone. The choice is yours.

Many people close their old card after transferring the balance, but this can hurt your credit score. Closing a card reduces your total available credit, which raises your credit utilization ratio (the percentage of your credit limit you are using across all cards). A higher utilization ratio lowers your score. If you want to close the card, wait until after you have paid off the transferred balance on the new card, and then close it. This minimizes the damage to your score.

If you keep the old card open, do not use it for new purchases while you are paying down the transferred balance on the new card. Juggling payments across two cards makes it easy to miss a due date or lose track of which balance you are paying toward.

Timing and what to avoid

The biggest mistake is waiting too long to pay down the transferred balance. If you transfer $5,000 with a 12-month 0% promotional period and you still owe $3,000 when the 12 months end, that remaining $3,000 suddenly starts accruing interest at the card's regular APR (often 18% to 25%). You lose the benefit of the transfer. Work backward from the end of the promotional period and divide your balance by the number of months remaining. If you transfer $5,000 with 12 months to pay it off, you need to pay at least $417 per month to clear it before interest kicks in.

Another mistake is making new purchases on the new card during the promotional period. Most balance transfer offers have a separate, higher interest rate for new purchases — often 15% to 25% — that applies immediately. If you transfer $5,000 and then charge $1,000 in new purchases, only the $5,000 gets the 0% rate. The $1,000 accrues interest right away. Keep the new card for the transferred balance only and use a different card for new spending.

Do not apply for multiple balance transfer cards in a short time. Each application triggers a hard inquiry on your credit report, which lowers your score by a few points. Multiple inquiries in a short window can signal to lenders that you are desperate for credit, which makes approval harder and terms worse. Space applications out by at least a few months if you need more than one card.

Frequently Asked Questions

Can I transfer a balance from one card to the same bank's other card?

Most banks do not allow transfers between their own cards. You typically must transfer to a card issued by a different bank. Check the terms of the specific card you are interested in; the issuer will state whether transfers from other issuers only or from any issuer are allowed.

What if my balance transfer is denied?

Denials usually happen because your credit limit on the new card is too low, your credit score dropped since you were approved, or the issuer suspects fraud. Contact the card issuer's customer service to ask why the transfer was denied. If it is a credit limit issue, you can request a higher limit and try again. If it is a fraud concern, you may need to verify your identity.

Does a balance transfer hurt my credit score?

A balance transfer itself does not hurt your score, but the hard inquiry from applying for the new card does (usually 5 to 10 points). Your score may also dip temporarily if the new card lowers your average age of accounts or if the transfer increases your utilization ratio on the new card. These effects are usually small and recover within a few months.

Can I transfer a balance from a store card or a card from a smaller bank?

Yes, most balance transfer cards accept transfers from any credit card issuer, including store cards and smaller regional banks. The issuer will confirm they can reach the old card issuer before processing the transfer. If they cannot, they will tell you during the request process.

What if I can't pay off the balance before the promotional period ends?

The remaining balance will start accruing interest at the card's regular APR once the promotional period ends. You can request a second balance transfer to another 0% card if you still have balance remaining, but this means another hard inquiry and another fee. It is better to focus on paying down the original transfer as much as possible before the promotional period ends.