How to move your balance to a new card
A balance transfer moves debt from one credit card to another, usually one with a lower interest rate. You initiate the transfer through the new card's issuer, who pays off your old card's balance and you then owe that amount to them instead. The process takes about 5 to 14 business days, though some issuers complete it faster.
The new card issuer handles the payment directly to your old card company—you do not send money yourself. You will need your old card number, the balance you want to transfer, and the old card's issuer name. After the transfer posts, your old card balance drops to zero and the new card's balance reflects what you moved.
Key Takeaways
- Contact your new card issuer by phone, online portal, or mail to request a balance transfer, and provide your old card number and the amount you want to move.
- Balance transfer fees typically range from 3% to 5% of the amount transferred and are added to your new card balance immediately.
- The introductory interest rate period (often 0% APR) usually lasts 6 to 21 months depending on the card, after which the regular APR applies to any remaining balance.
- Your credit score may drop slightly when you open the new card, but it often recovers within a few months if you keep your old cards open and pay on time.
- The transfer typically completes in 5 to 14 business days, so plan ahead if you have a payment due date on your old card.
Step 1: Choose a balance transfer card and confirm your offer
Before you request a transfer, verify that the card you are opening actually offers a balance transfer promotion. Not all credit cards do. The offer details—the length of the 0% APR period, the fee percentage, and any restrictions—appear in the card's terms and conditions or on the issuer's website.
Read the fine print for limits. Some cards cap the transfer amount at a percentage of your credit limit (often 95%), and some exclude transfers from their own previous cards. A few cards charge different fees for different transfer amounts. Knowing these details before you open the account prevents surprises later.
Step 2: Open the new card and gather your old card information
Once approved for the new card, you will need details about the debt you are transferring. Have your old credit card statement or the card itself handy so you can provide the card number, the exact balance you want to move, and the card issuer's name.
Decide whether to transfer your entire balance or only part of it. Transferring less than the full amount means some debt stays on the old card at its original interest rate, but it also means you pay a smaller transfer fee. The math depends on how much you can pay down before the promotional period ends.
Step 3: Request the balance transfer through your new issuer
Contact your new card's issuer through their website, mobile app, or phone number on the back of your card. Most issuers have a dedicated balance transfer section in their online portal where you enter the old card number, the amount, and confirm the request. Some still require a phone call.
The issuer will tell you the transfer fee amount and the date the promotional period ends. Write down both. The fee is calculated as a percentage of the amount transferred (typically 3% to 5%) and added to your new card balance right away—you do not pay it separately.
Step 4: Wait for the transfer to post and verify the old balance drops
The transfer usually takes 5 to 14 business days. During this time, your old card balance remains unchanged. Keep making minimum payments on the old card until the transfer completes, because the old issuer does not know the transfer is coming and will still charge interest and late fees if you miss a payment.
Once the transfer posts, check both cards. Your old card balance should drop to zero (or to whatever amount you did not transfer), and your new card balance should show the transferred amount plus the transfer fee. If the old balance does not drop after 14 days, contact the new issuer to confirm the transfer went through.
Step 5: Create a payoff plan before the promotional period ends
The 0% APR period is temporary. When it ends—whether that is 6 months or 21 months from now—any remaining balance will be charged the card's regular APR, which can be 15% to 25% or higher. You need a plan to pay down the balance before that happens.
Divide your transferred balance by the number of months in the promotional period to find your monthly payment target. For example, if you transferred $5,000 and have 12 months at 0%, aim to pay about $417 per month. Set up automatic payments if your issuer offers them, so you do not miss a deadline and accidentally trigger the regular rate.
What happens to your old card after the transfer
Your old card account remains open after the balance transfers to zero. You can close it if you want, but closing it can lower your credit score slightly because it reduces your total available credit. Most financial advisors suggest keeping it open and unused, which preserves your credit history and available credit.
If your old card has an annual fee, closing it makes sense. If it does not, leaving it open costs nothing and helps your credit profile. Do not use the old card for new purchases while you are paying off the transferred balance on the new card—that splits your focus and makes the payoff harder.
How a balance transfer affects your credit score
Opening a new card triggers a hard inquiry, which can lower your score by a few points. Your score may drop further temporarily because your average account age decreases when a new account is added. These effects usually fade within 3 to 6 months.
The transfer itself does not hurt your score—moving a balance from one card to another does not change the amount of debt you owe. Your score may actually improve over time if the transfer lowers your credit utilization ratio (the percentage of available credit you are using). For example, if you transfer $3,000 from a card with a $5,000 limit to a new card with a $10,000 limit, your utilization drops from 60% to 30%.
Frequently Asked Questions
Can I transfer a balance from a store card or loan to a credit card?
Most balance transfer offers only accept transfers from other credit cards, not from store cards, personal loans, or medical debt. A few issuers accept store cards if they are Visa or Mastercard branded. Call the new issuer before opening the account if you need to transfer non-credit-card debt.
What if my balance transfer is denied or only partially approved?
The issuer may approve you for less than you requested if your credit limit is lower than expected or if they have internal limits on transfer amounts. You can request a credit limit increase after a few months of on-time payments and try again, or you can transfer the approved amount now and the rest later.
Do I have to pay the balance transfer fee upfront?
No. The fee is added to your new card balance and you pay it off as part of your regular payments. If you pay the entire balance before the promotional period ends, you will have paid the fee. If you do not pay it off in time, interest will accrue on the fee amount at the regular APR.
Can I do multiple balance transfers to the same card?
Yes, many issuers allow multiple transfers during the promotional period, though each transfer incurs its own fee. Some cards limit the total amount you can transfer or charge a fee on each transfer. Check your card's terms to see if there are restrictions.
What if I cannot pay off the balance before the promotional period ends?
The regular APR will apply to any remaining balance. You can try to do another balance transfer to a different card with a new promotional period, but opening too many cards in a short time can damage your credit score. A better option is to contact your current issuer and ask if they offer a lower APR or a hardship program.