The basic steps to move debt from one card to another
A balance transfer moves your existing credit card debt to a new card, usually one with a lower interest rate or a temporary 0% promotional period. You do not pay off the old card yourself—the new card issuer pays it for you, and you then owe that new issuer instead.
The process has four main steps: find a card with terms that work for you, open the account, request the transfer, and then stop using the old card. Most transfers take 5 to 14 business days to complete, though some issuers finish in as little as 3 days. During that time, keep making minimum payments on your old card so you do not fall behind.
The catch is the balance transfer fee—usually 3% to 5% of the amount you move. This fee gets added to your new card balance immediately. So if you transfer $5,000 with a 4% fee, you owe $5,200 on the new card from day one. That fee is built into the math of whether a transfer actually saves you money.
Key Takeaways
- Balance transfer fees run 3% to 5% of the amount moved and are added to your new balance right away, so calculate whether the interest savings outweigh the fee.
- The promotional 0% period typically lasts 6 to 21 months depending on the card, and regular interest rates kick in after that period ends.
- You must have decent credit (usually 670 or higher) to get approved for a card with a low promotional rate.
- The new card issuer pays your old card directly, so you do not need to send money yourself—just stop using the old card once the transfer posts.
- If you cannot pay off the transferred balance before the promotional period ends, you will owe regular interest rates on whatever remains.
Check your credit score before you search for cards
Balance transfer cards with the best rates and longest 0% periods go to people with credit scores of 700 or higher. If your score is between 670 and 700, you will still find cards, but the promotional period may be shorter or the regular interest rate higher. Below 670, balance transfer cards become much harder to find.
You can check your own score free through your bank's website, through a service like Credit Karma or AnnualCreditReport.com, or by asking your current credit card issuer. Checking your own score does not hurt your credit. A hard inquiry from a card issuer (which happens when you formally apply) does lower your score by a few points, but the damage is temporary.
If your score is lower than you expected, you have two options: wait a few months while you pay down existing debt and make on-time payments, or look for cards designed for fair credit. The tradeoff is that fair-credit cards have shorter promotional periods and higher regular rates, which makes the math less favorable.
Compare the promotional period, regular rate, and fee across cards
Three numbers matter: how long the 0% period lasts, what the regular interest rate will be after that, and what the balance transfer fee is. You need all three to know whether a transfer actually saves money.
A card with a 21-month 0% period and a 5% fee might save you more than a card with a 12-month 0% period and a 3% fee—it depends on how much you owe and how fast you can pay it down. Use a calculator to run the numbers: take your balance, add the fee, divide by the number of months in the promotional period, and see if that monthly payment is realistic for you.
For example, if you owe $3,000 and transfer it to a card with a 4% fee (now $3,120) and a 15-month 0% period, you need to pay $208 per month to clear it before interest kicks in. If you can only pay $150 per month, you will owe interest on the remaining balance—and that interest rate matters a lot. A card with a 22% regular rate will cost you far more than one with a 15% rate.
Open the new card and request the transfer
Once you have chosen a card, open the account online or by phone. The issuer will ask for your name, address, income, and employment information. You will get a decision within minutes to a few hours in most cases.
After approval, log into your new account or call the issuer's customer service line. Tell them you want to request a balance transfer. They will ask you for the name of the old card issuer, your account number on that card, and the amount you want to transfer. Some issuers let you request the transfer right in their app or website; others require a phone call.
The new issuer will then contact your old card issuer and request the payoff amount. They pay that amount directly to your old card, which closes the transferred balance. You will see the new balance appear on your new card within 5 to 14 business days. Your old card still exists, but the balance you transferred is gone.
Stop using the old card and track your payoff deadline
Once the transfer posts, do not use the old card. If you keep charging on it, you will have two separate balances to manage—the transferred balance on the new card (at 0%) and new charges on the old card (at its regular rate). This makes it easy to lose track and miss your deadline.
Set a reminder on your phone or calendar for one month before your promotional period ends. If the 0% period is 18 months, set the reminder for month 17. This gives you time to see how much you still owe and decide whether you can pay it off before interest kicks in. If you cannot, you can look for another balance transfer card and move the remaining balance again—though each transfer costs another fee.
Make a payment plan for the transferred balance. Divide the total by the number of months left in the promotional period, and pay that amount every month. If you pay more, you save on the fee's impact. If you pay less, you will owe interest on the remainder.
Understand what happens when the promotional period ends
When the 0% period expires, any balance you have not paid off starts accruing interest at the card's regular rate. This rate is set when you open the account and is usually between 15% and 25%, depending on your creditworthiness and the card itself.
If you owe $1,500 when the 0% period ends and the regular rate is 20%, you will owe about $25 in interest that first month alone. That interest gets added to your balance, so next month you owe interest on $1,525. The balance grows faster the longer you carry it.
The best outcome is to pay off the entire transferred balance before the promotional period ends. The second-best outcome is to pay off as much as you can, then move the remaining balance to another 0% card. The worst outcome is to let the balance sit and accrue interest at the regular rate—which defeats the purpose of the transfer.
Watch out for common mistakes
The most common mistake is opening a balance transfer card and then continuing to use your old cards. You end up with three or four balances instead of one, and the mental load of tracking them all makes it easy to miss a payment or forget when a promotional period ends.
Another mistake is transferring a balance you cannot realistically pay off in the promotional period. If you owe $8,000 and the 0% period is 12 months, you need to pay $667 per month. If your budget does not allow that, a balance transfer will not solve the problem—it will just delay it. In that case, a debt management plan or credit counseling might be a better fit.
A third mistake is applying for multiple balance transfer cards at once. Each application triggers a hard inquiry, which lowers your credit score. Multiple inquiries in a short time can make issuers think you are desperate for credit, which can lead to rejections or worse terms. Space applications out by at least a few weeks.
Frequently Asked Questions
Can I transfer a balance from one card to the same issuer?
No. Most issuers do not allow you to transfer a balance from another card they issued to a new card they issue. You must transfer to a card from a different issuer. If you have multiple cards from the same bank, you will need to open a card from Chase, Capital One, Citi, or another issuer.
What if my transfer is denied?
A denial usually means your credit score is too low for that particular card, or your income is too high relative to your debt (which sounds backwards, but issuers use debt-to-income ratios). Try a card designed for fair credit, or wait a few months and rebuild your score before applying again. Each denial lowers your score slightly, so do not apply to multiple cards in one day.
Can I transfer a balance if I am behind on payments?
It is very difficult. Most issuers will not approve you if you have a late payment in the last 60 to 90 days. If you are behind, focus on catching up first, then wait at least three months before applying for a balance transfer card. The longer you stay current, the better your odds of approval.
What happens to my old card after the transfer?
The card stays open, but the transferred balance is gone. You can close it if you want, but closing old cards can hurt your credit score because it lowers your available credit and shortens your credit history. Most people leave the old card open but unused.
Can I do another balance transfer if I still owe money when the 0% period ends?
Yes. You can transfer the remaining balance to another 0% card, though you will pay another balance transfer fee (3% to 5%). This works if you are making progress on the debt and just need more time. If you keep transferring without paying down the balance, you are just accumulating fees and delaying the problem.