The basic steps to move your balance
A balance transfer moves debt from one credit card to another, usually one offering a lower interest rate for a set period. You contact the new card issuer, tell them the amount you want to transfer and provide details of your old card, and they pay off that balance on your behalf. The debt then appears on your new card instead.
The process itself takes a few days to a few weeks. The new card company contacts your old issuer, arranges the payment, and posts the transferred amount to your new account. During this time, keep making payments on your original card until you see the balance drop to zero — the transfer is not complete until the old issuer confirms it.
You will owe the transferred amount on the new card, but under the terms of that card's balance transfer offer — typically a lower interest rate for 6 to 21 months, depending on the card. After the promotional period ends, the remaining balance reverts to the card's standard interest rate.
Key Takeaways
- You must have a new credit card already open before you can request a balance transfer; the new card company needs an active account to transfer into.
- Balance transfers take 5 to 14 business days on average, so initiate the transfer before your current card's interest rate becomes a problem.
- Most cards charge a balance transfer fee of 3 to 5 percent of the amount transferred, added to your new balance immediately.
- The promotional interest rate applies only to the transferred balance, not to new purchases you make on the new card after the transfer posts.
- You must pay down the transferred balance during the promotional period; interest rates jump significantly once that period ends.
Where to request the transfer
You request a balance transfer through the new card's website, mobile app, or by calling the customer service number on the back of your new card. Most issuers have a dedicated balance transfer section in their online account portal where you can enter the old card details and the amount you want to move.
Some card companies also allow you to request a balance transfer during the application process, before your new card arrives. This can speed things up if you are approved immediately. Check your approval email or log into your new account as soon as it is activated to see if this option is available.
If you cannot find the balance transfer option online, call the number on your new card. A representative can walk you through the process and answer questions about timing and fees specific to your card.
Information you will need to provide
Have your old credit card in front of you when you start the transfer. You will need the card number, the account holder's name as it appears on the card, and the amount you want to transfer. Some issuers also ask for the old card's expiration date and the name of the old card's issuer.
The new card company may also ask for the old card's current balance or your most recent statement to verify the amount. If you are unsure of the exact balance, provide your best estimate — the issuer will confirm the actual amount before completing the transfer.
You do not need to contact your old card issuer yourself. The new card company handles all communication with them once you submit your request.
Balance transfer fees and how they work
Nearly all credit cards charge a balance transfer fee, typically 3 to 5 percent of the amount you transfer. A few cards offer 0 percent balance transfer fees for a limited time, usually the first 60 days after account opening. This fee is added to your new card balance immediately, even before the transfer completes.
If you transfer $5,000 with a 4 percent fee, you owe $5,200 on the new card. That extra $200 is part of your balance and accrues interest after the promotional period ends, just like the original $5,000. Factor the fee into your decision about whether a balance transfer makes sense for your situation.
Some cards waive the fee for transfers completed within a specific window — often 60 days from account opening. Check your card's terms or call to confirm whether a fee applies to your transfer and when.
How the promotional interest rate works
The promotional rate is a temporary interest rate, usually 0 percent, that applies only to the balance you transfer. This rate lasts for a set period — commonly 6, 12, 18, or 21 months depending on the card. During this time, interest does not accrue on the transferred balance, so every payment you make goes directly toward reducing what you owe.
New purchases you make on the card after the transfer posts are not covered by the promotional rate. They accrue interest at the card's standard purchase rate from day one. To avoid confusion, consider using a different card for new purchases while you are paying down the transferred balance.
When the promotional period ends, any remaining balance on the transferred amount reverts to the card's standard interest rate, which is usually 15 to 25 percent depending on your creditworthiness. If you still owe $2,000 when the promotion expires, that $2,000 will start accruing interest at the higher rate.
Timeline from request to completion
Most balance transfers post within 5 to 14 business days after you submit your request. Some issuers complete transfers in as little as 3 business days; others take up to 21 days. The timeline depends on how quickly your old card issuer processes the payoff and how the two companies' systems communicate.
You can usually check the status of your transfer in your new card's online account or by calling customer service. They will tell you whether the transfer is pending, in progress, or complete. Once it is complete, the transferred amount appears on your new card statement and your old card's balance drops to zero.
Until the transfer completes, continue making payments on your old card as usual. If you stop paying and the transfer is delayed, you could face late fees or damage to your credit. Once you see the old balance hit zero, you can stop using that card.
What to do if the transfer is denied
A balance transfer request can be denied if your new card's credit limit is too low to accommodate the transfer amount, if the old card issuer refuses the payoff for some reason, or if there is a discrepancy in the account information you provided. If your request is denied, the new card company will send you a notice explaining why.
If the denial is due to insufficient credit limit, you can request a credit limit increase on your new card and try the transfer again. If the issue is incorrect account information, double-check the old card number and account holder name and resubmit. Contact your new card's customer service to understand the specific reason and what you can do next.
If your old card issuer is blocking the transfer, call them directly to ask why. Some issuers have restrictions on balance transfers to competitors, though this is uncommon. If that is the case, you may need to pursue other debt repayment strategies instead.
Frequently Asked Questions
Can I transfer a balance to a card from the same bank?
Yes, you can transfer a balance between cards from the same issuer. However, some banks restrict transfers between their own cards or offer less favorable terms for internal transfers. Check your new card's terms or call customer service to confirm whether internal transfers are allowed and what the fee and promotional rate are.
What happens to my old card after the balance is transferred?
Your old card remains open with a zero balance unless you close it. You can keep it open to maintain your credit history and available credit, or close it if you no longer need it. Closing a card can lower your credit score slightly because it reduces your total available credit, so consider keeping it open even if you do not use it.
Can I transfer a balance if I have not received my new card yet?
Some issuers allow you to request a balance transfer before your physical card arrives, as long as your account is open and active. Log into your online account or call customer service to ask. If the option is not available, you will need to wait for the card to arrive and activate it first.
Will a balance transfer hurt my credit score?
A balance transfer will cause a small, temporary dip in your credit score because the new card company performs a hard inquiry and opens a new account. However, your score typically recovers within a few months, especially if you make on-time payments on both cards and keep your credit utilization low.
What if I cannot pay off the balance before the promotional period ends?
Any remaining balance will start accruing interest at the card's standard rate once the promotion ends. If you know you cannot pay it off in time, look for another card offering a balance transfer promotion and transfer the remaining balance again before the first promotion expires. Repeat transfers can help you avoid interest, but each transfer incurs a fee.