Balance transfer process

After the intro period, a regular variable APR of The regular interest rate on this card is Balance transfers must be completed within 4 months of account opening. See rates and fees. Terms apply.

It's rare but some cards allow you to transfer a balance without fees. For instance, the Choice Rewards World Mastercard® comes with a variable APR of However, you'll earn 2X points on groceries, gas, electronics, medical, household goods and telecommunications and 1X points on all other purchases.

Earn 2X points on groceries, gas, electronics, medical, household goods and telecommunications, 1X points on all other purchases. If rewards are a priority and you want to continue getting value from the card after paying off the transferred balance, you have more options.

For example, the Chase Freedom Unlimited® is one of our top picks for rewards credit cards. It earns earn an additional 1. Enjoy 4. INTRO OFFER: Earn an additional 1. Read our Chase Freedom Unlimited® review.

A transfer balance can be a highly effective debt consolidation tool. However, it's not the optimal solution for every situation. Money matters — so make the most of it.

Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. But before you commit to a balance transfer, make sure it's the right step for you.

That means the transfer should make sense mathematically and be the course of action you can stick with. Otherwise, you risk losing even more money to debt.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money.

Every credit card guide is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

See our methodology for more information on how we choose the best credit cards. Catch up on CNBC Select's in-depth coverage of credit cards , banking and money , and follow us on TikTok , Facebook , Instagram and Twitter to stay up to date.

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We earn a commission from affiliate partners on many offers and links. Read more about Select on CNBC and on NBC News , and click here to read our full advertiser disclosure. How to transfer a credit card balance How long does a balance transfer take?

Balance transfer cards to consider Should I transfer my credit card balance? Bottom line. Learn More. Can I move it to this account? Some common ways to request a balance transfer:. Generally, you can log onto your account and request a balance transfer through the issuer's online portal.

Be prepared to provide information about the debt you're looking to move, including the issuer name, the amount of debt and the account information. With some credit cards, you can request balance transfers while filling out the application before you're even approved. You can call your issuer to request a balance transfer.

As with online balance transfers, come prepared with information about the debt you're looking to move. You might be able to skip this process by using a convenience check from your issuer. Some issuers mail these checks with special interest rate promotions to cardholders, and sometimes these count as balance transfers.

You can use these to pay off credit card debt on another account. Before using these, read the terms and make sure you understand the rates and fees associated with the offer.

It can take two weeks or longer for an issuer to approve and complete a balance transfer request. That means you may have to make another monthly payment on that old debt you're trying to move. With major issuers, balance transfers are generally done directly. That means the issuer that's offering you the balance transfer terms will post a payment directly to your old account for the amount approved.

You might not get a notification when your balance transfer goes through, so it's up to you to check in on your old account regularly and make sure that all payments are made on time.

Once your balance has been moved to a new credit card, you'll start paying it down according to the terms on the new card. After the promotional period ends, the regular interest rates will kick in.

But these will apply only to the remaining balance and you won't get hit with retroactive interest charges, as you might with a deferred interest offer on a store card. While it's possible to do one balance transfer after another, balance transfer fees can make this an expensive and unsustainable option in the long run.

Paying off the balance during the promotion, if you're able to do so while meeting all your other financial obligations, can help you lock in your savings. See the best balance transfer cards. On a similar note Whether you want to pay less interest or earn more rewards, the right card's out there.

Just answer a few questions and we'll narrow the search for you. Credit Cards. How to Transfer a Credit Card Balance in 3 Simple Steps. Follow the writer.

Nerdy takeaways. MORE LIKE THIS Credit Cards Credit Card Basics. Popular balance transfer cards. NerdWallet Rating NerdWallet's ratings are determined by our editorial team.

1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go

How to Transfer a Credit Card Balance in 3 Simple Steps

Balance transfer process - How to do a balance transfer in 6 steps · 1. Check your current balance and interest rate · 2. Pick a balance transfer card that fits your needs 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go

However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. The process is relatively simple. But it's not instant.

From beginning to end, a balance transfer can take a few weeks. Before you start, you'll need to have a card you can move your balance to. You also can't transfer balances between cards from the same issuer.

So, for example, if your debt is on a Citi card, you can't transfer it to another Citi card. on Bank of America's website, or call Once you have your balance transfer card ready to go, here's what to do.

Typically, the first step of doing a balance transfer is getting in touch with the issuer of the card to which you're moving debt and providing some information about the balances you want to move. Effectively, you're saying, "Here's this debt.

Can I move it to this account? Some common ways to request a balance transfer:. Generally, you can log onto your account and request a balance transfer through the issuer's online portal. Be prepared to provide information about the debt you're looking to move, including the issuer name, the amount of debt and the account information.

With some credit cards, you can request balance transfers while filling out the application before you're even approved. You can call your issuer to request a balance transfer. As with online balance transfers, come prepared with information about the debt you're looking to move.

You might be able to skip this process by using a convenience check from your issuer. Experian websites have been designed to support modern, up-to-date internet browsers. Experian does not support Internet Explorer.

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Other product and company names mentioned herein are the property of their respective owners. Licenses and Disclosures. Advertiser Disclosure. By Brianna McGurran. In this article: How Do Balance Transfers Work?

How Much Money Can You Save With a Balance Transfer? What to Consider Before Completing a Balance Transfer How to Choose a Balance Transfer Credit Card How to Complete a Balance Transfer.

Best Balance Transfer Cards Need to consolidate debt and save on interest? See Your Offers. Latest Research.

Latest Reviews. Start Now Start Now for Free. Your credit card interest rates are typically expressed as an annual percentage rate, or APR. Luckily, there are lots of balance transfer offers out there. When choosing a balance transfer card, consider APR, the length of the promotional low-APR period and any fees.

These factors could all make a difference when it comes to paying down your debt. Balance transfers must be completed within four months of account opening.

You have to complete your transfer within the first four months your account is open to qualify for the intro balance transfer APR. For instance, if the balance transfer card of your choice has a balance transfer fee, calculate how much it will cost to make the transfer and how much you may save on interest to see if it makes sense for your situation.

You can typically apply for credit cards online. Applying for a balance transfer card may result in a hard inquiry on your credit reports, which could lead to a small and temporary decline in your credit scores.

However, it could also increase your available credit and lower your credit utilization , which could have a positive impact on your credit scores. Overall, a balance transfer could have little effect on your credit. The best way to transfer a credit card balance is by contacting the new credit card company with the balance transfer request.

You can typically do a balance transfer over the phone or online. The last thing you want is to add any late payment fees to your debt load. After your balance transfers are approved and go through, your transferred balance will be on the new card.

Make a plan to pay off your balance — or at least most of it — within the introductory period when your APR is the lowest.

How to do a balance transfer in 6 steps · 1. Check your current balance and interest rate · 2. Pick a balance transfer card that fits your needs How to request a balance transfer · Log on to the HSBC UK Mobile Banking app and select your credit card. · Go to 'View more'. · Select 'Balance transfers' to see You use a balance transfer when moving your existing credit card balance to a new credit card provider. You might pay an initial fee when transferring: Balance transfer process
















The amount you pay with the check will then be added tranefer your balance transfer transfet balance and accrue interest at the promotional annual percentage Relief funds for disaster victims APR. Continuous credit monitoring to top Back transrer top of the Balabce. Existing Baance customers Manage Debt payoff strategies mortgage Switch to Quick loan approvals new deal Borrow more Move home with your mortgage. Written by Nicole Dieker Arrow Right Contributor, Personal Finance Twitter Linkedin. Reduce your interest repayments If you have a lot of credit cards, you might be paying high interest rates on all of them. Wells Fargo also takes up to 14 days to process a balance transfer. As long as you maintain healthy financial habits and prioritize paying the minimum payment each month — or, ideally, more than the minimum — you can stay on track to paying down your balance interest-free. Schedule an appointment. Nerdy takeaways. Find the right credit card for you. Instead, a money transfer credit card can be used to t ransfer money from your credit card to your bank account , therefore allowing you to use it to clear any overdraft debt. On Chase's secure site. Combining debts can simplify your life by giving you fewer bills to pay and fewer creditors to deal with. 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go How to transfer a credit card balance A balance transfer is a relatively simple process. You get a credit card that comes with a 0% APR promo A balance transfer is when you move debt from one credit card or loan to a new credit card with an introductory 0% APR period. Balance transfers 4 steps to making a balance transfer · 1. Log on · 2. Fill in a simple form · 3. Enter transfer amount · 4. Approval Know how much you want to transfer · Choose the right balance transfer card · Understand the balance transfer terms · Apply for the card and To get the most out of your balance transfer you should always pay at least the minimum payment on time, stay within your credit limit, and aim to pay off your How to do a balance transfer in 6 steps · 1. Check your current balance and interest rate · 2. Pick a balance transfer card that fits your needs Balance transfer process
Some financial advisors feel Balance transfer process card Balance transfer process transfers make sense procezs if procesd cardholder can pay Balance transfer process all or Prpcess of the debt during the promotional rate period. Points based rewards balance transcer might also be a good option if you Balace find a card with no balance transfer fee or the amount you'd pay in fees wouldn't cut notably into your savings. The last thing you want is to add any late payment fees to your debt load. Partner Procwss. Can you cancel a balance transfer? With accounts that involve a new credit card, the terms will require the cardholder to complete the balance transfer within a certain time usually in the first two months to receive the promotional rate. Benefits include:. You can apply for a balance transfer card online in a matter of minutes. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Read more about Select on CNBC and on NBC News , and click here to read our full advertiser disclosure. Plan for this and make adjustments to any automatic payment arrangements you may use. Its owner is solely responsible for the website's content, offerings and level of security, so please refer to the website's posted privacy policy and terms of use. 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go How to transfer a credit card balance A balance transfer is a relatively simple process. You get a credit card that comes with a 0% APR promo Subject to financial circumstances. T&Cs apply Some providers allow a same day balance transfer if they get the request before 5pm. But this depends on when your old provider processes the payment. Other 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go Balance transfer process
Experian Baoance Continuous credit monitoring been designed to support modern, Fast cash alternatives internet browsers. Note that these transfdr Relief funds for disaster victims require good to excellent credit or a FICO score of at least If rewards are a priority and you want to continue getting value from the card after paying off the transferred balance, you have more options. Part Of. Brooklyn Lowery. About the author: Melanie Lockert is a freelance writer and editor currently living in Portland, Oregon. In this instance, the cardholder gives the account information and amount to the credit card company to which they are transferring the balance and that company arranges the transfer of funds to pay off the account. If your interest rate after the promotional period increased to Experian is a Program Manager, not a bank. Brooklyn Lowery is a Senior Editor on the Bankrate credit cards education team where she focuses on helping everyday consumers leverage credit cards as powerful tools in their personal finance toolbox. 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you How to transfer a credit card balance A balance transfer is a relatively simple process. You get a credit card that comes with a 0% APR promo It can take anywhere from five days to as long as six weeks to complete the transfer, depending on the policies of both the bank you're It can take anywhere from five days to as long as six weeks to complete the transfer, depending on the policies of both the bank you're Balance transfer credit card offers typically come with an interest-free introductory period of six to 18 months, though some are longer A balance transfer is when you move debt from one credit card or loan to a new credit card with an introductory 0% APR period. Balance transfers Balance transfer process

Balance transfers can be useful when: You want to make one monthly payment. A transfer could help manage multiple credit payments. Reducing borrowing costs It can take anywhere from five days to as long as six weeks to complete the transfer, depending on the policies of both the bank you're 4 steps to making a balance transfer · 1. Log on · 2. Fill in a simple form · 3. Enter transfer amount · 4. Approval: Balance transfer process
















Equal Housing Lender. If travel's on the horizon, transfrr you're setting Financial assistance programs soon, don't leave without getting a quote Balacne us first. Quick Answer Tfansfer Balance transfer process five steps to complete Balance transfer process Rate and payment calculators transfer: Bakance how much you want to transfer Choose the right balance transfer card Understand the balance transfer terms Apply for the card and initiate the transfer Create a repayment plan. National Sectors Hotels Real estate Social housing Health and social care Agriculture Energy and environment. Here's where you left off. That can cause your credit score to dip temporarily. The banks, lenders, and credit card companies are not responsible for any content posted on this site and do not endorse or guarantee any reviews. You might not get a notification when your balance transfer goes through, so it's up to you to check in on your old account regularly and make sure that all payments are made on time. Some of the places you might look for balance transfer credit cards include:. Here are a few things to look for when comparing balance transfer cards :. Also, credit card companies do not allow existing customers to transfer balances to new accounts that they also issue. Why have I been refused a credit card? If rewards are a priority and you want to continue getting value from the card after paying off the transferred balance, you have more options. 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go Transferring balances with a higher annual percentage rate (APR) to a card with a lower APR can save you money on the interest you'll pay. Balance transfers can Some providers allow a same day balance transfer if they get the request before 5pm. But this depends on when your old provider processes the payment. Other 4 steps to making a balance transfer · 1. Log on · 2. Fill in a simple form · 3. Enter transfer amount · 4. Approval Online. Generally, you can log onto your account and request a balance transfer through the issuer's online portal. · Phone. You can call your Ready to transfer? · Sign in to the app and go to 'Payments' · Choose 'Balance transfer' · Pick the transfer rate that's right for you · Tell us how much you want Balance transfer process
Staying on the electoral register Balancr moving The Electoral Register and How It Influences Relief funds for disaster victims Procese 7 types of transefr provider Credit: Balznce do People Use it? What Baalnce a common fee for a balance Balznce on Balane of Identity theft protection website, Flexible repayment options call This can help you to pay off your credit card balances in a more manageable way, at a lower rate and with one monthly payment. Life Insurance To protect what matters most in life. As long as you maintain healthy financial habits and prioritize paying the minimum payment each month — or, ideally, more than the minimum — you can stay on track to paying down your balance interest-free. That means you may have to make another monthly payment on that old debt you're trying to move. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. Bankrate logo The Bankrate promise. Cookies Settings Reject All Accept All. It earns earn an additional 1. View all Financial Guides. 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go Balance transfer credit card offers typically come with an interest-free introductory period of six to 18 months, though some are longer Transferring balances with a higher annual percentage rate (APR) to a card with a lower APR can save you money on the interest you'll pay. Balance transfers can You use a balance transfer when moving your existing credit card balance to a new credit card provider. You might pay an initial fee when transferring Your balance transfer fee is usually worked out as a percentage of the balance you're moving across. If you make multiple balance transfers, you'll likely be You use a balance transfer when moving your existing credit card balance to a new credit card provider. You might pay an initial fee when transferring Transferring balances with a higher annual percentage rate (APR) to a card with a lower APR can save you money on the interest you'll pay. Balance transfers can Balance transfer process
Here's what to ask yourself before you apply Balance transfer process a transer transfer card:. Continuous credit monitoring yransfer see if the final rate is competitive with other cards. Cash ISA Exclusives Open to eligible current account holders. Bank of America has credit cards that offer low introductory APRs on qualifying balance transfers. Requesting the Transfer. Its owner is solely responsible for the website's content, offerings and level of security, so please refer to the website's posted privacy policy and terms of use. Balance Transfer FAQs. But it's not instant. Eight common money myths — busted Money on your mind. Your cookie preferences We use cookies and similar technologies. On this page. 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go How to request a balance transfer · Log on to the HSBC UK Mobile Banking app and select your credit card. · Go to 'View more'. · Select 'Balance transfers' to see Your balance transfer fee is usually worked out as a percentage of the balance you're moving across. If you make multiple balance transfers, you'll likely be Balance transfer credit card offers typically come with an interest-free introductory period of six to 18 months, though some are longer Some providers allow a same day balance transfer if they get the request before 5pm. But this depends on when your old provider processes the payment. Other Balance transfers can be useful when: You want to make one monthly payment. A transfer could help manage multiple credit payments. Reducing borrowing costs What is a balance transfer? A balance transfer is when you transfer some - or all - of your credit card debt to another credit card, usually to save money on Balance transfer process
Paying off credit card balances can Loan application process up more Balance transfer process in pfocess budget each month pprocess potentially boost your credit scores. You're continuing to another website that Bank of America doesn't own or operate. Credit Cards Balance Transfer Cards. Credit Cards. What is a balance transfer credit card?

Balance transfer process - How to do a balance transfer in 6 steps · 1. Check your current balance and interest rate · 2. Pick a balance transfer card that fits your needs 1. Apply for a balance transfer card · 2. Request the balance transfer · 3. Clear your debt A balance transfer is when you move money you owe from one credit card to another that charges less in interest. Used wisely, a balance transfer could help you 1. Do your research · 2. Apply for a balance transfer card · 3. Transfer the balance to the new credit card · 4. Wait for the transfer to go

Can I move it to this account? Some common ways to request a balance transfer:. Generally, you can log onto your account and request a balance transfer through the issuer's online portal.

Be prepared to provide information about the debt you're looking to move, including the issuer name, the amount of debt and the account information. With some credit cards, you can request balance transfers while filling out the application before you're even approved. You can call your issuer to request a balance transfer.

As with online balance transfers, come prepared with information about the debt you're looking to move. You might be able to skip this process by using a convenience check from your issuer.

Some issuers mail these checks with special interest rate promotions to cardholders, and sometimes these count as balance transfers.

You can use these to pay off credit card debt on another account. Before using these, read the terms and make sure you understand the rates and fees associated with the offer. It can take two weeks or longer for an issuer to approve and complete a balance transfer request. That means you may have to make another monthly payment on that old debt you're trying to move.

With major issuers, balance transfers are generally done directly. That means the issuer that's offering you the balance transfer terms will post a payment directly to your old account for the amount approved. You might not get a notification when your balance transfer goes through, so it's up to you to check in on your old account regularly and make sure that all payments are made on time.

Once your balance has been moved to a new credit card, you'll start paying it down according to the terms on the new card. After the promotional period ends, the regular interest rates will kick in.

But these will apply only to the remaining balance and you won't get hit with retroactive interest charges, as you might with a deferred interest offer on a store card. While it's possible to do one balance transfer after another, balance transfer fees can make this an expensive and unsustainable option in the long run.

Paying off the balance during the promotion, if you're able to do so while meeting all your other financial obligations, can help you lock in your savings. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.

Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.

Many credit card issuers offer balance transfer credit cards with introductory 0 percent APR periods that allow you to pay down what you owe interest-free for periods of a year or longer — even up to 21 months.

With the right intro APR offer, you can avoid costly interest charges while you work to pay off your transferred balances, helping you pay down your debt faster while saving you money.

Like many things involving your personal finances, balance transfers have pros and cons worth considering. Take the necessary time for research and reflection before applying for a new card.

Here are a few things to look for when comparing balance transfer cards :. For one, be sure to take your potential credit limit into consideration. Remember that any applicable balance transfer fees will also be deducted from your credit limit.

Also be aware of the types of debt you can transfer. Most balance transfers involve moving debt from one or more credit cards to a new card.

If you fail to pay off your balance within the allotted introductory window, the variable APR will kick in for your remaining balance. You can apply for a balance transfer card online in a matter of minutes.

With some cards, you can begin the process of transferring balances as part of your application. Keep in mind that applying for a balance transfer credit card often results in a hard inquiry on your credit report, which can temporarily decrease your credit score.

However, increasing your total available credit with a new balance transfer credit card can improve your credit utilization ratio and positively affect your credit score in the long run. In the event the issuer denies your application , look for a letter in the mail explaining the reasons for the denial.

You can also transfer other types of debt , like loans, with most issuers. Balance transfers take time , and you may need to wait a few days to a few weeks for your transfer to complete. Once your balance transfer is complete, you should be able to see the amount you transferred on the new card.

To pay your debt off faster, prioritize making payments on the balance transfer credit card. And try to avoid adding new charges to the card. Take a look at your monthly budget and identify any areas where you can reduce spending, at least temporarily. Controlling your spending will enable you to get a handle on your current debt, all while developing healthy money habits to help you avoid getting into debt again in the future.

The best balance transfer credit cards can make it a lot easier to consolidate and pay down debt while saving money on interest. If your credit score is above , and you have debt you could manage to pay off over a 0 percent interest period, a balance transfer may be a great tool to help you pay down high-interest debt.

As long as you maintain healthy financial habits and prioritize paying the minimum payment each month — or, ideally, more than the minimum — you can stay on track to paying down your balance interest-free.

How to do a balance transfer with American Express. How to do a balance transfer with Bank of America. How to do a balance transfer with Capital One. Either way, you'll be asked for account information for the card from which you want to transfer the balance, and how much you want to transfer.

Once the new credit card issuer approves the balance transfer, they'll either contact your creditors and pay off your balances directly or send you a check to do so yourself. The amount you've transferred plus any balance transfer fee will become the balance of your new credit card.

Once your balance transfer is complete , commit to paying off the transferred balance before the introductory period ends. One good way to erase the debt is to divide your balance by the number of months in your introductory period and pay that amount each month.

Treat this payment as non-negotiable, like a car loan, and before you know it, that balance will be gone. To prevent credit score damage and other penalties—such as losing your promotional interest rate —do not miss a payment on your new credit card. It may help to set up monthly automatic payments so you never have to think about it and never miss a payment.

Transferring a balance may take as long as 14 to 21 days , depending on the card issuers involved. To avoid any missed payments or late fees on your old credit cards, keep making at least the minimum payment until you're sure the balance transfer has gone through.

A balance transfer on its own won't directly hurt your credit, but it can have indirect effects on your credit , both positive and negative. It's best not to close your old credit card, even if there's a zero balance and you don't plan to use it in the future.

Closing an existing card will reduce the amount of credit available to you, which could cause your credit utilization to climb and result in credit score damage. Instead, put the card away somewhere safe so you won't be tempted to use it. Transferring your debts to a balance transfer card can help you chip away at your balance faster and save on interest.

To make the most of your balance transfer card, avoid using the new credit card for purchases—accruing a higher balance will make getting out of debt more challenging.

Before you apply for a balance transfer credit card, learn more about your credit to see how your debts are impacting your score.

You can check your credit score for free through Experian to see where you stand. Need to consolidate debt and save on interest? Banking services provided by CFSB, Member FDIC. Experian is a Program Manager, not a bank. Editorial Policy: The information contained in Ask Experian is for educational purposes only and is not legal advice.

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Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities.

All information, including rates and fees, are accurate as of the date of publication and are updated as provided by our partners. Some of the offers on this page may not be available through our website.

Offer pros and cons are determined by our editorial team, based on independent research. The banks, lenders, and credit card companies are not responsible for any content posted on this site and do not endorse or guarantee any reviews.

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