How Long Does a Balance Transfer Take?

How long a balance transfer takes from one credit card to another depends on the issuer of the card to which you’re transferring a balance. While most card providers process balance transfers in two days to three weeks, some may take up to six weeks. Your card provider will typically give you an indication of the turnaround time in advance.

Once your new card provider approves your balance transfer request, it needs to coordinate the transfer with your existing card provider, which might lead to delays. If a card provider rejects your balance transfer request, find out why and determine if you might be able to rectify the problem and resubmit your application.

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If you wish to use a new credit card to carry out a balance transfer, you’ll need to account for the time it takes the issuer to approve your application for a new card. Further, while some card providers let you initiate the balance transfer process soon after your new card’s approval, others might require you to wait for a given number of days from account opening. This, in itself, might add several days to your balance transfer plan.

Balance transfers may take as little as two days to go through, but they also might take up to six weeks. The time it takes depends on the credit card provider responsible for carrying out a balance transfer. From applying for a new card to a balance transfer going through, plan for the process to take at least two to three weeks, if not longer. As a result, you may need to make at least one more payment toward your existing card before the new card provider clears its debt.

Balance transfers that involve the mailing of checks tend to take longer than ones that rely on electronic funds transfers.

>>MORE: WHAT ARE THE BEST BALANCE TRANSFER OFFERS THIS YEAR?

Given that a balance transfer might go through in a few days or take longer than a month, get an indication of the estimated turnaround time from your card provider before you get the process underway. Bear in mind that balance transfers tend to take longer when you apply for a new card. This is also the case if your card provider chooses to write a paper check instead of transferring the money electronically.

While you’re waiting for a balance transfer to go through, ensure you’re making payments toward your existing credit card debt. This is because the balance transfer might be processed after your existing credit card account gets billed again. If you fail to make timely payments, you might be burdened with late fees and a drop in your credit score.

If your balance transfer is not complete after the maximum time period indicated by your card provider, consider calling the issuer and checking on its status. The representative you speak with should be able to give you some indication of how much longer your balance transfer may take, and you might even learn what’s holding it back.

Once you initiate the balance transfer process, you can check both credit card accounts to see if there has been a transfer of funds. Once the payment from your new card is processed on your old card’s account, it will reflect as a normal credit card payment. As long it clears the outstanding balance in full, your account should show a $0 balance. The new credit card account, on the other hand, will reflect the transfer balance as a credit entry.

If the status of your balance transfer shows as pending, you can contact the card issuer to find out when the process might be complete.

MORE: WHAT HAPPENS WHEN YOU TRANSFER A BALANCE ON A CREDIT CARD?

In some cases, while a credit card provider might approve your application for a new card, it may put your balance transfer request on hold. This is done to confirm if the amount you wish to transfer falls within your available credit limit. If the balance transfer amount exceeds your credit limit, the card provider will reject your application. In such a scenario, you might be able to lower the amount you wish to transfer and resubmit your application.

A card provider might deny your balance transfer application if you submit it after a predetermined time period from account opening, especially if there’s an introductory balance transfer offer in place. Attempting to transfer a balance from one credit card to another issued by the same issuer usually results in a rejected application as well.

MORE: HOW TO TRANSFER A CREDIT CARD BALANCE TO ANOTHER CARD

Getting to know answers to other commonly asked questions about how long balance transfers take will put you in a better position to decide if taking this path might work well for you.

Now that you know how long a credit card balance transfer takes, pay particular attention to the timing if you plan to take this path. If you’re making use of a 0% APR offer, find out if there’s any time limit before which you need to submit your balance transfer request. Keep an eye on your existing credit card account, too, because you need to keep up with payments until the balance transfer goes through. To select a suitable balance transfer credit card, compare your options across key parameters such as APRs, annual fees and rewards.