Balance Transfers With Chase — Here's All You Need to Know

Chase lets you transfer balances from credit cards issued by other providers as a new or existing cardholder. Depending on the balance transfer credit card you get, you may qualify for an intro 0% APR offer, where you pay no interest on transferred balances during the promo period. Paying off the entire amount within the given time frame can lead to savings in interest charges. Given the average credit card APR of 14.39% across MoneyGeek's full data set, the money you save can be a tidy sum.

Qualifying for a Chase credit card does not guarantee approval of a balance transfer request. The factors it considers if you apply for a balance transfer include, but are not limited to, your creditworthiness and payment history. If Chase denies your request, there are a few other options you can explore.

• How Does a Chase Balance Transfer Work?
• Chase’s Best Balance Transfer Credit Cards
• How Much You Can Save With a Balance Transfer
• What to Know Before Requesting a Balance Transfer
• Pros and Cons of Doing a Balance Transfer
• What if My Balance Transfer Request Is Denied?

Start by looking at the existing balance transfer offers from Chase and select one after accounting for your specific requirements. Remember that your Chase card's credit limit has a direct bearing on the amount you will be able to transfer from one or more cards. When requesting a balance transfer, you'll need to provide details of the card(s) in question.

Chase states that it processes most balance transfers within a week, although it might take up to 21 days in some scenarios. You should continue making payments on your other credit cards until the balance transfer is complete.

Identifying both the cards you wish to transfer balances from and the amounts you wish to transfer is key. Ideally, you should try to transfer balances from cards with the highest APRs first. Bear in mind, though, that Chase lets you transfer no more than a combined total of $15,000 within a given 30-day period. You will also want to consider the balance transfer fee you need to pay because it will add to your total balance transfer amount.

The best cards for balance transfers from Chase are ones that come with promotional 0% APR offers. However, selecting a card that works well for you requires paying attention to a few different aspects, such as annual fees, the duration of the intro APR offers and any balance transfer fees.

If you plan to get a new Chase credit card, you will need to wait until you’re approved for the card before you can start the balance transfer process. Once approved, you may submit your balance transfer request online or over the phone. To begin the process over the phone, you simply need to call the number on the back of your credit card.

To submit your request online, you need to log in to the Chase online banking platform. The information you'll need to provide includes the credit card numbers you wish to transfer balances from and the amount you wish to transfer from each card.

>>More: How Long Does a Credit Card Balance Transfer Take?

The duration of your Chase card's 0% APR offer notwithstanding, you should ideally create a workable payment plan ahead of time. If you wish to make the most of the 0% APR offer, it's best that you repay the entire transferred balance before the end of the promo period. This way, you only pay balance transfer fees and no interest charges.

If paying off the entire balance before the promo period ends is not possible, your focus should be on paying off as much as possible. Any outstanding balance will start accruing interest at the card's regular APR once the promo period ends.

>>More: How to Transfer a Credit Card Balance to Another Card

You may expect benefits other than intro 0% APR offers from Chase balance transfer cards. For instance, none of the current Chase balance transfer cards charge annual fees. Depending on the card you get, you may also stand to earn rewards or cash back.

The Chase Freedom Unlimited Card comes with an intro 0% APR offer on balance transfers and purchases for the first 15 months. You get a $200 bonus if you spend $500 on purchases in the first three months. This card offers up to 5% cash back on category-based spending.

This card's 0% APR offer applies to balance transfers and purchases for the first 15 months. Spending $500 on purchases within the first three months brings with it a $200 bonus. Spending on bonus categories gives you the ability to earn up to 5% cash back.

The Slate Edge Card from Chase comes with an intro 0% APR on balance transfers and purchases for the first 18 months. You get the ability to lower your APR each year until it reaches a predetermined lower limit by making your payments on time and spending at least $1,000 on purchases in the preceding 12 months. My Chase Plan lets you break up purchases of at least $100 into smaller payments by paying a fixed monthly fee and no interest charges.

Different factors play a role in how much money you may save through a balance transfer. These include the transferred amount, the new card's balance transfer APR, the duration of its intro APR offer and the time you take to pay off the debt completely.

Knowing what the process of carrying out a balance transfer with Chase entails might help you steer clear of possible roadblocks that may come your way.

• You may qualify for a balance transfer card from Chase if you have good or excellent credit.
• Qualifying for a card does not guarantee approval of your balance transfer request.
• You may transfer debt only from other credit cards.
• Carrying out a Chase to Chase transfer is not an option.
• You may use Chase balance transfer checks to get cash or pay for just about any type of legitimate expense.
• Chase may take up to 21 days to approve your balance transfer request.
• The total amount you may request to be transferred online or over the phone cannot exceed $15,000 during any 30-day period.
• Balance transfers do not earn cash back, rewards or rebates.
• You need to start paying interest charges toward any outstanding balance once the promo period ends.
• The intro balance transfer fee applies on transfers posted within 60 days from account opening.
• You don't get interest-free days on purchases until you pay off your transferred balances in full.
• A penalty APR might apply if you make a late or returned payment.

You can pay off your credit card debt successfully if you carry out some research and adhere to responsible financial habits.

• Narrow down on a balance transfer card after comparing your top options based on intro APR offers, balance transfer fees, annual fees and rewards.
• Come up with and stick to a plan to pay off the entire transferred balance before the end of the promotional period.
• Sign up for auto-pay or set a reminder to make your payments ahead of time to avoid late fees and penalty APRs.
• Don't use the new card to make purchases until you pay off the transferred balance completely.

Carrying out a balance transfer to a Chase credit card comes with its share of advantages, but there are possible pitfalls that need your attention too.

>>More: What Are the Advantages and Disadvantages of a Balance Transfer?

If Chase rejects your request for a balance transfer, you have some other avenues you can explore. For example, if you already have a credit card with available credit, you may be tempted to get a cash advance. But there are other, better options. If you wish to consolidate debt from multiple credit cards, you may consider applying for a personal loan. And people who are going through tough financial times may consider looking at what debt management plans have to offer.

• Cash advance. Using a cash advance to make a credit card payment is not ideal because interest starts accruing from the date of the transaction. The APR for cash advances is typically fairly high, and you need to account for cash advance fees. The only situation in which taking this path may be beneficial is if you wish to avoid paying a late fee and are confident you can pay off the entire cash advance amount quickly.
• Personal loan. Personal loans tend to come with lower ongoing APRs than credit cards. In addition, since personal loans typically offer higher credit limits than credit cards, they might work better when it comes to consolidating debt from multiple cards.
• Debt management plan. Debt management plans are best suited for people facing financial hardship. To get on one, you should ideally get in touch with a nonprofit credit counseling agency accredited by the National Foundation for Credit Counseling. If you qualify to get on a debt management plan, you may expect lower interest rates and possible waiving of late fees.