How to Transfer a Credit Card Balance to Another Card

Transferring a credit card’s balance to a new card requires getting the new card provider to approve the transfer. The process begins when you submit a balance transfer application. While a typical balance transfer may process in up to seven days, some card providers say it might take up to 21 days. Transferring debt from multiple credit cards to a single card (debt consolidation) is also possible.

• How to Do a Balance Transfer on a Credit Card
• How Long Does a Balance Transfer Take?
• Can You Transfer Multiple Balances?

The time it takes for a credit card balance transfer to go through depends on the card issuer that’s responsible for handling the transfer, either directly or by sending you a check. Balance transfers usually go through in five to seven days, although they may take longer. Irrespective of the card provider handling your transfer, you may expect to find out the estimated turnaround time in advance.

• Citi states that it takes "between 2 and 21 days to process balance transfers."
• According to Chase, it processes most balance transfers "within a week, but in some cases it can take up to 21 days."
• Balance transfers from American Express usually take 5 to 7 days, but in some cases, they may take up to 6 weeks.
• Capital One says it generally takes 3 to 14 days to process balance transfers.

>>More: How Long Does a Credit Card Balance Transfer Take? (by Issuer)

If you have outstanding balances on multiple credit cards, you may want to consider consolidating this debt by getting a single balance transfer card. However, the maximum amount you may transfer cannot exceed the available credit limit of your new card.

For example, if you get a balance transfer card with a credit limit of $10,000 and use it to make a $1,000 purchase, your available credit limit drops to $9,000. However, this is not the exact amount you may transfer from other cards because you also need to account for balance transfer fees.

Assume that your new card charges a 3% balance transfer fee. If you wish to transfer $5,000 from one card and $4,000 from another, you will need to pay balance transfer fees amounting to $270, which adds to your new card’s starting balance. To complete these transfers for the entire amounts on both cards, you will need an available credit limit of at least $9,270 on your new card.

Carrying out multiple transfers to a single credit card may affect your credit score by increasing or decreasing your credit utilization ratio (the percentage of the amount you’ve borrowed from your total available credit).

Assume that you wish to transfer $3,000 from a card with a credit limit of $5,000 and $2,000 from another card with a credit limit of 10,000. If these are your only two cards, your credit utilization ratio is 33.33%. If you transfer the total amount to a new card with a credit limit of $10,000 and close both your old accounts, your credit utilization ratio increases to 50%. However, if you keep all three accounts active, your overall credit utilization ratio drops to 20%. From a creditworthiness point of view, this number should be at 30% or lower.

Keep in mind that credit utilization is also affected by individual card balances. Although your overall credit utilization may be low, if the utilization on one card is high, that may negatively impact your credit score. Pay down this card's balance quickly to improve your credit.

Go through answers to other commonly asked questions about how to do a balance transfer so that you’re well prepared if you decide to carry out the process.

Now that you know how to transfer balances on credit cards, determine if going down this road might work well for you. If you think you might benefit from getting a balance transfer card, look for one based on factors such as eligibility criteria, duration of intro APR offers, regular APRs, balance transfer fees and annual fees.

MoneyGeek experts analyze the spending trends of Americans by relying on data provided by the Bureau of Labor Statistics (BLS). They also monitor over 1,600 consumer credit cards to simplify how our readers look for suitable alternatives according to their specific requirements.

The MoneyGeek editorial team ensures it stays up to date on the latest credit card offers as well as changes in fee structures. If you have any questions about new credit cards, how to select the right card or how to improve your credit score, you can trust our experts to guide you in the right direction.