How to do a balance transfer


If you’re brand-new to the globe of charge card, you could be questioning balance transfers.

In short, it’s a sort of deal in which financial debt is relocated from one charge card account to one more. If made use of properly, balance transfers can conserve you cash on passion settlements considering that you’re moving your balance from a high-interest card to a lower-interest card.

If you wonder concerning how to transfer a balance, below’s a fast overview to obtain you begun.

Find the balance transfer card for you

Whether for individual usage or company, just some charge card are qualified to handle balance transfers.

Many balance transfer charge card use advantages like expanded 0% interest rate (APR) initial durations, in addition to some cash-back benefits and sign-up deals.

If you do not have one currently, you’ll desire to discover and obtain a balance transfer card that helps you.


Here are some points you’ll desire to take into consideration:

  • Duration of the initial APR duration. The card will certainly change to a greater variable APR after the initial duration if you have not repaid the transfer balance completely.
  • Balance transfer charges. This is the price for implementing your transfer, generally around 3% to 5%.
  • How long it takes to total the transfer. Consider how rapidly you require the transfer; most companies take in between 5-7 days, while others can use up to 21 days. Additionally, make certain not to miss out on any type of settlements while your transfer is being implemented.

The Citi Double Cash® Card (see prices and charges), for instance, deals a long initial APR duration for balance transfers, plus a strong cash-back earning price, suggesting you do not have to sacrifice benefits on future acquisitions simply to settle your financial debt.

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There’s likewise the Bank of America® Customized Cash Rewards charge card, which provides a 0% initial APR on balance transfers (made in the very first 60 days of account opening) and acquisitions for 15 invoicing cycles. Additionally, a 3% initial balance transfer charge will obtain the very first 60 days your account is open.

After the initial balance charge deal finishes, the charge for balance transfers is 4%, and a variable APR that is presently 18.24% to 28.24% will use. Our overviews to the very best individual and company balance transfer cards will certainly offer you a excellent concept of where to begin.

Related: Citi Double Cash charge card evaluation

How to do a balance transfer

Once you have the appropriate card, you’ll desire to demand the balance transfer. This is done by getting in touch with the company of your balance transfer card — not the company of the card from whom you’re moving the balance.


The specific procedure for asking for balance transfers differs by company, yet they can normally be done either online or by phone. Also, remember that some cards have transfer balance restrictions, suggesting you will not constantly be able to transfer the totality of a balance to your card.

Wait for the balance transfer to experience

Next, you wait up until you obtain verification that the transfer has actually achieved success.

Again, the specific delay time differs by company and it can take 2 weeks or longer for a company to authorize and perform a balance transfer. This indicates you might have extra settlements to make on the financial debt you’re attempting to step while you await the transfer to be completed.

With significant companies, balance transfers are normally done straight, suggesting the company will certainly upload a repayment straight to your old represent the quantity authorized and afterwards that quantity (plus any type of relevant transfer charge) will certainly turn up on your brand-new account.

Pay off the balance on your balance transfer card

Finally, you’ll desire to make prompt settlements to reduce the balance you have actually moved prior to the initial duration finishes to ensure that you do not sustain extra passion fees. In some instances, late settlements can squash initial durations, placing you right back at fresh start.

To prevent acquiring charge card passion, attempt to enter the behavior of settling all your cards completely and promptly — among our 10 rules of charge card benefits.

Related: 6 easy guidelines to avoid of charge card financial debt

Bottom line

Starting the procedure to transfer a balance is quite uncomplicated once you have a concept of what to anticipate.

Balance transfer charge card are a wonderful means to pay for financial debt without having to bother with overpriced charge card rates of interest, simply make certain you pay the moved balance off prior to completion of the initial duration.

For even more info, have a look at our overview on what specifically a balance transfer is and how it functions.

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