The basic steps to move a balance from one card to another
A balance transfer moves debt you owe on one credit card to a different card, usually one with a lower interest rate. You contact the card you want to transfer the balance to, give them the account number of your current card, and tell them how much to move. The new card's issuer pays off that amount on your old card, and you now owe it to them instead.
The process itself takes a few phone calls or online forms, but the actual money movement happens behind the scenes between the two card companies. You do not send money anywhere yourself. What changes is which company you owe, and what interest rate applies to that debt going forward.
Key Takeaways
- Contact the card issuer you want to transfer the balance to and ask them to initiate a balance transfer, providing your old card's account number and the amount.
- The new card company will pay your old card issuer directly, so the debt moves but you do not handle the money yourself.
- Balance transfers usually come with a one-time fee (often 3 to 5 percent of the amount transferred) added to your new balance.
- The lower interest rate typically lasts for a set period—often 6 to 21 months—after which the regular rate kicks in, so plan to pay down the balance during that window.
- You must have a credit card account already open at the receiving company before you can request a transfer.
Where to start: calling or logging into your new card's website
Contact the credit card company whose card you want to transfer the balance to. Most have a balance transfer option on their website under account services or a customer service phone number on the back of your card. Some cards also mail you balance transfer checks or offer the option when you log into your account.
You will need your old card's account number and the exact amount you want to move. Have both ready before you call or start the online form. If you are not sure of the amount, log into your old card's account and write down the current balance.
The company will tell you immediately whether they can process the transfer and what fee applies. This is the moment to ask how long the promotional interest rate lasts and what the regular rate will be after that period ends.
What happens after you request the transfer
Once you submit the request, the new card company contacts your old card issuer and arranges payment. This usually takes 5 to 14 business days, though some transfers complete in as little as 2 to 3 days. During this time, keep paying your old card as usual—do not assume the balance is gone just because you requested the transfer.
When the transfer completes, your old card's balance will drop by the amount transferred, and that same amount will appear on your new card's statement. You will also see the balance transfer fee added to your new card balance. This fee is not charged separately; it gets rolled into what you owe on the new card.
Your old card remains open unless you close it yourself, but it now has a zero or lower balance depending on whether you transferred the entire amount.
Understanding the fee and the promotional period
Nearly every balance transfer comes with a balance transfer fee, usually between 3 and 5 percent of the amount you move. A $5,000 transfer at 4 percent costs you $200 in fees, added to your new card balance. Some cards offer 0 percent fees for a limited time, but this is less common.
The promotional interest rate—often 0 percent—applies only during a set window, typically 6 to 21 months depending on the card. After that period ends, the regular purchase or balance transfer rate applies to any remaining balance. If you owe $4,800 when the promotional period ends, you will start paying interest on that $4,800 at the regular rate.
This is why balance transfers work best when you have a plan to pay down the debt during the promotional period. If you cannot pay it off before the rate jumps, the savings may be smaller than you expected.
What you need before you can transfer
You must already have an open credit card account at the company you want to transfer to. You cannot request a balance transfer to a card you do not yet own. If you want to move a balance to a card you are interested in, you will need to open that account first, wait for the card to arrive, and then request the transfer.
Some companies allow you to request a balance transfer during the application process for a new card, but the card still has to be approved and issued before the transfer can happen. Check the card's offer page or call customer service to see whether this option is available.
You will also need your old card's account number and access to your balance information. If you do not have the card in front of you, log into that account online or call the issuer to get the number.
Limits on how much you can transfer
Credit card companies set a balance transfer limit based on your credit limit on the new card. You cannot transfer more than your available credit allows. If your new card has a $10,000 limit and you already have a $3,000 balance on it, you can transfer up to $7,000.
Some cards also set a separate cap on balance transfers as a percentage of your credit limit—for example, 95 percent instead of 100 percent. The company will tell you the maximum amount when you request the transfer.
If you want to move more than your current limit allows, you can request a credit limit increase on the new card first, though approval is not may provide. Alternatively, you can transfer a smaller amount now and move the rest later if you want.
What to do with your old card after the transfer
Closing your old card immediately after a balance transfer can hurt your credit score because it lowers your total available credit and may increase your credit utilization ratio. Keeping the card open—even with a zero balance—is usually better for your credit.
If you keep the old card open, do not use it for new purchases while you are paying off the transferred balance. Having active debt on multiple cards makes the payoff harder to track and can tempt you to spend more. Once the transferred balance is paid off, you can decide whether to close the card or keep it for future use.
If the old card has an annual fee and you do not plan to use it, closing it after the balance is fully transferred is reasonable. Just wait until the balance is actually at zero before you close it.
Frequently Asked Questions
Can I transfer a balance to a card from the same company?
Most credit card companies do not allow you to transfer a balance between their own cards. You typically have to transfer to a card from a different issuer. Check your card's terms or call customer service to confirm whether your company makes exceptions.
What if my balance transfer is denied?
Denial usually means the company sees a risk based on your credit history or current debt levels. You can ask customer service why it was denied, but they may not give detailed reasons. If you were denied, trying again immediately will likely produce the same result. Wait a few months and try a different card, or focus on paying down your current balance first.
Do I have to transfer my entire balance?
No. You can transfer any amount up to your credit limit on the new card. Some people transfer only part of their balance to spread the debt across multiple cards or to keep some debt on a card with a lower rate. You control the amount.
What happens if I do not pay off the balance before the promotional rate ends?
The regular interest rate applies to whatever balance remains. If you owe $2,000 when the 0 percent period ends, you will start paying interest on that $2,000 at the card's standard rate, which may be 15 to 25 percent depending on the card and your creditworthiness.
Can I make a balance transfer with a debit card or savings account?
No. Balance transfers only work between credit cards. If you want to move money from a savings account or debit card to pay off a credit card, you would transfer that money to your checking account and then make a regular payment to the credit card—that is not a balance transfer.