The basic steps to move your balance
A balance transfer begins with choosing a card that offers a promotional rate, then telling that card's issuer the name of your current card and how much you want to move. The new card company contacts your old card company, the balance gets transferred (usually within 5 to 14 business days), and you start paying interest at the promotional rate instead of your old rate. The whole process is handled between the two card companies—you don't send money yourself.
The catch is that you need to be approved for the new card first, and the credit limit they give you may be lower than the balance you want to move. If that happens, you can transfer a partial balance and pay the rest on the original card, or apply for a different card with a higher limit.
Key Takeaways
- You must be approved for a new credit card before any balance can transfer, and the card's credit limit determines how much you can move.
- The new card issuer will ask for your old card number and the exact amount you want transferred—have both ready before you call or start the online process.
- Balance transfers typically post within 5 to 14 business days, but interest on the transferred amount starts accruing immediately if you don't pay during the promotional period.
- Most cards charge a balance transfer fee (usually 3 to 5 percent of the amount transferred) that gets added to your new balance on day one.
- You should stop using your old card once the transfer completes, or the new debt will pile on top of the transferred balance.
Get approved for the new card first
You cannot transfer a balance to a card you don't have yet. Start by researching cards that offer a 0% promotional period on balance transfers—these typically last 6 to 21 months depending on the card and issuer. Check the card's terms for the length of the promotional period, the regular interest rate that kicks in after, and the balance transfer fee (the percentage charged upfront).
Apply for the card through the issuer's website or by phone. The approval decision usually comes within minutes to a few hours. If you're approved, the issuer will tell you your credit limit—this is the maximum amount you can transfer. If the limit is lower than your current balance, you'll transfer what you can and pay the rest on your old card.
Do not apply for multiple cards at once hoping one will approve with a higher limit. Each application creates a hard inquiry on your credit report, and multiple inquiries in a short time can lower your score and make other issuers less likely to approve you.
Gather the information your new card issuer will need
Before you contact the new card company to request the transfer, have these details ready: the name of your current card issuer (the company you're transferring from), your account number on that card, and the exact dollar amount you want transferred. You'll also need your current card's billing address if it differs from the address on file with the new card company.
If you're not sure of your old card number, log into that account online or call the number on the back of the card. Write down the amount you want to transfer—don't guess. If you transfer too little, you'll still owe money on the old card at the old interest rate. If you transfer too much and exceed your new card's credit limit, the issuer will reject the request or transfer only up to your limit.
Request the balance transfer through your new card issuer
Once you have your new card and the information above, contact the issuer to start the transfer. Most major card companies let you request a balance transfer online through your account dashboard, by phone, or through their mobile app. The online method is usually fastest—you'll enter your old card number and the amount, and the system confirms the request immediately.
If you call, have your new card number and old card number ready. The representative will ask which card you're transferring from, the amount, and will confirm the balance transfer fee (usually shown as a percentage). They'll give you a confirmation number—write it down. Ask how long the transfer typically takes and whether you should continue making payments on your old card during the transfer period.
Some issuers allow you to request the transfer before your new card arrives in the mail, as long as you have the card number (which you can find in your online account or by calling customer service). Others require you to activate the card first.
Understand what happens during the transfer window
After you request the transfer, the new card company contacts your old card company and arranges the payment. This process typically takes 5 to 14 business days. During this time, you should continue making at least the minimum payment on your old card—the transfer hasn't completed yet, and you're still responsible for that debt.
Once the transfer posts to your new card, the old balance will be paid off (or reduced by the amount transferred), and that amount now appears on your new card's statement. The balance transfer fee is added to your new balance immediately, even though you haven't been charged interest yet. For example, if you transfer $5,000 with a 3% fee, your new card balance is $5,150.
Log into your new card account a few days after the transfer to confirm it posted correctly. Check that the amount matches what you requested and that the promotional rate is showing on your statement.
Stop using your old card and manage the new balance
Once the balance transfer completes, close or stop using your old card. If you keep charging on it, you'll accumulate new debt at the old interest rate while the transferred balance sits on your new card at the promotional rate. This defeats the purpose of the transfer and makes your debt harder to pay off.
On your new card, focus on paying down the transferred balance during the promotional period. Interest-free doesn't mean payment-free—you still owe the money. If you don't pay the full balance before the promotional period ends, the remaining balance will be charged the regular interest rate (often 15% to 25%), and you'll owe interest on that amount going forward.
Set up automatic payments or calendar reminders so you don't miss the promotional period deadline. Some people divide the transferred balance by the number of months in the promotional period to figure out how much they need to pay each month to clear it by the time the rate changes.
Watch out for common mistakes
The biggest mistake is not paying down the balance before the promotional period ends. If you transfer $5,000 at 0% for 12 months but only pay $2,000 during that time, you'll owe interest on the remaining $3,000 at the regular rate. That interest accrues daily, so the longer you wait after the promotional period ends, the more you'll pay.
Another common error is transferring a balance you can't actually afford to pay back. The promotional rate is temporary—you need a realistic plan to pay the full amount before it expires. If you can't, a balance transfer just delays the problem and may cost you more in fees.
Don't assume your new card's credit limit is higher than your old card's. If you transfer most of your available credit to the new card, you'll have very little room to charge anything else. This can hurt your credit score if your credit utilization (the percentage of available credit you're using) gets too high.
Frequently Asked Questions
Can I transfer a balance before my new card arrives in the mail?
Yes, most issuers let you request a balance transfer as soon as you're approved, even if the physical card hasn't arrived yet. You can find your card number in your online account or by calling customer service. Some issuers require you to activate the card first, so check with yours before requesting the transfer.
What if my new card's credit limit is less than my balance?
You can transfer up to your credit limit and leave the rest on your old card. You'll pay the promotional rate on the transferred amount and the old rate on what remains. You can also request a credit limit increase after a few months of on-time payments, then transfer more if the issuer approves.
Do I still owe my old card company if part of the balance doesn't transfer?
Yes. If you transfer $3,000 of a $5,000 balance, you still owe the remaining $2,000 on the old card at the old interest rate. Continue making payments on it until it's paid off, or the interest will keep growing.
When does interest start on the transferred balance?
Interest does not accrue during the promotional period, but it starts accruing immediately on any balance that remains after the promotional period ends. If your 0% period is 12 months and you still owe $1,000 on day 365, you'll be charged interest on that $1,000 starting day 366.
Can I transfer a balance between cards from the same company?
Most issuers do not allow you to transfer a balance from one of their cards to another of their cards. You'll need to transfer to a card from a different company. Check your new card's terms or call the issuer to confirm whether they accept transfers from their own existing accounts.