The basic steps to move a credit card balance

A balance transfer moves debt from one credit card to another, usually one with a lower interest rate. You contact the new card issuer, give them the old card details, and they pay off that balance for you. The debt then appears on your new card instead, where you owe it at the new card's rate.

The process takes about 5 to 14 business days from the moment you request it. During that time, you keep making payments on the old card as usual—do not stop paying until the transfer completes and the old balance hits zero. If you miss a payment while the transfer is pending, it can damage your credit score and may disqualify you from the promotional rate the new card offered.

Key Takeaways

  • You initiate a balance transfer by calling the new card's customer service line or logging into your online account and requesting the transfer by name and account number of the old card.
  • The new card issuer pays your old card issuer directly, so the old balance disappears from that card and appears on the new one within 5 to 14 business days.
  • Most balance transfer cards charge a one-time fee of 3 to 5 percent of the amount transferred, added to your new balance immediately.
  • The promotional interest rate (often 0 percent) applies only to the transferred balance, not to new purchases you make on the card.
  • You must continue paying your old card until the transfer posts, because the old issuer does not know the transfer is coming and will still expect payment.

Before you request a transfer: what to have ready

Gather the account number and card number of the credit card you want to transfer from. You will also need the name on that account and the current balance you want to move. Some issuers let you transfer part of a balance instead of all of it, so decide whether you want to move everything or leave some debt behind.

Check the new card's terms for the balance transfer fee and the length of the promotional period. The fee is usually charged as a percentage—typically 3 to 5 percent—and is added to your new balance right away. If you are transferring $5,000 and the fee is 3 percent, you will owe $5,150 on the new card. The promotional rate (often 0 percent interest) lasts for a set number of months, after which the regular purchase rate kicks in. Know that date before you transfer, so you can plan to pay down the balance before interest starts accruing.

How to request the transfer through the card issuer

Call the customer service number on the back of your new credit card. Tell the representative you want to make a balance transfer. They will ask for the account number of the card you are transferring from, the name on that account, and the amount you want to move. Have that information in front of you so you can read it accurately.

The representative will confirm the balance transfer fee, the promotional rate, and the date that rate expires. They will also tell you when to expect the transfer to complete. Ask them to note in your account that a balance transfer is pending, so if you call back with questions, the next representative will see it. Some issuers send a confirmation email or letter; others do not, so ask whether you will receive written confirmation and how to check the status if you do not hear back within a few days.

You can also request a balance transfer through your online account if the card issuer offers that option. Log in, look for a "Balance Transfer" or "Transfers" section, and enter the old card details there. The process is the same, but you will not have a representative to ask questions, so make sure you understand the terms before you submit.

What happens after you request the transfer

The new card issuer contacts your old card issuer and arranges payment. This usually takes 5 to 14 business days. During this time, the balance still shows on your old card, and you should still make your regular payment to avoid a late fee and credit damage. Missing a payment during the transfer window can disqualify you from the promotional rate, even though the transfer is already in motion.

Once the transfer completes, the balance on your old card will drop to zero (or to whatever amount you did not transfer). The same balance now appears on your new card, plus the transfer fee. You will receive a statement from the new card issuer showing the transferred balance and the fee. At that point, you can stop paying the old card—the debt is gone from there.

The new card's promotional period starts on the date the transfer posts, not the date you requested it. So if you request a transfer on the 5th and it posts on the 15th, the promotional period begins on the 15th. Mark that date on a calendar so you know when the regular interest rate takes over.

Managing your new card during the promotional period

Make at least the minimum payment every month, on time. The promotional rate applies only to the transferred balance—any new purchases you make on the card will accrue interest at the regular purchase rate immediately. To avoid confusion, consider using a different card for new purchases during the promotional period, so all your payments go toward the transferred balance.

Create a payoff plan based on the length of the promotional period. If you have a 12-month 0 percent offer and owe $5,000, you need to pay at least $417 per month to clear it before interest kicks in. If you pay only the minimum, you may still owe a balance when the promotional period ends, and then interest will start accruing on whatever remains. Use an online calculator to work backward from your balance and promotional period length to see what monthly payment you need.

Common mistakes to avoid

Do not close the old card immediately after the transfer completes. Closing it can hurt your credit score because it reduces your available credit and changes the age of your credit history. Leave it open with a zero balance. You can close it later if you want, but there is no benefit to doing it right away.

Do not assume the promotional rate applies to new purchases. It does not. Every dollar you charge to the new card after the transfer posts will be subject to the regular interest rate. If you need to carry a balance on new purchases, you will pay interest on those immediately.

Do not miss the deadline to pay off the transferred balance. Set a phone reminder for one month before the promotional period ends, so you know how much you still owe and whether you can pay it off in time. If you cannot, you may want to request another balance transfer to a different card before the rate increases, though this only works if you have not maxed out your credit or applied for too many new cards recently.

What to do if the transfer is denied or delayed

If the card issuer denies your balance transfer request, they will tell you why. Common reasons include insufficient credit limit on the new card, too many recent applications, or a drop in your credit score. If the limit is the issue, you can ask for a credit limit increase on the new card and try again. If it is a credit issue, you may need to wait a few months before trying another transfer.

If the transfer is taking longer than the stated timeframe, call the new card issuer and ask for a status update. Provide the date you requested it and the amount. They can contact the old issuer on your behalf if there is a hold-up. In rare cases, transfers fail because the old card issuer rejects the request—this sometimes happens if there is a fraud alert on the old account or if the account is closed. The new issuer will tell you if this occurs and what to do next.

Frequently Asked Questions

Can I transfer a balance from one card to the same bank?

Most banks do not allow you to transfer a balance between their own cards. You usually have to transfer to a card from a different issuer. Check your card's terms or call customer service to confirm whether your bank allows internal transfers.

Does a balance transfer hurt my credit score?

A balance transfer causes a small, temporary dip in your credit score because the new card issuer runs a hard inquiry and opens a new account. Your score typically recovers within a few months. Paying down the transferred balance on time will help it recover faster.

What if I can't pay off the balance before the promotional rate ends?

You can request another balance transfer to a different card before the promotional period expires, moving the remaining balance to a new 0 percent offer. However, this only works if you have not applied for too many cards recently and your credit score is still strong enough to may have access to.

Can I make a balance transfer if I have bad credit?

Balance transfer cards typically require good to excellent credit. If your credit score is low, you may not be approved. In that case, you could focus on paying down the existing balance, or look for a personal loan with a lower rate than your current card, though this is a different type of transaction.

Do I have to use the new card after I transfer a balance?

You do not have to use it, but you can. Just remember that new purchases will be charged the regular interest rate, not the promotional rate. Many people keep the card open with a zero balance after paying off the transferred debt, to preserve their credit history and available credit.