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Transferring a balance from one credit card to another is known as a balance transfer, and it normally takes five to seven days to complete. However be aware that some credit card companies may require 14, or even 21 days, to finish a debt transfer.
A balance transfer can let you temporarily forgo interest payments if you’re aiming to lower your credit card debt and pay it off as quickly as you can. The best credit cards for balance transfers provide an introductory 0% APR period, giving you a predetermined amount of time to pay off your balance without incurring interest. You’ll not only avoid paying interest, but you can use the money you would have spent on interest to pay off other debts.
How long does it typically take to transfer a balance?
Balance transfers take time to complete. Expect the balance transfer procedure to take several days if you transfer a balance to a new balance transfer credit card. The amount of time credit card companies must take to complete a debt transfer is not governed by any strict guidelines. Remember that different lenders and banks have different processing times for balance transfers.
For instance, Discover advises cardholders that it typically takes seven to ten days to transfer a balance to a new credit account. But, the processing time is merely seven days if you’re transferring a balance to an existing account. Both Citi and Chase warn cardholders that balance transfers may take up to 21 days to complete, with Citi warning that some institutions may require even more time.
How to monitor the status of your balance transfer
Check your credit card account to see if your balance transfer has been completed. It is simple to monitor the progress of your balance transfer because certain lenders give you the ability to check its status online. These are some actions you can do to manage a balance transfer:
1.Start the balance transfer by calling or going online. A balance transfer can be started online within minutes. Certain personal information, like your name, address, Social Security number, and income, will be required of you.
2.Wait for the transferred account to be debited of the balance. Your balance transfer will show up as a debit on the card you used to make the transfer once it has been approved and processed. In other words, when $1,000 is deducted from your Citi Double Cash account following a transfer from the Capital One Venture Rewards Credit Card to the Citi® Double Cash Card, the transfer is complete (a balance transfer fee applies). Be careful that a balance transfer may appear on some credit cards as “pending” before it has actually happened. If so, your balance transfer is underway but has not yet been completed.
3.Check the original account for any outstanding balances. After your balance transfer has been processed, you should double check your original credit card to make sure there isn’t a debt that has to be paid off. A few purchases may not have yet been posted to the card account, leaving customers with an unexpected balance on their old credit card while they thought they are transferring the entire balance on their credit card.
Continue to pay your debts.
Keep in mind that a balance transfer won’t happen immediately. The transfer of a balance can take as little as one week or as long as three weeks. Make sure you continue making any required payments on your previous credit cards up until the transfer is finished, or you risk accruing interest and late fees for missed payments. Before you stop paying payments on those old accounts, be sure you have a $0 balance on them or no pending purchases.
In case your balance transfer is delayed, what to do
Contact the customer service team of your balance transfer credit card if it seems like your debt transfer is taking longer than it should. Give your balance transfer some time before thinking there is a delay because it can take certain balance transfers close to a month to complete processing.
You might also think about contacting the customer support line for the credit card whose balance you transferred. They might be able to tell you how long you’ll have to wait for your balance transfer to be finished.
Information about each issuer’s balance transfer process
Depending on the credit card company you’re working with, a balance transfer may appear a little different. Before beginning the balance transfer procedure, you can better prepare yourself by reviewing the balance transfer process by issuer as follows:
- Transferring funds using American Express
- Bank of America balance transfers
- Transferring balances with Capital One
- Transferring balances via Chase
- Transferring balances via Citi
- Transferring balances using Discover
- HSBC offers balance transfers.
- transfers of balances via Wells Fargo
A balance transfer can be useful if you wish to pay off your credit card debt. Keep a tight check on your balance transfer credit card account to follow the process since balance transfers are not immediate.
Contact the customer service division of your credit card company if your debt transfer has not been finished after 21 days to find out what might be the issue. And bear in mind to continue paying off your primary credit card until the balance transfer is finished and your primary card displays a balance of $0.