The basic steps to move a 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 the amount you want to move, and they pay off that balance on your behalf. The debt then appears on your new card instead. The entire process typically takes 5 to 14 business days, though some issuers complete it faster.
You do not need to call or notify your old card issuer — the new one handles the transfer directly. Your old card account stays open unless you close it yourself, though the balance will be zero or nearly zero after the transfer posts.
Key Takeaways
- Contact the new card issuer directly and provide your old card number, the amount to transfer, and the old card's billing address.
- Balance transfers typically take 5 to 14 business days to post, during which you may see the debt on both cards temporarily.
- Most cards charge a balance transfer fee of 3 to 5 percent of the amount moved, added to your new card balance.
- The promotional interest rate (often 0 percent) applies only to the transferred balance, not to new purchases you make on the card.
- You should plan to pay down the balance during the promotional period, because the regular rate kicks in when it ends.
How to initiate the transfer with your new card issuer
Call the customer service number on the back of your new card or log into your online account and look for a "Balance Transfer" or "Transfers" option. You will need the following information ready: the account number of the card you are transferring from, the billing address associated with that old card, the amount you want to move, and the old card's issuer name.
Some issuers let you start the transfer online; others require a phone call. If you are doing it by phone, the representative will confirm the details, tell you the transfer fee upfront, and give you a confirmation number and expected completion date. Write down the confirmation number — you will need it if you want to check on the status later.
If you are transferring the full balance, ask the representative to confirm the exact amount owed on your old card, because transferring slightly less than the total leaves a small balance that will accrue interest at the old card's regular rate.
Understanding balance transfer fees and timing
Nearly all balance transfers charge a fee, typically 3 to 5 percent of the amount transferred. A $5,000 transfer at 4 percent costs $200, which is added to your new card balance when ready. This fee is not waived even if you have a promotional 0 percent rate — the fee is separate from the interest rate.
The transfer itself takes 5 to 14 business days. During this time, you may see the balance appear on both cards — this is normal and temporary. Keep making payments on your old card during the transfer to avoid late fees. Once the transfer posts to your new card, the old card balance will drop to zero (or to any remaining balance you did not transfer).
The promotional rate begins on the date the transfer posts to your new card, not the date you request it. If the promotional period is 12 months, your clock starts when the money actually arrives, not when you call.
What happens to new purchases on the transferred card
The promotional interest rate applies only to the transferred balance. Any new purchases you make on that card are charged the card's regular purchase rate, which is usually 15 to 25 percent. This means if you transfer $5,000 at 0 percent for 12 months and then spend $500 on the card, that $500 is accruing interest when ready at the regular rate.
Some cards offer a separate promotional rate for new purchases, but this is rare and will be stated clearly in the offer. Read the terms carefully — most of the time, the 0 percent rate covers only the transferred balance.
To avoid confusion, consider using a different card for new purchases during the promotional period, or pay off any new charges when ready so they do not sit and accrue interest.
Creating a payoff plan before the promotional rate ends
The promotional rate is temporary. When it ends — whether that is 6 months, 12 months, or 18 months — the remaining balance on your transferred amount will start accruing interest at the card's regular rate. If you have not paid it off by then, you lose the benefit of the transfer entirely.
Calculate how much you need to pay each month to clear the balance before the promotional period ends. If you transferred $5,000 with a 12-month 0 percent offer, you need to pay at least $417 per month to finish before interest kicks in. Write this number down and set up automatic payments if possible.
If you cannot pay off the balance in time, you can transfer it again to another card with a promotional rate — but each transfer charges another fee, and you will need to may have access to for a new card. Plan the first transfer with the assumption that you will not do another one.
When a balance transfer makes financial sense
A balance transfer saves money only if the promotional rate is significantly lower than your current card's rate and you pay down the balance during the promotional period. If you are paying 20 percent interest on $5,000, a 4 percent transfer fee plus 0 percent for 12 months saves you roughly $1,000 in interest — a clear win. If you are paying 8 percent interest and the new card's regular rate is 18 percent, the transfer fee might not be worth it unless the promotional period is very long.
Do not transfer a balance just because you can. The fee is real money, and the promotional rate is temporary. Only move the balance if the math shows you will come out ahead and you have a realistic plan to pay it down.
What to do if your transfer is delayed or rejected
Most transfers complete within the stated timeframe, but occasionally they get held up. If more than 14 business days have passed since you requested the transfer, call the new card issuer with your confirmation number and ask for a status update. They can tell you whether the transfer is still processing, stuck waiting for information from your old issuer, or completed.
A transfer can be rejected if the old card account is closed, if there is a fraud hold on the old account, or if the information you provided does not match the old card's records exactly. If this happens, the new card issuer will contact you to ask for corrected information or to try again.
If the transfer fails, you can request a new one or contact your old card issuer to ask why the transfer was blocked. In rare cases, you may need to pay off the old card manually and then explore the funds to the new card instead.
Frequently Asked Questions
Does a balance transfer hurt my credit score?
A balance transfer typically causes a small, temporary dip in your credit score. The new card issuer runs a hard inquiry, and opening a new account lowers your average account age. However, moving debt off one card and onto another can improve your credit utilization ratio if the new card has a higher limit, which helps your score recover within a few months.
Can I transfer a balance from one card to the same card?
No. You cannot transfer a balance from a card to itself. You must transfer to a different card from a different issuer. Some people open a new card with the same issuer and try to transfer between them — this usually works, but confirm with the issuer first.
What if I miss a payment during the promotional period?
Missing a payment can end the promotional rate when ready, and the remaining balance will jump to the card's regular interest rate. Some issuers allow one missed payment without penalty, but do not count on it. Set up automatic payments for at least the minimum to protect the promotional rate.
Can I transfer a balance if I have bad credit?
Balance transfer cards typically require fair to good credit (a score of 650 or higher). If your credit is lower, you may not be approved for a card with a promotional rate. In that case, focus on paying down your current balance or look for a personal loan, which may have a lower rate than your credit card.
Should I close my old card after the transfer?
Closing the old card when ready after a transfer can hurt your credit score by reducing your total available credit and raising your utilization ratio. It is usually better to leave the old card open with a zero balance, especially if it has no annual fee. You can close it later if you want.