How Long Does a Balance Transfer Take?

If you’re thinking about opening a new credit card or balance transfer card, you might be wondering how long does it take to perform a balance transfer. We will discuss the answer to this question in much detail below.

How Long Does a Balance Transfer Take?

A balance transfer usually takes 5 to 7 days business days to perform. However, in some circumstances, it may take longer to perform a balance transfer. When transferring a balance from one card to another, it’s important that you continue to make any payments that are due on the card. If you fail to make the payments that are due, you could cause significant damage to your credit.

People often choose to perform balance transfers because it allows them to reduce some of the interest that they pay since, most often, they are moving a balance from a high-interest rate card to a lower interest rate credit card. If performed properly, balance transfers can save you a ton of money on interest, especially if you’re transferring money from a high-interest credit card to a newly opened credit card with 0% APR.

Card issuers handle balance in two different ways. Some banks issue an electronic credit to the credit card account that you want to transfer a balance from, while other banks will mail you a check that you will need to mail to your card issuer to perform the balance transfer. Electronic transfers are much faster than having to wait for a check and having to mail it to your card issuer.

To make a balance transfer, you must contact the card issuer you want to transfer your balance to and provide them with the details of the credit card account you want to transfer a balance from. If the bank approves your request to transfer your balance, they will initiate the balance transfer process. Usually, balance transfers take a few days to process. In most cases, you should be able to process a balance transfer within a maximum of 7 business days, in some circumstances, your balance transfer may take longer.

How Long Does a Bank of America Balance Transfer Take?

Bank of America states that it takes 2 to 4 business days to perform a balance transfer. However, if you’re transferring a balance to a newly opened Bank of America Credit Card, the balance transfer can take up to 14 days to process. A balance transfer is complete when your Bank of America credit card shows the balance that has been transferred.

How Long Does an American Express Balance Transfer Take?

American Express states that it takes 5 to 7 business days to perform a balance transfer. That said, under some circumstances, it could take up to 6 weeks for American Express to perform a balance transfer. American Express will notify you of the status of your balance transfer by mail. To check on the status of your balance transfer, you should contact American Express and ask them about it.

How long does a Capital One Balance Transfer Take?

Capital One states that it takes up to 10 business days to perform a balance transfer. The amount of time it will take depends on whether an electronic transfer is performed or the transfer is performed by mail. Electronic transfers are much quicker than mail balance transfers. Capital One adds that a balance transfer can be approved immediately in some cases, taking just a few business days to complete a balance transfer.

How Long Does a Chase Balance Transfer Take?

Chase states that balance transfers typically take 7 business days to be processed, however, in some circumstances, a balance transfer can take up to 21 business days to perform. The amount of time it takes a balance transfer to post depends on how quickly the payee processes the balance transfer. Additionally, Chase states that it tries to process most balance transfers within 7 business days, so you can expect it to take that long.

How Long Does a Citi Bank Balance Transfer Take?

Citi Bank balance transfers take between 2 to 21 business days to be processed. That said, if you’ve opened a new credit card account, it will take a minimum of 14 days before your balance transfer is processed. That said, the amount of time it takes to perform a Citi Bank balance transfer is different from one person to another.

How Long Does a Discover Balance Transfer Take?

Discover states on its website that it takes 4 business days to perform a balance transfer. That said, to make a balance transfer, an account must have been open for at least 14 days. If you recently opened an account, it could take 14 days to perform a balance transfer with Discover. Discover recommends that you make any payments that are due on your account while you wait for the balance transfer process to complete.

Should You Make a Balance Transfer?

A balance transfer may be right for you if you can transfer your balance to a credit card that has a lower interest rate than the credit card you have a balance on. This is so because you may be able to save a significant amount of money on the interest that you pay.

So, if you have a credit card with a low APR (annual percentage rate), you should consider performing a balance transfer. If you already have a balance transfer credit card, you can use it or you can apply for one that permits balance transfers. Usually, when you first apply for a credit card, some card issuers give you a period (usually 12 months) during which you are not charged any interest.

Additionally, some card issuers may present you with a balance transfer offer that allows you to make a balance transfer and pay 0% interest for a predetermined period of time, which is usually 12 to 16 months.

You should try to pay down as much of your credit as you possibly can while you have an interest free period. This is so because all of the money that you pay goes towards paying down your credit card balance since you’re not charged any interest.

Once the special period ends, you will be charged interest, making it significantly more difficult to pay down your balance.

Additionally, before transferring your balance to a different credit card, you should make sure that the balance transfer fees don’t cancel out the money you’ll save by transferring the balance.

This is so because most banks charge 3% to 5% for performing balance transfers. The fee can add up if you’re transferring a very large balance from one card to another. So, make sure that the balance transfer doesn’t wipe out of money you’re saving.

Do Balance Transfers Affect Your Credit?

Simply making a balance transfer alone will not hurt your credit score. However, if you submit too many credit card applications hoping to be approved for one, your credit score can drop because each card you apply for will leave a hard inquiry on your account. Additionally, transferring your credit card balance to a balance transfer card, consider keeping your old account open.

This is so because credit scores tend to drop after the closure of an account that was in good standing. So, make the balance transfer and keep your credit card account open. Additionally, when making a balance transfer, transfer the balance to a credit card account that has a much higher credit limit than the amount of balance transferred. This is so because your credit utilization accounts for 30% of your credit score, so utilizing as little of your available credit is vital to improving your credit score.

What Should You Do If Your Balance Transfer is Taking Longer Than Expected?

If your balance is taking longer than expected, the first thing that you should do is contact the bank or card issuer to which you’re transferring your balance to. Once you contact them ask them about the status of the balance transfer as they will have the most up to date information.

For example, if you’re transferring a balance from your Chase Sapphire Credit Card to your Bank of America Cash Rewards Visa Card, you should contact Bank of America and inquire about the status of the balance transfer. This is so because it’s the card issuer that is issuing the credit to the other bank, that is responsible for performing the balance transfer. In the event that the bank states that it issued the credit, you should contact the other bank to ensure that they applied the credit to your account.

How Can You Get a Balance Transfer Credit Card?

To get a balance transfer credit card with a low-interest rate, you should first identify a card that offers this and assess whether your creditworthiness qualifies you to obtain the card. If you have the required credit score, you should submit an application and see if you’re approved.

Oftentimes, during the application, you will be given an opportunity to enter the account information of the account from which you want to transfer a balance. If approved, it will take a few days to process your balance transfer. If you’re not given this option, you can request a balance transfer once your account is opened a credit card is issued to you. That said, you should keep in mind that the 0% APR rate is usually for a limited time that ranges from 6 to 18 months.

Should You Track the Status of Your Balance Transfer?

Yes, you should definitely track the status of your balance, ensuring that the balance transfer goes through. If you submit a balance transfer request and don’t follow up, you could cause significant damage to your credit.

You could cause damage to your credit in the following scenario: suppose you request a balance transfer and for any reason, the balance transfer doesn’t go through and you don’t make the payment on your credit card. If more than 30 days pass from the due date of your payment and you have not made the payment, the late payment will be reported as a missed payment on your credit card account.

A single late payment can knock down your credit score by more than 100 points. So it’s best to follow up to ensure that the balance transfer has gone through. If for any reason, the balance transfer has not been credited to your account before your due date, you should go ahead and make at least the minimum payment to avoid damage to your credit.

Frequently Asked Questions (FAQs)

Here are some of the most frequently asked questions we get from our site visitors:

1. Why do balance transfers take so long?

The amount of time it takes to perform a balance transfer depends on the process that the card issuer has for performing balance transfers, as well as whether the balance transfer is done by mail or electronically.

2. Can a balance transfer be denied?

Yes, a balance transfer can be denied. Your balance transfer can be denied if the balance to be transferred exceeds your credit limit or if the balance to be transferred is too large for your card issuer. You can be denied a balance transfer for a variety of other reasons.

3. Are balance transfers immediate?

No, balance transfers are not immediate. The amount of time it will take you to performance a balance transfer depends on how your card issuer handles the process, as well as whether you’re transferring the balance to a new account or established account.

4. What happens when you perform a balance transfer?

With a balance transfer, the issuer of a balance transfer card issues a credit to the credit card with the balance as is done when you issue a payment on the amount. The amount credited to the credit card is taken from the balance transfer card and appears as a balance on the new card.