Can you transfer more than one balance to a 0% APR card? (2024)

FAQs

Can you transfer more than one balance to a 0% APR card? ›

If your card with a 0 percent introductory annual percentage rate (APR) allows you to transfer debts and pay them off during the zero-interest introductory period, then you can transfer multiple balances onto your card.

If you have credit card debt on multiple cards, it can be a good idea to consolidate it to one balance transfer card to save money on interest charges and manage your debt better. You can generally transfer as many balances as you want to a single 0% APR card, but you'll need to meet certain requirements.

Yes, potential downsides to balance transfers include balance transfer fees, higher interest rates after the introductory period and the possibility of getting into more debt if you don't manage your spending habits properly.

There's technically no limit to the number of credit cards you can have at once, and the same goes for 0% APR cards as well – as long as your credit is good enough to get approved and you use your cards responsibly by making payment on time.

Yes, in theory you can have as many 0% interest credit cards as your heart desires, so long as your applications are approved. Whether or not that's a good thing for your credit and finances long term is another thing entirely.

In theory, you can transfer balances between different issuers' cards as many times as you like, but the balance transfer fees may start to eat into any savings a lower interest rate may offer. Is it OK to have two balance transfer cards? Yes, you can have multiple balance transfer cards.

A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.

A 0% APR credit card balance transfer offer means that the credit card issuer offering the balance transfer pays off all or a portion of the outstanding balance on your old account, and then adds this same balance to your new balance transfer card, so you'll now owe your new credit card issuer.

Most balance transfer credit cards offer 0% APR during an introductory period typically lasting between 12 and 21 months. During that time, you pay zero interest on transfers—so every dollar of your payment goes toward paying down the balance.

If the borrowed money has a 0 percent APR, no interest will be charged on that money for a fixed period of time. Zero-interest credit cards, or 0 percent intro APR credit cards, allow cardholders to make payments with no interest on purchases, balance transfers or both for a set period of time.

Does 0 APR hurt credit? ›

Carrying high balances on a 0 percent intro APR card might cause short-term damage to your credit score — but carrying those balances after the introductory APR expires creates a long-term problem. Once your zero-interest period ends, any unpaid balances will begin to accrue interest at the regular interest rate.

After a balance transfer takes place, your old account remains open. The original card issuer will typically only close your account if you make a request for it to do so. Unless you have a good reason to cancel your old credit card, however, you may want to think twice before you close the account.

So, while there is no absolute number that is considered too many, it's best to only apply for and carry the cards that you need and can justify using based on your credit score, ability to pay balances, and rewards aspirations.

Is a balance transfer fee worth it? If you have a significant amount of credit card debt, the 3% balance transfer fee (or sometimes even a 5% fee) is absolutely worth paying when transferring your balance to a card that has a 0% intro APR offer, but only if you still need time to pay off a balance.

Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.

Once the balance transfer is approved, which could take two weeks or longer, the issuer will generally pay off your old account directly. That old balance — plus the balance transfer fee — will show up on your new account.

If the first balance transfer card you apply for doesn't offer a high enough credit limit, you can apply for a second card. You can then do two partial balance transfers, moving a portion of your balance to each new card.

Citi doesn't list any explicit limitations on how often you can transfer balances from other cards to a Citi credit card. However, the amount of debt you transfer (plus balance transfer fees) cannot exceed the available credit limit of your Citi credit card.

Your balance transfer credit limit will be based on your creditworthiness and account history with Amex. Each transfer cannot exceed $7,500 in combined balances, and you can only make two balance transfer requests on a new card. Balance transfers may not be allowed after 60 days of account opening.