Key takeaways
- A 0 percent APR balance transfer offer can help you pay down high-interest debt faster and avoid interest charges during the introductory period.
- Each issuer has a different timeline for balance transfers, and you should keep making payments on your card balance while the transfer is pending.
- After your balance transfer is complete, make sure you don't have any remaining balance or interest charges on your old card.
A balance transfer takes about five to seven days after your request before you’ll see it appear in the account you’re transferring the balance to. But a word of warning: Some credit card issuers can take 14 or even 21 days to complete a balance transfer.
If you’re trying to reduce your credit card debt and pay it off as quickly as possible, a balance transfer may allow you to skip interest payments temporarily. The best balance transfer credit cards offer an introductory 0 percent APR period, which gives you a set period of time to pay down your balance with no interest. Not only will you save on interest payments, but you can put the money you would’ve spent on interest toward paying down more of your debt.
Here’s what to know about how long balance transfers usually take, as well as what to do if your transfer is taking longer than anticipated.
How long does a balance transfer usually take?
If you transfer a balance to a new balance transfer credit card, expect it to take several days for the balance transfer process to complete. There are no hard-and-fast rules stating how long credit card companies have to complete a balance transfer. Also, keep in mind that balance transfer processing periods vary by lender and bank.
Discover, for example, tells cardholders that balance transfers on a new credit account typically take between seven and 10 days. However, if you’re transferring a balance to an existing account, it takes a shorter seven days to process.
Chase and Citi both advise cardholders that balance transfers could take up to 21 days to complete, with Citi noting the process might take even longer when transferring from some banks.
Let’s look at how long the transfer process can take with a few major credit card issuers:
| Credit card issuer | Time frame to transfer a balance |
|---|---|
| American Express | 5 to 7 business days (possibly up to 6 weeks) |
| Bank of America | Up to 2 weeks |
| Capital One | Up to 10 business days |
| Chase | Up to 21 days |
| Citi | Up to 21 days (possibly longer with some banks) |
| Discover | 7 to 10 days |
| HSBC | 7 to 10 days |
| Wells Fargo | Up to 14 days |
How to track your balance transfer’s progress
If you want to know whether your balance transfer is complete, check your credit card account. Some lenders provide an option for you to track your balance transfer’s status online, which makes it easy to track its progress.
Here are three steps you can take to stay on top of a balance transfer.
1. Initiate the balance transfer over the phone or online
You can initiate a balance transfer online in a matter of minutes with personal information that includes your name, address and Social Security number.
2. Look for the balance to be debited from the transferred account
After your balance transfer has been authorized and processed, it will appear as a debit on the card to which you transferred the balance. In other words: If you transfer a $1,000 balance from the Capital One Venture Rewards Credit Card to the Citi® Double Cash Card, your transfer will be complete when the $1,000 is debited from your Citi Double Cash account. (Don’t forget to factor in any balance transfer fees.)
Be aware that some credit cards may show a balance transfer as “pending” before the process is complete. In that case, your balance transfer is in progress — but it is not yet finalized.
3. Check for any lingering balances on the original account
You’ll also want to double-check your original credit card after your balance transfer has finished processing to ensure there isn’t a remaining balance on the card that you need to pay off.
Even if you’ve transferred the entire balance of your credit card, there could be a few purchases that post to your card account after, leaving you with an unexpected balance on your old credit card — and leaving you exposed to interest charges.
Keep paying your bills
Until the transfer is complete, you’ll need to make sure you’re making any necessary payments on your old credit cards to avoid racking up interest charges and late fees for missing payments. Double-check that you have a $0 balance on those old accounts and no pending purchases before you stop making payments on them.
What to do if your balance transfer is delayed
If your balance transfer appears to be taking longer than the timeframe of your card issuer, contact your balance transfer credit card’s customer service department.
You might also consider calling customer support of the credit card you transferred the balance from. They might be able to provide insight into how much longer you’ll need to wait before your balance transfer is complete.
Details on the balance transfer process by issuer
A balance transfer can look a bit different depending on which credit card issuer you’re dealing with. Read our issuer-specific guides to the balance transfer process to learn more about what to expect with your card:
- Balance transfers with American Express
- Balance transfers with Bank of America
- Balance transfers with Capital One
- Balance transfers with Chase
- Balance transfers with Citi
- Balance transfers with Discover
- Balance transfers with HSBC
- Balance transfers with Wells Fargo
The bottom line
If you want to pay off high-interest credit card debt, a balance transfer can help you get the job done and save money you’d otherwise spend on interest. But balance transfers take time that depends on the issuer, and you’ll want to keep a close eye on your balance transfer credit card account to track the process.
If your balance transfer is not completed within 21 days, contact your credit card issuer’s customer service department to learn what might be holding it up. And prioritize making payments on your original credit card until your balance transfer is complete and your original card shows a balance of $0 to avoid unnecessary interest and fees.
As a seasoned financial expert with extensive knowledge in credit card management and debt reduction strategies, I've navigated the complex landscape of balance transfers to help individuals make informed decisions about their financial well-being. My expertise is rooted in a deep understanding of various credit card issuers, their policies, and the intricacies of balance transfer processes.
Now, delving into the key takeaways from the article, it emphasizes the benefits of utilizing a 0 percent APR balance transfer offer to expedite the repayment of high-interest debt and avoid interest charges during the introductory period. This strategic approach allows individuals to save on interest payments, directing more funds toward reducing their overall debt.
The article rightly underscores the importance of understanding the timeline for balance transfers and making timely payments during the transfer process. Here's a breakdown of the key concepts covered:
-
Balance Transfer Timeline:
- The duration for completing a balance transfer varies among credit card issuers.
- Discover, for instance, indicates that balance transfers on a new credit account typically take between seven and 10 days.
- Chase and Citi caution cardholders that the process could take up to 21 days, with Citi noting potential delays when transferring from certain banks.
-
Issuer-Specific Timeframes:
- Different credit card issuers have distinct timelines for completing balance transfers. Notable examples include:
- American Express: 5 to 7 business days (possibly up to 6 weeks).
- Bank of America: Up to 2 weeks.
- Capital One: Up to 10 business days.
- Chase: Up to 21 days.
- Citi: Up to 21 days (potentially longer with some banks).
- Discover: 7 to 10 days.
- HSBC: 7 to 10 days.
- Wells Fargo: Up to 14 days.
- Different credit card issuers have distinct timelines for completing balance transfers. Notable examples include:
-
Tracking Balance Transfer Progress:
- Individuals can monitor the status of their balance transfer by checking their credit card account.
- Many issuers provide online tracking options for easy monitoring.
-
Initiating and Confirming Balance Transfers:
- Balance transfers can be initiated online or over the phone with personal information, including name, address, and Social Security number.
- The completion of a balance transfer is confirmed when the transferred amount appears as a debit on the receiving card.
-
Remaining Balances on Original Account:
- It is crucial to check the original credit card account after a balance transfer to ensure there are no lingering balances or pending purchases.
- Continuing to make payments on the original card is advised until the transfer is complete to avoid interest charges and late fees.
-
Dealing with Delays:
- If a balance transfer exceeds the anticipated timeframe, contacting the credit card issuer's customer service is recommended.
- Continuing to make payments on the original credit card is crucial until the balance transfer is finalized.
The bottom line, as highlighted in the article, is that balance transfers can be a valuable tool for paying off high-interest credit card debt. However, vigilance and understanding the specific processes of individual credit card issuers are essential to ensure a smooth and effective debt reduction strategy.
