Can You Transfer a Balance From One Credit Card to Another?
Yes, you can often transfer a balance from one credit card to another, but there are important restrictions. Many credit card issuers do not allow balance transfers between cards issued by the same company, and transfer fees, credit limits and promotional terms can affect whether the move makes financial sense.
How a Credit Card Balance Transfer Works
A balance transfer moves debt from one credit card to another. The new card issuer generally pays the amount you request to the old card issuer, and that amount becomes part of the balance on your new card. If the new card offers a 0% introductory APR on balance transfers, you may then have a period of time to pay down the transferred debt without interest accruing at the promotional rate.
Can You Transfer a Balance Between Cards From the Same Issuer?
Often, no. Many credit card issuers do not allow you to transfer a balance from one of their cards to another card they issue. For example, an issuer may require the transferred debt to come from a different financial institution. Rules vary by issuer and offer, so check the balance transfer terms before applying.
How Much Can You Transfer to the New Card?
The amount you can transfer depends on the credit limit you receive and the issuer’s balance transfer rules. Some issuers may limit transfers to a percentage of your available credit or set a separate maximum transfer amount. The balance transfer fee may also use part of your available credit, so you may not be able to transfer your entire existing balance.
How Long Does a Balance Transfer Take?
Balance transfers are not always immediate. Processing times vary by issuer and may take several days or longer to complete. Until you confirm that the old account has received the payment, continue making any required payments on that card. Missing a payment while waiting for the transfer could result in fees or other consequences.
Should You Keep Paying the Old Card During the Transfer?
Yes. Continue making at least the required payment on your old card until you confirm that the balance transfer has been completed and credited to the account. A transfer request does not automatically pause your payment obligations, and stopping payments too early could lead to a late fee or other negative consequences.
What Happens to the Old Credit Card After the Transfer?
Transferring a balance does not automatically close the old credit card. Once the transfer is complete, the account may remain open with a zero or reduced balance unless you choose to close it or the issuer takes other action. Before closing an old card, consider how that decision could affect your available credit and overall credit profile.
Does a Balance Transfer Affect Your Credit?
A balance transfer can affect your credit in several ways. Applying for a new card may result in a hard inquiry, and opening a new account can change the average age of your accounts. At the same time, receiving additional available credit could lower your overall credit utilization if your spending does not increase. The effect will depend on your individual credit profile.
Make Sure the Transfer Actually Saves You Money
Before moving the balance, compare the transfer fee with the interest you expect to avoid. Also consider the length of the 0% introductory period, the regular APR after the promotion ends and how much you can realistically repay each month. Moving debt to another card is most useful when the numbers support a clear plan to reduce what the debt costs you.
Use the Ready Steady Go Calculator
Use our offer calculator to compare the balance transfer fee, introductory APR period and regular APR using your own numbers. This can help you estimate whether transferring the balance could reduce your overall cost before you apply.
The Bottom Line
You can often transfer a balance from one credit card to another, but issuer restrictions, credit limits, transfer fees and promotional terms all matter. Before making the move, confirm that the transfer is allowed and compare the total cost with what you would pay by keeping the existing balance. A balance transfer works best when it is part of a clear plan to reduce both your interest costs and your debt.