1. What Is a Balance Transfer?
A balance transfer is when you move credit card balance to another card – typically from a high-interest card to one with a lower interest rate or a promotional 0% APR period. Think of it as refinancing your credit card debt, similar to how you might refinance a mortgage for a better rate.
The process of how to transfer credit card balance involves opening a new credit card (or using an existing one with available credit) and requesting that the issuer pay off your old card's balance. That debt then becomes your responsibility on the new card, ideally at a much lower interest rate.
How do you balance transfer credit cards? The best way to transfer credit card balance is during a 0% introductory APR period. Most balance transfer cards offer 15-21 months of interest-free payments, giving you a clear runway to pay down debt without accumulating more interest. Use our Balance Transfer Calculator to see exactly how much you could save.
How Balance Transfers Work: The Basics
How do I transfer credit card balance? When you're learning how to do a credit card balance transfer, here's what actually happens:
- You apply for a balance transfer card (or use an existing card with a balance transfer offer)
- Once approved, you provide details about the debt you want to transfer
- The new card issuer pays off your old card directly
- You now owe the balance to the new card, plus a balance transfer fee (usually 3-5%)
- You make payments on the new card, ideally during the 0% APR promotional period
Understanding how to use balance transfer credit cards effectively means more than just moving debt around – it's about creating a strategic plan to eliminate it.
2. Real Savings: The Numbers Don't Lie
Let's put real numbers to the question: Can a balance transfer actually save you money? Absolutely – but only if you understand the math. Here's exactly what you need to know about transferring credit card debt to another credit card.
Scenario 1: $10,000 Balance at 24% APR
Without Balance Transfer
- • Balance: $10,000
- • APR: 24%
- • Monthly payment: $300
- • Time to payoff: 50 months
- • Total interest paid: $4,931
- • Total paid: $14,931
With Balance Transfer (0% for 18 months)
- • Balance: $10,000
- • Transfer fee (3%): $300
- • Total to repay: $10,300
- • Monthly payment: $572
- • Time to payoff: 18 months
- • Total interest paid: $0 (paid off during 0% period)
- • Total paid: $10,300
Savings: $4,631 | Time saved: 32 months
This example shows why learning how to transfer balance between credit cards is so powerful. For a detailed breakdown of your specific situation, use our Credit Card Payoff Calculator to compare payoff strategies.
Scenario 2: $5,000 Balance at 19.99% APR
Even with smaller balances, the savings from knowing how to do balance transfer on credit card add up significantly:
- • 32 months to pay off at $200/month
- • $1,348 in interest charges
- • Total paid: $6,348
- • 15 months to pay off at $343/month
- • $150 transfer fee (3%)
- • Total paid: $5,150
- • Savings: $1,198
Want to see your exact savings potential? Our Credit Card Interest Calculator shows how much interest you're currently paying and what you could save with a balance transfer.
3. How to Do a Balance Transfer (Step-by-Step)
Ready to learn how to do a credit card balance transfer? This 5-minute process could save you thousands. Here's your complete roadmap for how to transfer credit card to another credit card.
1Assess Your Current Debt Situation
Before you transfer credit card balance to new card, gather this information:
- • Total balance on each card you want to transfer
- • Current APR on each card
- • Monthly minimum payments you're making
- • Your credit score (check for free on your banking app or Credit Karma)
- • How much you can realistically pay monthly toward the debt
Important: Use our Balance Transfer Calculator to determine if a transfer makes financial sense for your specific debt load.
2Choose the Right Balance Transfer Card
When deciding how to apply for credit card balance transfer, compare offers based on:
- • Intro APR period: Look for 15-21 months of 0% APR
- • Balance transfer fee: Typically 3-5% (some cards offer 0% fees but shorter intro periods)
- • Regular APR: What you'll pay after the intro period ends
- • Credit limit: Must be high enough to transfer your debt plus the fee
- • Annual fee: Ideally $0, but some premium cards may be worth it
3Apply for the Card
When learning how to request balance transfer, you'll need:
- • Personal information (SSN, income, housing costs)
- • Employment details
- • Information about existing debts
Credit Score Tip: You typically need a credit score of 670+ to qualify for the best balance transfer offers. If your score is lower, you may still qualify but with a shorter 0% period or higher fees.
4Initiate the Balance Transfer
Once approved, here's how to transfer card balance to another card:
- • Online: Log into your new card account and find "Transfer a Balance" or "Balance Transfer" option
- • Phone: Call the number on your new card and speak to a representative
- • During application: Some issuers let you request transfers when applying
You'll need to provide:
- • Account number of the card you're transferring from
- • Amount you want to transfer
- • Name of the issuing bank
5Wait for Transfer Completion (7-21 Days)
During this crucial period when you transfer balance from one card to another:
- • Keep paying your old card until you see the balance at $0
- • Don't close the old card immediately (it can hurt your credit score)
- • Monitor both accounts to confirm the transfer
- • Check for any remaining balance on the old card (interest may accrue during transfer)
6Create Your Payoff Plan
Now that you know how to use balance transfer credit card, maximize your savings:
- • Calculate how much you need to pay monthly to clear the debt before 0% expires
- • Set up automatic payments to never miss a due date
- • Put the old card away (don't use it and rack up more debt)
- • Track your progress monthly
Planning Tool: Use our Credit Card Payoff Calculator to create a month-by-month payment schedule that ensures you're debt-free before the promotional period ends.
4. Choosing the Right Balance Transfer Card
Not all balance transfer cards are created equal. Understanding how to transfer a credit card effectively starts with picking the right card for your situation.
Key Features to Compare
| Feature | What to Look For | Why It Matters |
|---|---|---|
| 0% APR Period | 15-21 months | Longer = more time to pay without interest |
| Transfer Fee | 3% or lower | Lower fee = more savings |
| Regular APR | 14-18% | Matters if you can't pay off before intro ends |
| Credit Limit | Higher than debt + fee | Must accommodate full transfer |
| Annual Fee | $0 preferred | Reduces overall savings |
Balance Transfer Fee Calculator
When figuring out how to move credit card balance to another card, calculate the fee upfront:
Quick Fee Calculation:
- • 3% fee = $150
- • 4% fee = $200
- • 5% fee = $250
- • 3% fee = $300
- • 4% fee = $400
- • 5% fee = $500
- • 3% fee = $450
- • 4% fee = $600
- • 5% fee = $750
Even with fees, the savings are substantial. Our Balance Transfer Calculator shows your net savings after fees.
5. The Transfer Process Explained
Understanding exactly how do you do a credit card balance transfer helps avoid common pitfalls. Here's what happens behind the scenes when you move credit card debt to another card.
Timeline: What to Expect
Application & Approval
Submit application; receive instant or delayed approval decision
Receive Card & Request Transfer
Card arrives by mail; you initiate the balance transfer online or by phone
Transfer Processing
New issuer pays off your old card; keep making payments on old card
Transfer Complete
Old card shows $0 balance; debt now on new card; start aggressive payoff
Common Transfer Methods
There are several ways to transfer credit card balance. Here's how each method works:
Online Transfer
Best for: Most people (fastest and easiest)
- + Complete in minutes from your phone
- + Immediate confirmation
- + Can track status online
- - Requires online account setup
Phone Transfer
Best for: Those who prefer speaking to a person
- + Can ask questions during process
- + Representative guides you
- - May wait on hold
- - Business hours only
6. Smart Balance Transfer Strategies
Now that you understand how to do credit card balance transfer, let's talk strategy. These tips separate people who eliminate debt from those who just shuffle it around.
Strategy 1: Calculate Your Monthly Payment First
Before you transfer one credit card balance to another, figure out if you can actually pay it off during the 0% period.
The "Must Pay" Formula:
(Balance + Transfer Fee) ÷ Months of 0% APR = Required Monthly Payment
$8,000 balance + $240 fee (3%) = $8,240
$8,240 ÷ 18 months = $458/month
$12,000 balance + $360 fee (3%) = $12,360
$12,360 ÷ 21 months = $589/month
Can't afford that payment? Either transfer less debt, find a card with a longer 0% period, or reconsider whether a balance transfer is right for you. For a detailed payoff schedule, see our guide on how long to pay off credit card balances.
Strategy 2: Transfer Only What You Can Pay Off
One of the biggest mistakes when learning how to transfer credit card debt is transferring more than you can handle. It's better to transfer $5,000 and pay it off than transfer $15,000 and still have a balance when the 0% expires.
Strategy 3: Stop Using All Credit Cards
This is critical. When you can transfer credit card balance to another card, the old card becomes available again. Don't use it! In fact, here's what to do:
- Remove from digital wallets (Apple Pay, Google Pay, etc.)
- Delete from online shopping sites (Amazon, etc.)
- Put physical cards in a drawer or freeze them in a block of ice (seriously!)
- Don't close accounts immediately (wait until debt is paid; closing hurts credit score)
Strategy 4: Set Up Automatic Payments
Missing even one payment can kill your 0% APR and trigger penalty rates of 29.99%. When you roll over credit card balance to a new card, immediately set up autopay for at least the minimum (but ideally for your calculated payoff amount).
Strategy 5: Consider Multiple Transfers
If you have multiple high-interest cards, you can transfer balance from one citi card to another or consolidate several cards onto one balance transfer card. Just make sure:
- The new card's credit limit can handle the total (including fees)
- You can still afford the monthly payment to clear it
- The math still works (use our calculator to verify savings)
7. Common Balance Transfer Mistakes to Avoid
Understanding how to make a credit card transfer balance is only half the battle. Here are the mistakes that derail most people's balance transfer plans.
Mistake #1: Not Reading the Fine Print
The Problem: You assume the 0% applies to everything, but it often only covers transferred balances – not new purchases.
The Fix: Read the terms carefully. Most balance transfer cards charge regular APR on new purchases from day one. Don't use the card for anything except paying down the transferred balance.
Mistake #2: Missing the Payoff Deadline
The Problem: You think you have 18 months, but month 19 hits and suddenly you're paying 24.99% on the remaining balance.
The Fix: Set a calendar reminder for 3 months before the 0% period ends. Use our Credit Card Payoff Calculator to create a payment schedule that finishes early.
Mistake #3: Continuing to Use Old Cards
The Problem: You swap the credit card balance but immediately rack up new charges on the old one.
The Fix: The old card now has available credit – resist temptation! Put it away and focus solely on paying down the transferred balance. For more on breaking the debt cycle, read our guide on the real cost of credit card debt.
Mistake #4: Transferring Between Cards from the Same Issuer
The Problem: You try to transfer balance from one card to another with the same bank, and they reject it.
The Fix: Most issuers don't allow transfers between their own cards. You need to transfer to a card from a different bank. For example, you can't transfer from Chase Freedom to Chase Slate, but you can transfer from Chase to Citi or Bank of America.
Mistake #5: Ignoring the Balance Transfer Fee
The Problem: You focus only on the 0% APR and forget about the 3-5% upfront fee.
The Fix: Always calculate the fee into your savings. A $10,000 transfer with a 3% fee costs $300. That's still way better than paying 24% interest, but you need to factor it in. Use our Balance Transfer Calculator to see your true savings after fees.
Mistake #6: Doing a Balance Transfer When You Can't Afford the Payments
The Problem: You transfer $15,000 but can only afford $300/month – nowhere near enough to pay it off in 18 months.
The Fix: Be honest about what you can afford. Transfer only the amount you can realistically pay off. If you have $15,000 in debt but can only afford $400/month, transfer $7,200 (18 months × $400) and work on the rest separately.
8. When Balance Transfers Don't Make Sense
Sometimes, even though you can transfer balance from one credit card to another, you shouldn't. Here's when to consider alternatives.
Scenario 1: Your Credit Score Is Too Low
If your credit score is below 650, you probably won't qualify for the best balance transfer offers. You might get approved for a card with:
- Shorter 0% periods (6-12 months instead of 18-21)
- Higher balance transfer fees (5% instead of 3%)
- Lower credit limits (not enough to transfer all your debt)
Better alternative: Focus on paying down your highest-interest card first while building your credit score. Once it improves, then consider a balance transfer.
Scenario 2: You Have a Small Balance
If you only have $500-1,000 in credit card debt, the balance transfer fee might not be worth it. Here's the math:
$1,000 balance at 24% APR:
- • Pay it off in 6 months at $180/month = $80 in interest
- • Balance transfer with 3% fee = $30
- • Net savings: only $50
Better alternative: Just pay it off aggressively and skip the hassle. The savings don't justify the effort for small balances.
Scenario 3: You Can't Stop Spending
If you're still actively using credit cards for daily expenses and can't break the habit, a balance transfer won't solve your problem – it might make it worse.
Why? You'll transfer the balance, freeing up credit on your old cards. Then you'll use those cards again, ending up with debt on both the old and new cards.
Better alternative: Address the spending problem first. Create a budget with our Budget Calculator and work on paying down debt without transferring it.
Scenario 4: You're Considering Debt Consolidation Loans
Sometimes a personal loan for debt consolidation makes more sense than knowing how to transfer debt between credit cards. Consider a consolidation loan if:
- You have excellent credit and can get a loan at 8-12% APR
- You want a fixed payment and timeline (5 years, for example)
- You need the structure of installment payments
- You have more debt than any balance transfer card would approve
Compare both options carefully. Use our Loan Calculator to see total costs of a consolidation loan versus a balance transfer.
9. Special Balance Transfer Scenarios
Let's address some specific questions about how to transfer credit card balance in unique situations.
Can You Transfer a Credit Card Balance to Another Person?
The short answer: No. You cannot directly transfer a credit card balance to another person. Balance transfers must be made to a card in your own name. However, there are workarounds:
Possible Solutions:
- Option 1: The other person adds you as an authorized user on their balance transfer card (they're responsible for payments)
- Option 2: Apply jointly for a new balance transfer card (if the issuer allows joint applications)
- Option 3: They can give you money to pay off your card directly, then you pay them back
Warning: Mixing finances with friends or family can strain relationships. Get any agreement in writing and be clear about repayment terms.
Can You Transfer Credit Card Balance to Bank Account?
You're probably wondering: can credit card transfer money directly to my checking account? The answer is complicated.
Most balance transfer cards don't allow transfer credit card to bank account transactions. However, some issuers provide "balance transfer checks" or "convenience checks" that you can deposit. Here's what you need to know:
Balance Transfer Checks:
- + Can be deposited into your bank account
- + Sometimes qualify for 0% intro APR
- - Often treated as cash advances (29.99% APR immediately)
- - May have higher fees (5% instead of 3%)
- - Not all issuers offer them
Bottom line: Read the fine print carefully before using balance transfer checks. If they're treated as cash advances, you're better off doing a traditional balance transfer directly between cards.
Can You Balance Transfer a Balance Transfer?
Yes, you can you balance transfer a balance transfer – but it's generally not recommended. Here's why:
- You'll pay another 3-5% fee each time
- It indicates you're not addressing the underlying debt problem
- Each application hits your credit score
- Issuers may catch on and stop approving you
When it might make sense: If you're 16+ months into an 18-month 0% period and still have $3,000 remaining, transferring to a new 0% card could save you from high interest. But this should be a one-time emergency move, not a repeated strategy.
Credit Fund Transfer vs. Balance Transfer
Credit fund transfer is a term sometimes used internationally or by certain issuers, but it's essentially the same as a balance transfer. Whether you call it credit card transfer, fund transfer credit card, or balance transfer, the process is identical: moving debt from one card to another to save on interest.
10. Maintaining Your Progress After the Transfer
You've successfully learned how to transfer your credit card balance. Now comes the hard part: actually paying it off. Here's your month-by-month action plan.
Month 1: Set Up Your System
- Set up automatic payments for your calculated monthly amount
- Create a calendar reminder for 3 months before the 0% period ends
- Remove old cards from all digital wallets and online accounts
- Print or bookmark your payoff schedule from our calculator
- Set a monthly reminder to check your progress
Months 2-6: Build Momentum
This is where most people either succeed or fail. Stay motivated by:
- Tracking your decreasing balance each month
- Calculating how much interest you're NOT paying
- Finding extra money to throw at the balance (tax refunds, bonuses, side income)
- Celebrating milestones (paid off 25%, 50%, 75%)
Months 7-15: Stay the Course
The middle months can feel like a slog. Combat fatigue by:
- Reviewing your progress – you're more than halfway there!
- Avoiding the temptation to use credit cards for emergencies (build an emergency fund instead)
- Looking for ways to increase your payments even slightly
Final Months: Sprint to the Finish
Three Months Before 0% Ends:
- • Calculate exactly how much you still owe
- • If you can't pay it all before the deadline, consider these options:
- - Find extra money to make a large final payment
- - Transfer the remaining balance to another 0% card
- - Accept paying regular APR on the remainder (still better than your original rate)
- • Whatever you do, don't give up in the final stretch!
After Payoff: Protect Your Progress
You've paid off the balance – congratulations! Now:
- Keep the old cards open (helps your credit score) but don't use them
- Consider using one card for a small recurring charge (Netflix, etc.) and paying it off monthly to keep it active
- Take the money you were paying toward debt and redirect it to savings
- Build an emergency fund so you don't need credit cards for unexpected expenses
11. Frequently Asked Questions
How do you do a credit card balance transfer?
How to balance transfer credit card? To do a credit card balance transfer: 1) Apply for a balance transfer card with 0% intro APR, 2) Get approved and receive your new card, 3) Request the balance transfer online or by phone, 4) Provide your old card details and transfer amount, 5) Continue paying the old card until transfer completes (7-21 days), 6) Start making payments on the new card immediately.
Can you transfer credit card balance to another card?
Yes, you can transfer balance from one credit card to another. Most credit card issuers allow balance transfers during application or after approval. You'll need the account information for the card you're transferring from, and the new card must have enough available credit to accommodate the transfer amount plus any balance transfer fee (typically 3-5%).
How much can I save with a balance transfer?
Savings depend on your balance, current APR, and the 0% intro period. On a $10,000 balance at 24% APR, you'd pay $4,931 in interest over 50 months making $300 payments. With a balance transfer to 0% APR for 18 months (3% fee), you'd pay just $300 in fees – saving $4,631. Use our Balance Transfer Calculator to see your potential savings.
What is the best way to transfer credit card balance?
The best way to transfer credit card balance is to: 1) Choose a card with the longest 0% intro period (15-21 months), 2) Compare balance transfer fees (look for 3% or lower), 3) Calculate if you can pay off the balance before the intro period ends, 4) Transfer only what you can realistically pay off, 5) Stop using the old card to avoid new debt.
How long does a balance transfer take?
Most balance transfers take 7-21 days to complete. During this time, continue making payments on your old card to avoid late fees and additional interest. The exact timeline depends on the card issuer and whether it's a busy time of year (many people transfer balances in January after holiday spending).
Can you transfer a credit card balance to another person?
No, you cannot directly transfer a credit card balance to another person. Balance transfers must be made to a card in your own name. However, if someone wants to help you pay off debt, they could add you as an authorized user on their balance transfer card, or you could apply jointly for a new card (if the issuer allows joint applications).
Will a balance transfer hurt my credit score?
A balance transfer typically causes a temporary dip in your credit score (5-10 points) due to the hard inquiry from applying for a new card. However, if you use the transfer to pay down debt, your score should recover and improve within a few months as your credit utilization ratio decreases.
Can I do a balance transfer to bank account?
Most balance transfer cards don't allow direct transfer credit card to bank account transactions. However, some issuers offer balance transfer checks that can be deposited into your bank account. Be cautious: these are often treated as cash advances with higher fees and may not qualify for the 0% intro APR. It's better to transfer directly between credit cards.
12. Your Balance Transfer Action Plan: What to Do Right Now
You now know how to transfer credit card balance to another card. Here's your step-by-step action plan to start saving money this week.
1Today (Next 30 Minutes)
- ✓ Gather your credit card statements
- ✓ Use our Balance Transfer Calculator to see potential savings
- ✓ Check your credit score (free on many banking apps)
- ✓ Calculate your required monthly payment
2This Week
- ✓ Research balance transfer card offers
- ✓ Compare fees and intro periods
- ✓ Choose the best card for your situation
- ✓ Apply for the card
3After Approval
- ✓ Receive and activate new card
- ✓ Request balance transfer immediately
- ✓ Continue paying old card until transfer confirms
- ✓ Set up automatic payments on new card
4Ongoing
- ✓ Make payments on schedule
- ✓ Avoid using old cards
- ✓ Track progress monthly
- ✓ Celebrate being debt-free!
Your Debt-Free Date
If you transfer your balance today and follow through with consistent payments, you could be completely debt-free in 12-21 months. That's not years from now – that's next year or the year after.
Imagine not making credit card payments every month. What could you do with that extra money? Save for a house? Build an emergency fund? Invest for retirement? Start planning now with our Budget Calculator.
The best time to transfer your credit card balance was yesterday. The second-best time is right now. Don't let another month of high interest charges slip by. Calculate your savings, apply for a balance transfer card, and take control of your debt today.
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