How long does a balance transfer take? (2024)

FAQs

How long does a balance transfer take? ›

Key takeaways

The time the card issuer takes to approve and process a balance transfer can vary greatly. Some may do it within a few days, while others may take several weeks. If you're transferring a balance to a new card, you'll need to account for the time it takes to approve the new card application.

You may be approved for a card but denied a balance transfer if your credit limit is too low, you waited too long to request a balance transfer after opening your account or you're trying to transfer a balance from one card to another with the same issuer.

Balance transfers won't hurt or help your credit alone; you should still commit to best practices when paying off credit card debt. Balance transfers require an approval process, which means your balance transfer request can be denied if you have a high credit utilization.

Most balance transfers will post to your account within a week to 21 days. This time frame is dependent on how quickly the payee processes the transferred amount. Please continue to make payments on that account until you know the transferred amount has posted and the balance has been paid.

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.

Balance transfers are risky for credit card issuers — they're taking on existing debt from someone who might already be struggling to repay it. So balance transfer offers are typically available only to consumers with good to excellent credit. That typically means a credit score of 690 or better.

Both denials and delays can happen for various reasons, such as the balance transfer amount exceeding your balance transfer card's limit or the balance transfer coming from an ineligible account. Your issuer will be able to tell you which applies to your situation.

Penalty APR: Missing a payment could mean forfeiting your introductory APR and triggering a penalty APR. Bad for some debt: It's unwise to transfer low-interest debt to the card if you can't pay the balances off before the introductory offer expires since you may end up paying higher interest rates than before.

A balance transfer isn't a get-out-of-debt-free card. Balance transfers typically come with fees, and you'll likely have to pay interest on whatever balance you transfer.

How long does it take for balance transfer to show up? ›

A balance transfer can take anywhere from a few days to several weeks, depending on the credit card company, but they're typically done within five to seven days. Knowing what to expect can help you ensure that you stay caught up on payments.

It may not be possible to get approved for a balance transfer card with bad credit. Card issuers typically require a good or excellent credit score to qualify, which is a FICO^® Score^☉ of 670 or higher on an 850-point scale. But there are other ways to strategically pay down credit card debt.

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.

Can you deposit a balance transfer check into your account? Although you can deposit a balance transfer check directly into your checking account, your credit card issuer will likely treat the check like a cash advance.

Generally, you have at least 10 days after the bank sent the account-opening disclosures (not the day you received them) to call the bank and stop the balance transfer. If you did not contact the bank in time and the balance transfer was made, you will need to pay off the entire account balance.

Card issuers can determine who is eligible for a balance transfer, based on things like income and credit scores. Generally, the higher your credit score the better your odds are for getting approved. While it's possible to get approved for a balance transfer offer with bad credit, you might pay a much higher APR.

For example, Capital One cardholders can generally expect a balance transfer to take three to 15 business days, depending on whether the transfer was sent electronically or by check. View important rates and disclosures. Continue making at least the minimum payment while waiting for the balance to transfer.

No, balance transfers do not increase your credit limit. You cannot transfer a balance that exceeds your account's credit limit, and issuers will either reject such a balance transfer request or accept only a partial transfer.