Balance Transfers Within The Same Bank: What You Need To Know

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Balance Transfers Within The Same Bank: What You Need To Know


Updated: November 24, 2017

Balance transfer within the same bankdisclaimer_citi_9.06.2017

Transferring a credit card balance from a high-APR card to a card with a zero-interest promotional rate is one of the best ways to pay down debt. But many people have questions about how to do it. Some folks wonder whether they can transfer a balance from one card to another within the same bank. For example, they may be carrying a balance on a Chase Slate card and wish to transfer that balance to a Chase Freedom card, or they may want to transfer a balance from one type of Citi Card to another.

Unfortunately, this isn’t possible: you cannot transfer a balance from one card to another within the same bank. That’s because both cards are under the umbrella of one credit issuer, meaning there is no advantage to the issuer to sign you up for their new card – you are already their customer. Banks offer balance transfers to customers in order to attract new business. Allowing cardholders to transfer a balance from an existing account to a new one at the same bank just doesn’t make good business sense.

However, you don’t need to worry about this. There are plenty of other options, so if this is something you wanted to do, don’t worry. So many card issuers have great balance transfer offers, there is one that will work well for you.

Best Balance Transfer Credit Cards in Autumn 2017

It can be hard to choose the best balance transfer card offer. To help you narrow it down, here are the details of our favorites:

Capital One® Quicksilver® Cash Rewards Credit Card.

9-month 0% intro balance transfer period

This credit card is good for those who do not have a lot of debt or those who can pay big sums of money monthly. Since the 0% intro APR period is relatively short – 9-months – you should be really careful with your calculations. Your ongoing interest rate will apply after the promo 0% APR is over, so you should be sure you can pay off the balance on time. Don’t forget to take into account a 3% fee that applies to each balance transferred. In addition to a balance transfer option, this card comes with a 0% intro APR on purchases, cash back rewards, and has no annual fee. When the transferred balance is paid off, you can keep this card to earn cash back on all your purchases.

Discover it® - 18 Month Balance Transfer Offer.

18-month 0% intro balance transfer period

If your credit is a little worse for wear due to carrying balances on high-interest-rate credit cards, you can still qualify for a great balance transfer card. This one only requires that you have average credit to be approved, and you’ll have a year and a half to pay off your balance without being charged any interest. The balance transfer fee is standard - 3% fee for each balance transfer. You’ll also get 5% cash back on purchases in rotating categories that change each quarter if you sign up (up to the quarterly maximum), and 1% back on every dollar you spend anywhere else. There is no annual fee for this card, and you’ll be able to track your FICO score each month for free using a Discover Credit Scorecard online service.

Citi Simplicity® Card - No Late Fees Ever.

21-month 0% intro balance transfer period

If you struggle to pay your bills on time each month, this card was made for you. You won’t be charged a fee if you miss a payment due date, and the bank won’t raise your interest rate if you’re late with a monthly payment. You can even choose your own due date. So, whether you get paid at the beginning, middle, or end of the month, you can pick the due date that corresponds with your payday. There is no annual fee for this card, and it offers a 21-month 0%* APR promotional period for balance transfers. That gives you almost two years to pay off your transferred balance, interest-free.

Capital One® Savor℠ Cash Rewards Credit Card

9-month 0% intro balance transfer period

This card does not have a long 0% intro APR on balance transfers, but comes with some other benefits you may like. The zero intro APR on balance transfers will be given for 9 months, which is enough to transfer and pay off a small amount of debt. If you are planning to make purchases while paying off the transferred balance, then this card will reward you with 3% cash back for dining, 2% cash back for groceries, and 1% for all other purchases. This card has no annual fee and has no foreign transaction fee, but there is a balance transfer fee of 3% on the amounts transferred within the first nine months.

Barclaycard CashForward™ World Mastercard®

15-month 0% intro balance transfer period

This card has a 0% APR on balance transfers for 15 months. You will need to request a balance transfer within 45 days of account opening to get the 0% promo offer. Each balance transfer will cost you 3% ($5 minimum) of the amount transferred. You’ll also get a 0% APR on purchases for the same 15 months. There’s a nice sign-up bonus, as well: a $200 cash rewards bonus when you spend $1000 in the first 90 days you have the card. Every dollar you spend on purchases will earn 1.5% cash rewards, which can be redeemed for a deposit into a U.S. checking or savings account, a statement credit or gift cards. This card also has no annual fee.


Citi® Diamond Preferred® Card – 21 Month Intro Offer on BT and Purchases

21-month 0% intro balance transfer period

This card offers one of the longest 0%* intro APR period on the market – 21 months, that’s almost two years without interest. If you are seriously looking into refinancing your debt or getting a big purchase, then it’s for you. The $0* annual fee adds to the deal. You won’t be able to milk it for rewards much, but that’s not what we really expect from a 21-month 0%* intro APR credit card, right?


Barclaycard Arrival Plus® World Elite Mastercard®

12-month 0% intro balance transfer period

If you want to go full on the rewards, pick the Barclaycard Arrival Plus. This is a serious card for travel hackers, as it offers 2X miles on all purchases – great if you don’t want to keep track of rotating categories or channel your spending towards a certain one. A sign-up bonus doesn’t disappoint – 40000 miles is equal to $400, which is on par with most premium travel cards. To qualify for the bonus offer, you will need to spend $3,000 on purchases in the first 90 days. As if it wasn’t enough, there are also 12 months of 0% APR on balance transfer. If you want it all, go for Arrival.

Why Balance Transfers are a Good Thing

The reason balance transfers are such a good thing is that they give you an opportunity to pay down your debt without accruing any interest on your balance for a set period of time; usually this is a minimum of six months and a maximum of 21 months. Most cards charge a minimal fee for this balance transfer equal to about three to five percent of the total amount you are transferring. But this fee is easily offset by the amount you’ll save on interest, and the chance to pay your debt down faster.

Luckily, there are many balance transfer offers out there so you can take your pick. If you have a balance on a Chase card, there is no reason you can’t transfer it to a Citi card, a Discover card, or a card from another issuer. Look for a card that gives you a long introductory 0% APR period, and offers a low balance transfer fee. The better your credit is, the better the cards that will be available to you, so order a copy of your credit report and score if you don’t know what your creditworthiness rating looks like.

One thing to be aware of when doing a balance transfer is that it may take a little while to go through; it could be anywhere from two days to a few weeks. So be sure to keep up payments on your original card until you are sure the transfer is complete. Another important thing to know is that your promotional rate is subject to termination in the event you miss a payment on your new card. Set up payment due alerts, or even better, automatic payments so that you won’t have a late payment and possibly miss out on the full amount of time your zero-percent offer is in effect.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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Recommended Balance Transfer Credit Cards
For Excellent, Good Credit
Discover it® - 18 Month Balance Transfer Offer
For Excellent, Good Credit
Earn 5% cash back at Amazon.com and Target now through December 2017, on up to $1,500 in purchases when you activate. Plus, 1% cash back on all other purchases.
Apply
Earn 5% cash back at Amazon.com and Target now through December 2017, on up to $1,500 in purchases when you activate. Plus, 1% cash back on all other purchases.
For Excellent, Good Credit
Citi® Double Cash Card – 18 month BT offer
For Excellent, Good Credit
Earn cash back twice on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
Apply
Earn cash back twice on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
For Excellent Credit
Barclaycard CashForward™ World Mastercard®
For Excellent Credit
Get a $200 cash rewards bonus after you spend $1,000 in purchases in the first 90 days after account opening
Apply
Get a $200 cash rewards bonus after you spend $1,000 in purchases in the first 90 days after account opening
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