How do I transfer a credit card balance to a new... - Balance Transfers Questions

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Credit Card Applications » Questions » User Questions » Balance Transfers » How do I transfer a credit card balance to a new card? Do I need to pay off the balance on the...

How do I transfer a credit card balance to a new card? Do I need to pay off the balance on the current credit card before I can transfer?

Answered on | Updated on September 10th, 2019
The content is accurate at the time of publication and is subject to change.

Once you are approved for a balance transfer credit card, you will need to contact the new credit card company over the phone or online to request the balance transfer. They will ask you to provide your old cards account numbers and tell how much of your balance you want to transfer. After that, the balances from your old cards will be transferred to this new one. So, there will be no carrying debt on those cards anymore. The main thing is to find out what amount the new issuer allows you to transfer, as you can’t transfer more debt than your new card has in available credit.

The transfer can take up to several weeks, so be sure to continue to make payments on your old cards until you get a confirmation the transfer is completed. That means your transferred balance is on the new card now. Therefore, there is no more debt on the old cards. However, remember that you will still need to make payments like annual fees on your remaining cards as they will still be active.

If you haven’t chosen a balance transfer credit card yet, we can recommend you consider the Discover it® Balance Transfer credit card. This card offers no annual fee, 18 months 0% intro APR for balance transfers (13.99% – 24.99% Variable after that), 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*. In addition, you will earn 5% cash back on purchases at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. Redeem cash back any amount, any time. Rewards never expire.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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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Intro APR on Balance Transfer: 0% 15 months on Balance Transfers

Ongoing APR on Balance Transfer: 15.49% - 25.49% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

Intro APR on Balance Transfer: 0% Intro APR for 12 months

Ongoing APR on Balance Transfer: Variable APR of 14.99% - 24.99% will apply after the Introductory Period

Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check

Good, Excellent Credit
See Rates & Fees

Intro APR on Balance Transfer: 0% 18 months on Balance Transfers*

Ongoing APR on Balance Transfer: 15.99% - 25.99% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

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