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How to Do a Credit Card Balance Transfer

Last Updated: November 6, 2024
5 min read
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Key Points:

  1. A balance transfer may help you save money on high-interest-rate debt by providing you with a low promotional interest rate.

  2. Be sure to check your old account during the transfer period until the account is fully paid off.

  3. Contact your bank to see if you qualify for a balance transfer.

Balance transfers can save you money on interest charges by moving your existing balance from one credit card to another card with a lower interest rate. But how do you do balance transfers?

 

Consider these steps for how to do a balance transfer to determine whether it’s right for you. These tips may also help you maximize the benefits of a credit card balance transfer.

How to determine if a balance transfer is right for you

A credit card with a promotional balance transfer offer can make sense for some credit card users if it offers a low balance transfer annual percentage rate (APR) for a limited amount of time that can help card users save money on interest or consolidate credit card debt from many cards onto one.

To determine if a credit card balance transfer offer is right for you, consider how much the promotional APR may save you in interest,  the standard APR after the promo period ends, the length of the promotional period, the credit limit of the new card, and what the balance transfer fee will be.

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Most credit card issuers charge a balance transfer fee, which is usually a percentage of the transferred amount. Typical balance transfer fees range from 3%-5% and add to the total amount you need to pay back. You should weigh the cost of any balance transfer fees against the amount you’d save in interest by transferring your balance.

 

It's important to understand what minimum payment you need to pay off your credit card debt within the promotional period. You should also understand what happens if you don’t pay off the balance during the promotional period. Any outstanding balance will accrue interest at the new card’s standard APR.

How do I transfer a balance from one card to another?

Once you choose a new card that has a balance transfer offer with a lower interest rate, the next step is to apply with the credit card company to see if you get approved. You can request a balance transfer when your application is approved.

Request a balance transfer

You may be able to request a balance transfer online, through the card issuer’s mobile app, or over the phone with customer service. You’ll need the account information for the cards you want to transfer the balance from, and you’ll need to specify the amount you wish to transfer. This is especially important if the credit limit on your new card isn't high enough to transfer all of your old credit card debt. In general, it’s best to prioritize transferring the balances with the highest interest rates.

Then, follow any directions from your new credit card issuer and monitor your accounts while your balance transfer processes and payment is made to your other creditor(s).

 

You should continue to make all payments to your other creditor(s) until you confirm that the balance transfer has completed and the funds posted to your other account(s).

Follow up on your balance transfer request

After you request a balance transfer, you may want to double-check that everything has gone according to plan. In addition to confirming that the proper amounts transfer successfully, you’ll want to keep an eye on your old accounts so you can pay off any interest that may accrue between the date you request your balance transfer and when the transaction completes.

Pay as much as you can toward your balance

To save as much money as possible on interest charges, try to pay off as much of your new balance as you can before the promotional rate expires. To do this, you may need to pay more than the minimum payment each month.

 

Let’s say you transfer $5,000 to a new credit card with a 0% introductory rate for 18 months. The balance transfer fee is 3%, which is $150. So, your total balance is $5,150. To pay that off in 18 months and avoid interest charges on your balance transfer, you’d need to pay $287 monthly, assuming you don’t make any new purchases on your new balance transfer card.

How to do a balance transfer to a Discover credit card

To transfer a balance to your Discover Card, start by filing a balance transfer request. With a Discover® balance transfer card offer, an account must be open for 14 days before Discover can begin processing your balance transfer request. After that, most transfers are processed within 4 days.

 

Keep in mind that it may take some time for the credit to appear on the account you’re transferring from.

Did you know?

If you’ve determined a balance transfer isn’t right for you at this time, you may still want to reconsider the rewards your current card has to offer. If your spending habits have changed since you first received your old card, look how new cards–like Discover–can reward you most for your everyday purchases.

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Knowing how to complete credit card balance transfers may help you consolidate your credit card debt and save money on interest charges. With the right approach and careful planning, you can make a balance transfer work to improve your financial standing.

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  • Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.