How Long Does a Balance Transfer Take?
6 Min Read | Published: August 5, 2024
This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.
A balance transfer can take between two days and six weeks to complete. However, this will vary, depending on the financial institution and its process.
At-A-Glance
- With a balance transfer, you can transfer your credit card debt from one credit card to another. This is often done to save on interest.
- A balance transfer typically takes between two days and six weeks to complete but depends on the credit card issuer and their process.
- To check the status of your balance transfer, you may be able to log into your account and look to see if your balance has increased by your transfer amount.
If you’re struggling with credit card debt, a balance transfer may be on your radar. Many people opt for a balance transfer to help lower interest charges and, in some cases, expedite the pay-off process. Depending on your situation, the type of balance transfer, and how quickly you’re able to pay the debt off, you may be able to save a significant amount of money by going this route. However, timelines vary considerably when it comes to balance transfers, so it’s important to plan ahead. In this article, we’ll look at how long balance transfers typically take.
What Is a Balance Transfer?
A balance transfer is when you move a high-interest balance from one credit card to another, ideally with a lower interest rate.
Some balance transfer cards come with a 0% introductory Annual Percentage Rate (APR), meaning you can avoid interest charges on most purchases for a limited time period of time, which often ranges from 12 to 21 months.1 Note, however, that you’ll still need to make at least the minimum payment on time each month. You’ll also want to note that interest on certain transactions, such as cash advances or balance transfers will still apply.
With a balance transfer, you can streamline your payments and save a substantial amount of money on interest. Keep in mind, however, that you may have a balance transfer fee that typically falls between 3% to 5% of the transaction amount.2
How Long Do Balance Transfers Typically Take?
There is no hard rule for how long credit card issuers must complete a balance transfer. In general, however, balance transfers typically take between two days and six weeks, depending on the card issuer.3 For this reason, it’s important to plan ahead if you’re thinking about doing a balance transfer. It’s also a good idea to visit your credit card issuer’s website or contact customer service to learn about their specific timeline for balance transfers.
It’s important to continue to make payments on your old card until the balance transfer has gone through. Your balance transfer may not be processed before your existing credit card gets billed again, and failing to make on-time payments could result in late fees and could even damage your credit score.4
How to Check the Status of Your Balance Transfer
To check the status of your balance transfer, simply log into your credit card account. As soon as the transfer is complete, you’ll notice that the balance on your new credit card has increased by the amount you have transferred.
Also, the balance on your previous credit card should reach zero or decrease by the transfer amount. If you don’t see the balance transfer on your new credit card, it’s likely still in progress. In this case, you can continue to check back or contact customer service for a status update.
What Can You Do If Your Balance Transfer Is Delayed?
If it’s been some time since you initiated your balance transfer and it still hasn’t been completed, don’t hesitate to get in touch with your credit card company’s customer service department.5 If they’re working on your transfer, you may not be able to expedite it. However, you should continue to make your payments and check with both credit card issuers to stay informed on what’s happening.
Did you know?
If you’re looking for a balance transfer credit card, you may want to consider the Blue Cash Preferred® Card from American Express. Card Members can request a Balance Transfer within the first 60 days of account opening. Fees apply.6
Frequently Asked Questions
When you receive a new credit card and want to transfer a balance onto it, your request may be put on hold. This may be done to make sure you don’t transfer more debt than your new credit card limit permits. Also, keep in mind that you may not be able to transfer a balance between two cards from the same card issuer. For this reason, it’s important to check your credit card issuer’s terms and conditions to see what is allowed.7
Your credit score does not have a direct impact on the speed of a balance transfer. However, a higher score may expedite the credit card approval process and, in turn, shorten the time it takes to complete the balance transfer.8
You may not be able to speed up a balance transfer. Some credit card companies, however, may offer an expedited transfer in exchange for a fee. If you can’t wait long for a transfer, you should ask your issuer if this is an option.9
The Takeaway
A balance transfer can be a good solution in some situations and can give you a chance to pay off outstanding credit card debt. While the timeline for the process varies by credit card company, most balance transfers will take anywhere from two days to six weeks. You can check your credit card account to see about the status of the transfer and reach out to the credit card issuer to inquire about any delays.
1,2 “What is a Balance Transfer & How Does it Work?,” Time
3,4,7,8,9 “How Long Does a Balance Transfer Take?,” MoneyGeek
5 “How Long Does a Balance Transfer Take?,” Bankrate
6 For more on Offer & Benefit Terms for the Blue Cash Preferred® Card, click here.
Anna Baluch is a personal finance writer from Cleveland, OH. She enjoys helping people from all walks of life make smart financial decisions. Her work can be seen on Credit Karma, Forbes, LendingTree, Insurify, and many other publications. Connect with Anna on LinkedIn.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
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