How Long Does a Balance Transfer Take?

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.

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

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

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.

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.