“Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.
"Chase Private Client" is the brand name for a banking and investment product and service offering, requiring a Chase Private Client Checking℠ account.
Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Past performance is not a guarantee of future results.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, memberFINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.
FAQs
Most balance transfer credit cards require at least good credit, or a minimum FICO credit score of 690. NerdWallet's ratings are determined by our editorial team. The scoring formula incorporates coverage options, customer experience, customizability, cost and more.
Is there a catch to balance transfer cards? ›
Applying for a balance transfer card will likely result in a hard inquiry on your credit reports. This could cause your credit scores to drop by a few points. But it could also increase your available credit and lower your credit utilization, which could have a positive impact on your credit scores.
Why am I getting denied for balance transfer cards? ›
You may be approved for a card but denied a balance transfer if your credit limit is too low, you waited too long to request a balance transfer after opening your account or you're trying to transfer a balance from one card to another with the same issuer.
Is it a good idea to do balance transfers on credit cards? ›
If you need extra time to pay off a big credit card purchase, transferring the balance to a balance transfer card can be a smart move. If you manage to pay off your balance before the intro period ends, you can successfully dodge interest that may otherwise have been added to your balance.
What credit score do I need for a balance transfer? ›
Balance transfer credit cards typically require good credit or excellent credit (scores 670 and greater) in order to qualify.
How easy is it to get a balance transfer credit card? ›
Request the balance transfer
You can usually do a balance transfer over the phone or online. You'll need to provide account numbers of your old cards and tell your new provider how much of your balance you want to transfer (there may sometimes be a credit limit on how much you can transfer, so again, check the T&Cs).
What is a disadvantage to a balance transfer? ›
Cons of Balance Transfers
The balance transfer credit cards charge a fee typically between 3% to 5% of the transferred amount. This upfront cost can cancel out some of the savings from the lower interest rate.
When should I not do a balance transfer? ›
If you can't repay your debt in the promotional period, are nearing the finish line on total debt repayment or are planning on applying for major financing soon, a balance transfer may not be a good move.
Why did a balance transfer hurt my credit? ›
How a balance transfer could hurt your credit score. Applying for a new credit card to transfer your balance will result in a hard inquiry on your credit report. A hard inquiry will shave a few points off your score initially, and it will stay on your credit report for up to two years.
Why wont Chase let me do a balance transfer? ›
Like most issuers, Chase doesn't allow cardmembers to transfer a balance from one Chase credit card account to another Chase credit card account. If you have debt on a Chase card that you want to transfer, you should choose a balance transfer card from another issuer.
You probably stopped getting balance transfer offers because your credit score decreased, you've opted out, or issuers have reduced the number of offers available. The best balance transfer credit cards usually require at least good credit, so if your score drops, you may no longer be eligible for offers.
How long does a balance transfer take once approved? ›
A balance transfer can take anywhere from a few days to several weeks, depending on the credit card company, but they're typically done within five to seven days. Knowing what to expect can help you ensure that you stay caught up on payments.
What happens to an old credit card after a balance transfer? ›
Your old credit card will remain open after the balance transfer is complete, and you can decide whether you want to keep using it, stop spending on it, or close your account.
How many credit cards are too many? ›
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
Should I pay off my credit card or transfer the balance? ›
By moving your balance, not only could you save money, you could also get that debt-free feeling sooner. Paying credit card bills with high interest rates is tough, because most of the monthly repayments go towards paying off the interest while the debt itself takes longer to repay.
How long does it take for a balance transfer to be accepted? ›
A balance transfer takes about five to seven days after your request before you'll see it appear in the account you're transferring the balance to. But a word of warning: Some credit card issuers can take 14 or even 21 days to complete a balance transfer.
Does a balance transfer cause a hard inquiry? ›
How a balance transfer could hurt your credit score. Applying for a new credit card to transfer your balance will result in a hard inquiry on your credit report. A hard inquiry will shave a few points off your score initially, and it will stay on your credit report for up to two years.
What is the limit on a balance transfer card? ›
Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit. Some card issuers also have internal rules for balance transfers.
What credit score do you need for Discover it balance transfer? ›
You need a credit score of at least 700 to qualify for the Discover it Balance Transfer credit card. That's good credit, but they'll also look at other details from your credit report that may influence your approval odds, such as debt-to-income ratio and recent hard inquiries.
