How long will my balance transfer take? (2024)

FAQs

How long will my balance transfer take? ›

A credit card balance transfer typically takes about five to seven days, depending on the card issuer, but some financial institutions ask customers to allow up to six weeks to complete the transaction.

A credit card balance transfer typically takes about five to seven days, depending on the card issuer, but some financial institutions ask customers to allow up to six weeks to complete the transaction.

Most balance transfers will post to your account within a week to 21 days. This time frame is dependent on how quickly the payee processes the transferred amount. Please continue to make payments on that account until you know the transferred amount has posted and the balance has been paid.

If your balance transfer request is denied, contact the credit card issuer directly to find out why you were denied. From there, you may need to improve your credit score before reapplying or try an alternative method of paying off your debt.

Qualifying for a top-rated balance transfer credit card is generally easier if you have a good credit score, which means a FICO score of at least 670. You might still be able to open a balance transfer credit card with a credit score below 670, but it may come with a shorter intro APR period.

Your request for a balance transfer might be declined if the transfer amount is above your credit limit, your account is in poor standing or you're trying to transfer a balance to a card from the same credit card issuer.

A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.

The catch with a balance transfer credit card is it may not save you money once the 0% introductory period ends because interest will start accumulating on any remaining balance.

The time it takes for a bank transfer to be successful depends on a number of factors, and some of these factors could cause a delay. These factors include the timing of the transfer, where the transfer is being made, the currencies involved, security checks, bank holidays, and the reasons for the transaction.

Balance transfer credit card mistakes may add fees or cause you to lose your 0% introductory APR. Common mistakes you should avoid include missing the transfer deadline, making new purchases at the standard APR and not having a repayment plan.

How do I know if my balance transfer was approved? ›

If you want to know whether your balance transfer is complete, check your credit card account. Some lenders provide an option for you to track your balance transfer's status online, which makes it easy to track its progress.

Transferring your debt has its drawbacks. Balance transfer credit cards often have a host of pitfalls that can potentially offset the benefits, including: Fees: Most credit cards have a 3% or 5% balance transfer fee. Temporary 0% APR: The 0% intro offer will eventually expire, and your regular APR may be 20% or higher.

Key takeaways

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.

You'll see the transferred balance on your new card, including any applicable balance transfer fees. Due to timing differences, you may see the balance in both your new and old cards. In this case, call your card issuers to ask about the status of your 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.

Why is it taking so long for my available balance to update? Transactions that haven't been fully posted to your account can take up to three business days to clear. However that time frame can vary based on factors such as the bank or card issuer, the payment network, and the type of transaction.

Balance transfers could take a few days to several weeks. For example, Capital One cardholders can generally expect a balance transfer to take three to 15 business days, depending on whether the transfer was sent electronically or by check.