Why Did I Stop Getting Balance Transfer Offers? (2024)

FAQs

Why Did I Stop Getting Balance Transfer Offers? ›

Your credit score is too low

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.

“While it may provide some short-term relief and savings, the low promotional rate on your new credit card will eventually expire,” Maliga says. “If you haven't paid off the balance transfer by the time it does, you will be back to paying higher interest rates.”

Balance transfer credit cards typically require good credit or excellent credit (scores 670 and greater) in order to qualify.

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.

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.

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.

The Citi Double Cash Card is one of the best cash-back credit cards with no annual fee. Normally, you'd need a good to excellent credit score to be approved for the top credit cards, but you can get the Citi Double Cash Card with fair or average credit. Standout benefits: The best part of this card is its simplicity.

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.

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.

Do balance transfers always get approved? ›

Key takeaways

An issuer may reject your application for a balance transfer credit card if your credit score is too low or if you have too many recent balance transfers.

You Have Bad Credit

And if you do qualify, the balance transfer offer may only offer an intro 0% APR for a few months or give you a low APR instead. Instead of applying for a balance transfer credit card with bad credit, take some actions to improve your credit score first.

The problem is that transferring a balance means carrying a monthly balance. Carrying a monthly balance by not paying off the minimum amount due each month—even one with a 0% interest rate—can mean losing the card's introductory APR, its grace period and paying surprise interest on new purchases.

Transfer terms: Most credit card issuers only allow cardholders to transfer external credit card balances. This means you typically can't transfer balances between two cards from the same issuer.

There are several reasons why a card transfer may have been rejected or failed, including incorrect recipient details, a closed recipient account, suspected fraud, or if the recipient bank doesn't support card transfers. It's important to make sure the card details you have for your recipient are up-to-date.

Balance transfer cards with 0% interest periods tend to only be offered to people with average or stronger credit histories, so regularly checking your credit score is a good idea. You can check the health of your credit score with any of the three main credit reference agencies – Experian, Equifax and TransUnion.

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.