{"id":131213,"date":"2024-11-06T10:00:36","date_gmt":"2024-11-06T10:00:36","guid":{"rendered":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/11\/06\/how-to-do-a-balance-transfer-the-points-guy\/"},"modified":"2024-11-06T10:00:36","modified_gmt":"2024-11-06T10:00:36","slug":"how-to-do-a-balance-transfer-the-points-guy","status":"publish","type":"post","link":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/11\/06\/how-to-do-a-balance-transfer-the-points-guy\/","title":{"rendered":"How to do a balance transfer &#8211; The Points Guy"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>If you&#8217;re new to the world of credit cards, you might be wondering about <a href=\"https:\/\/thepointsguy.com\/credit-cards\/what-is-a-balance-transfer\/\" rel=\"noopener\" target=\"_blank\">balance transfers<\/a>.<\/p>\n<p>In short, it&#8217;s a type of transaction in which debt is moved from one credit card account to another. If utilized correctly, balance transfers can save you money on interest payments since you&#8217;re transferring your balance from a high-interest card to a lower-interest card.<\/p>\n<p>If you&#8217;re curious about how to transfer a balance, here&#8217;s a quick guide to get you started.<\/p>\n<p><a id=\"find-the-balance-transfer-card-for-you\" class=\"jsx-2362441780 anchor\"\/><\/p>\n<h2 class=\"jsx-2362441780\">Find the balance transfer card for you<\/h2>\n<p>Whether for personal use or business, only some credit cards are eligible to take on <a href=\"https:\/\/thepointsguy.com\/credit-cards\/how-to-manage-debt-with-balance-transfer\/\" rel=\"noopener\" target=\"_blank\">balance transfers<\/a>.<\/p>\n<p>Many balance transfer credit cards offer perks like extended 0% annual percentage rate (APR) introductory periods, along with some cash-back rewards and welcome offers.<\/p>\n<p>If you don&#8217;t already have one, you&#8217;ll want to find and apply for a balance transfer card that works for you.<\/p>\n<figure class=\"jsx-1853040249 tpg-figure\">\n<div style=\"padding-top:0\" class=\"jsx-36530878 full-width-auto-height-image\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:66.6875%\"\/><noscript><img alt=\"\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%\" sizes=\"100vw\" srcset=\"https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=640 640w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=750 750w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=828 828w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=1080 1080w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=1200 1200w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=1920 1920w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=2048 2048w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=3840 3840w\" src=\"https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/02\/Person-sitting-at-coffee-shop-using-laptop-and-credit-card_-Gorica-Poturak.jpg?width=3840\"\/><\/noscript><\/span><\/div><figcaption class=\"jsx-1853040249 figcaption\">GORICA POTURAK\/GETTY IMAGES<\/figcaption><\/figure>\n<p>Here are some things you&#8217;ll want to consider:<\/p>\n<ul>\n<li><strong>Duration of the introductory APR period:<\/strong> The card will switch to a higher variable APR after the introductory period if you haven&#8217;t paid off the transfer balance in full.<\/li>\n<li><strong>Balance transfer fees:<\/strong> These are the costs of executing your transfer, usually around 3% to 5%.<\/li>\n<li><strong>How long it takes to complete the transfer:<\/strong> Consider how quickly you need the transfer; most issuers take between 5-7 days, while others can take up to 21 days. Additionally, make sure not to miss any payments while your transfer is being executed.<\/li>\n<\/ul>\n<p>The <span class=\"jsx-eb69f9b09a3de1d0 jsx-eea0d1f218f5e80b\"><a href=\"https:\/\/thepointsguy.com\/apply-now\/citi-double-cash-card-18-month-bt-offer\/?tid=post\" rel=\"noreferrer noopener\" target=\"_blank\" class=\"jsx-eb69f9b09a3de1d0 jsx-eea0d1f218f5e80b applyLink inherit\">Citi Double Cash\u00ae Card<\/a><\/span> (see <a href=\"https:\/\/thepointsguy.com\/apply\/citi-double-cash-card-rates-and-fees\/?tid=post\" rel=\"noopener\" target=\"_blank\">rates and fees<\/a>), for example, offers an 18-month introductory 0% APR period for balance transfers, plus a solid cash-back earning rate, meaning you don&#8217;t have to sacrifice rewards on future purchases just to consolidate your debt.<\/p>\n<div class=\"&#10;        EmailSignUp_container__qYzYT&#10;        undefined&#10;        EmailSignUp_isLoading__i_qm0&#10;      \"><picture class=\"EmailSignUp_graphic__zgpFm\"><source media=\"screen and (max-width: 767px)\" srcset=\"\/images\/EmailSignUp\/daily-mob.svg\"\/><img decoding=\"async\" alt=\"\" src=\"https:\/\/thepointsguy.com\/images\/EmailSignUp\/daily-dt.svg\"\/><\/picture>\n<div class=\"EmailSignUp_form__C8FWb\">\n<p>Daily Newsletter<\/p>\n<p>Reward your inbox with the TPG Daily newsletter<\/p>\n<p>Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG\u2019s experts<\/p>\n<\/div>\n<\/div>\n<p>After the introductory balance fee offer ends, a variable APR between 18.74% and 28.74% will apply. A 3% introductory balance transfer fee ($5 minimum) will apply within the first four months your account is open. After the introductory balance transfer fee offer ends, the fee for future balance transfers is 5% ($5 minimum).<\/p>\n<p>There&#8217;s also the <span class=\"jsx-eb69f9b09a3de1d0 jsx-eea0d1f218f5e80b\"><a href=\"https:\/\/thepointsguy.com\/apply-now\/bank-of-america-cash-rewards-credit-card\/?tid=post\" rel=\"noreferrer noopener\" target=\"_blank\" class=\"jsx-eb69f9b09a3de1d0 jsx-eea0d1f218f5e80b applyLink inherit\">Bank of America\u00ae Customized Cash Rewards credit card<\/a><\/span>, which offers a 0% introductory APR for 15 billing cycles for purchases and for any balance transfers made in the first 60 days of opening your account.<\/p>\n<p>After the introductory APR offer ends, a variable APR between 18.74% &#8211; 28.74% will apply. A 3% introductory balance transfer fee will apply for the first 60 days your account is open. After the introductory balance transfer fee offer ends, the fee for future balance transfers is 4%.<\/p>\n<p>Our guide to the <a href=\"https:\/\/thepointsguy.com\/credit-cards\/balance-transfer\/\" rel=\"noopener\" target=\"_blank\">best balance transfer cards<\/a> will give you a good idea of where to start.<\/p>\n<p><strong>Related: <a href=\"https:\/\/thepointsguy.com\/credit-cards\/reviews\/citi-double-cash-card-review\/\" rel=\"noopener\" target=\"_blank\">Citi Double Cash credit card review<\/a> and <a href=\"https:\/\/thepointsguy.com\/credit-cards\/reviews\/customized-cash-rewards-card-review\/\" rel=\"noopener\" target=\"_blank\">Bank of America Customized Cash review<\/a><\/strong><\/p>\n<p><a id=\"how-to-do-a-balance-transfer\" class=\"jsx-2362441780 anchor\"\/><\/p>\n<h2 class=\"jsx-2362441780\">How to do a balance transfer<\/h2>\n<p>Once you have the right card, you&#8217;ll want to request the balance transfer. This is done by contacting the issuer of your balance transfer card \u2014 <em>not<\/em> the issuer of the card from whom you&#8217;re transferring the balance.<\/p>\n<figure class=\"jsx-1853040249 tpg-figure\">\n<div style=\"padding-top:0\" class=\"jsx-36530878 full-width-auto-height-image\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:66.6875%\"\/><img alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%\"\/><noscript><img alt=\"\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%\" sizes=\"100vw\" srcset=\"https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=640 640w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=750 750w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=828 828w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=1080 1080w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=1200 1200w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=1920 1920w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=2048 2048w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=3840 3840w\" src=\"https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2023\/02\/Young-man-using-computer-and-credit-card-at-home_Riska.jpg?width=3840\"\/><\/noscript><\/span><\/div><figcaption class=\"jsx-1853040249 figcaption\">RISKA\/GETTY IMAGES<\/figcaption><\/figure>\n<p>The exact process for requesting balance transfers varies by issuer, but they can generally be done either online or by phone. Also, keep in mind that some cards have transfer balance limits, meaning you won&#8217;t always be able to transfer the entirety of a balance to your card.<\/p>\n<p><a id=\"wait-for-the-balance-transfer-to-go-through\" class=\"jsx-2362441780 anchor\"\/><\/p>\n<h2 class=\"jsx-2362441780\">Wait for the balance transfer to go through<\/h2>\n<p>Next, you wait until you receive confirmation that the transfer has been successful.<\/p>\n<p>Again, the exact wait time varies by issuer, and it can take two weeks or longer for an issuer to approve and execute a balance transfer. This means you may have additional payments to make on the debt you&#8217;re trying to move while you wait for the transfer to be finalized.<\/p>\n<figure class=\"jsx-1853040249 tpg-figure\">\n<div style=\"padding-top:0\" class=\"jsx-36530878 full-width-auto-height-image\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:66.6875%\"\/><img alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%\"\/><noscript><img alt=\"\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%\" sizes=\"100vw\" srcset=\"https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=640 640w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=750 750w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=828 828w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=1080 1080w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=1200 1200w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=1920 1920w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=2048 2048w, https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=3840 3840w\" src=\"https:\/\/thepointsguy.global.ssl.fastly.net\/us\/originals\/2024\/04\/Young-woman-on-her-smart-phone-at-home-while-holding-credit-card_-Pekic.jpg?width=3840\"\/><\/noscript><\/span><\/div><figcaption class=\"jsx-1853040249 figcaption\">PEKIC\/GETTY IMAGES<\/figcaption><\/figure>\n<p>With major issuers, balance transfers are generally done directly. This means the issuer will post a payment directly to your old account for the amount approved, and then that amount (plus any applicable transfer fee) will show up on your new account.<\/p>\n<p><a id=\"pay-off-the-balance-on-your-balance-transfer-card\" class=\"jsx-2362441780 anchor\"\/><\/p>\n<h2 class=\"jsx-2362441780\">Pay off the balance on your balance transfer card<\/h2>\n<p>Finally, you&#8217;ll want to make timely payments to bring down the balance you&#8217;ve transferred before the introductory period ends so that you don&#8217;t incur additional interest charges. In some cases, late payments can nullify introductory periods, putting you right back at square one.<\/p>\n<p>To avoid racking up credit card interest, try to get in the habit of paying off all your cards in full and on time \u2014 one of our <a href=\"https:\/\/thepointsguy.com\/credit-cards\/ten-credit-card-commandments\/\" rel=\"noopener\" target=\"_blank\">10 commandments of credit card rewards<\/a>.<\/p>\n<p><strong>Related: <a href=\"https:\/\/thepointsguy.com\/credit-cards\/simple-rules-credit-card-debt\/\" rel=\"noopener\" target=\"_blank\">6 simple rules to stay out of credit card debt<\/a><\/strong><\/p>\n<p><a id=\"bottom-line\" class=\"jsx-2362441780 anchor\"\/><\/p>\n<h2 class=\"jsx-2362441780\">Bottom line<\/h2>\n<p>Starting the process to transfer a balance is pretty straightforward once you have an idea of what to expect.<\/p>\n<p>Balance transfer credit cards are a great way to pay down debt without having to worry about sky-high credit card interest rates. Just make sure you pay the transferred balance off before the end of the introductory period.<\/p>\n<p><strong>Related: <a href=\"https:\/\/thepointsguy.com\/credit-cards\/how-to-choose-zero-apr-credit-card\/\" rel=\"noopener\" target=\"_blank\" title=\"How to choose a credit card with 0% APR\">How to choose a credit card with 0% APR<\/a><\/strong><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/thepointsguy.com\/guide\/how-to-do-a-balance-transfer\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re new to the world of credit cards, you might be wondering about balance transfers. In short, it&#8217;s a type of transaction in which debt is moved from one credit card account to another. If utilized correctly, balance transfers can save you money on interest payments since you&#8217;re transferring your balance from a high-interest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":131214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":{"0":"post-131213","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-travel"},"_links":{"self":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/131213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=131213"}],"version-history":[{"count":0,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/131213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/131214"}],"wp:attachment":[{"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=131213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=131213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entertainment.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=131213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}