What is the duration of balance transfers?

Starting a balance transfer can be one of the most effective methods to reduce your next significant credit card payment.

In simple terms, a balance transfer lets you transfer debt from one credit card to another — preferably from a high-interest card to one with a lower rate — leading to reduced monthly payments and saving you money.

So, what’s the timeframe for balance transfers? Here’s what you need to understand.

Timing of balance transfers by issuer

Here are the estimated time frames for how long a balance transfer may take with each issuer:

• American Express: 5 to 7 business days; potentially up to six weeks
• Bank of America: As much as two weeks
• Capital One: Up to 10 business days
• Chase: As long as 21 days
• Citi: Up to 21 days; may take longer with certain banks
• Discover: 7 to 10 days
• Wells Fargo: As much as 14 days

There are no set guidelines for how long issuers must take to finalize a balance transfer, and the timeline can vary significantly from one bank to another.

Elements that influence the timing of credit card balance transfers

In addition to the issuer you’re dealing with, several other factors can impact how quickly your balance transfer is processed.

First, consider the size of the balance you’re transferring. In some cases, a larger balance may take longer to move (though this isn’t always true). For hefty balances, it’s wise to start the transfer process as early as possible to avoid incurring late fees.

Moreover, if you’re opening a new card specifically for the balance transfer, it could take extra time for your issuer to finalize everything. The same applies if you’re moving balances from multiple cards to a single transfer-focused card, as each transfer involves separate dealings between different issuers and cards.

Lastly, if the card details you provided were incomplete or incorrect, this could delay the process for the issuer. If quickness is essential, make sure all information is accurate from the start.

How to monitor the status of your balance transfer

To keep track of your balance transfer, simply log into your credit card account. Once the transfer is finalized, you’ll notice an increase in the balance on your new credit card, while the balance on your old card will drop to zero (or decrease by the specified amount).

The balance transfer will also appear as a recent transaction on both credit accounts. If you don’t see it yet on your new card, it’s probably still being processed.

Make sure the transaction is recorded on both accounts, not just one. Once it shows up on both, you’re all set.

What to do if your balance transfer experiences a delay

If your balance transfer takes longer than the timeframe provided by your issuer, reach out to the customer service team of the issuer receiving your balance transfer (not the one losing its balance). Delays can happen for various reasons, such as incomplete or incorrect information, processing glitches, or a surge in requests.

If you can identify the cause of the delay, you can address it (for example, by correcting any errors in your request and resubmitting). However, if the issue stems from a high volume of requests, there might not be much you can do.

Regardless of the cause, it’s important to maintain communication with the issuer throughout the process to avoid late fees and ensure your transfer is completed eventually.

Bottom line

The duration of a balance transfer can differ between issuers and is influenced by various factors such as the size of the transfer and the number of accounts involved. For optimal results, it’s advisable to keep your transfers straightforward and swift to minimize your next high-interest payment and regain your financial footing.