On This Page:
- Average Time by Card Issuer
- Why Is My Transfer Taking So Long?
- How to Follow Up
- What Does “Request Held” Mean?
- FAQ
- Average Time by Card Issuer
- Why Is My Transfer Taking So Long?
- How to Follow Up
- What Does “Request Held” Mean?
- FAQ
Updated: August 1, 2024
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KEY TAKEAWAYS
Balance transfers typically take two days to 3 weeks, but some can take up to 6 weeks to complete.
Several factors affect the time it takes to complete the transfer, including the balance transfer amount, mode of payment, or your balance transfer credit card application.
Don’t stop paying your old card until your balance transfer has been completed. This will help you avoid any penalties or fees for missing payment.
Balance transfers can take from two days to six weeks, depending on the card provider. This means you may have to make an extra payment on your old card to avoid any penalties or fees.
Balance transfers are made between issuers either through an electronic funds transfer or a balance transfer check. When you use a balance transfer check, it takes a bit longer because the check needs time to clear, just like when you deposit a regular check. Be sure to account for this when planning your balance transfer.
If you've opened a new card with an introductory balance transfer APR offer, you'll also need to wait for the issuer's approval before you can start a transfer. Depending on the approver, you can initiate the balance transfer immediately, or you’ll need to wait a couple of days to proceed.
Average Length of Time for a Balance Transfer by Card Issuer
The timeline varies based on the specific card issuer and on what you’re trying to balance transfer. Most credit card issuers disclose their balance transfer timelines on their websites; if not, you can call them to confirm.
For example, transferring your balance to Discover usually takes four days, provided that your account is active for at least 14 days. So, if you just got your Discover it Balance Transfer credit card, you’re looking at 18 days to complete a transfer.
Card Issuer | Average Time |
|---|---|
American Express | Usually 5 to 7 days, but up to 6 weeks in some instances. |
Bank of America | Up to 2 weeks from account opening. |
Capital One | Usually 3 to 15 days. |
Chase | Usually 7 to 21 days. |
Citi | Usually 2 to 21 days. |
Discover | Up to 4 days for most transfers to existing Discover cards. New cardholders need to wait for 14 days from account opening to submit balance transfer requests. |
U.S. Bank | Usually up to 14 days. |
Wells Fargo | Usually 5 to 21 days. |
Why Is My Balance Transfer Taking So Long?
There are several factors why your balance transfer is taking longer than expected:
Card issuer's processing time
The time the card issuer takes to approve and process a balance transfer can vary greatly. Some may do it within a few days, while others may take several weeks.
New card approval
If you're transferring a balance to a new card, you'll need to account for the time it takes to approve the new card application.
Communication between providers
Once your balance transfer request is approved, the new card provider needs to coordinate with the existing card provider, which might add to the timeline.
Transfer method
Balance transfer completed electronic transfer takes faster than through mailed check. With the latter, the card issuer will need to prepare the check, have it signed and mail it to your old card issuer.
External factors
Weekends, public holidays, and operational hours of the financial institutions involved can also affect the timeline.
MONEYGEEK QUICK TIP
Always make payments on your old card until you're sure the balance transfer has gone through. Your balance transfer might not be processed before your existing credit card account gets billed again. If you fail to make timely payments, you might be burdened with late fees and a drop in your credit score.
How to Track or Follow Up on a Balance Transfer
After starting a balance transfer, regularly check both credit card accounts. When the transfer from your new card is processed on the old card's account, it will appear as a standard payment. If it fully clears the outstanding balance, your old account will show a $0 balance. Meanwhile, your new account will display the transferred amount as a credit entry.
If your balance transfer is not complete after the maximum time period indicated by your card provider, consider calling the issuer to check on its status. The representative you talk to should be able to indicate how much longer your balance transfer may take, and you might even learn what’s holding it back.
MONEYGEEK QUICK TIP
Setting up automatic payments of the minimum balance due will keep both credit card accounts active and in good standing. This eliminates penalty APRs, negative marks on your credit and the premature end of 0% APR promotions. — Lee Huffman, credit card expert at BaldThoughts.com.
What Does “Request Held” Mean on a Balance Transfer?
Sometimes, when you get a new credit card and want to transfer a balance onto it, your request might be put on hold. This pause is generally to check that you're not trying to transfer more debt than your new card's credit limit allows. If your transfer request is denied because it's too high, you might be able to lower the amount and reapply.
Finally, you usually can't transfer a balance between two cards from the same company. Card issuers allow balance transfers to attract new customers, not to move existing debt around. If you try to transfer a balance between two cards from the same issuer, your request will likely be denied. Always check your card's terms and conditions to understand the rules.
If You Haven’t Already
Here’s what else you need to do to make the most out of your balance transfer:
Check if there's a deadline to complete the transfer to benefit from promotional rates. Factor this into your planning for future transfers.
Ensure you've got a good plan to pay off balances, like establishing a monthly payment schedule that significantly exceeds the minimum required. Aim to clear your debt before any introductory low-interest period ends to avoid higher rates. Also, consider allocating extra funds, like tax refunds or bonuses to your payments and regularly review your budget to identify areas where you can cut expenses and redirect savings toward your debt.
Assess any transfer fees and ensure the credit limit on the new card covers your debt, including fees.
Continue making minimum payments on your old account to avoid penalties and regularly check both accounts. If the transfer takes longer, contact your card issuer.
Monitor your accounts and understand your new card's terms, especially post-promotional rates and fees.
FAQ About Balance Transfer Timing
Getting to know answers to other commonly asked questions about how long balance transfers take will put you in a better position to decide if taking this path might work well for you.
How long does a balance transfer take from one credit card to another?
Depending on the card, some transfers process in as little as two days and some might take up to six weeks. If you're getting a new balance transfer credit card for the purpose, give the entire process at least two to three weeks.
Will my credit score impact the balance transfer speed?
While credit score does not directly affect the speed of the transfer, it does influence the approval process. A higher score can speed up the approval, indirectly reducing the overall balance transfer timeline.
Does a balance transfer start immediately after approval of my new card?
Not necessarily. Some credit card companies may not initiate the transfer immediately after approval.
Can I expedite a balance transfer?
Some card issuers might offer expedited transfer services for an additional fee. It's worth asking about this if you're in a hurry.
What happens if my balance transfer request is denied?
The process and timeline for reapplication can vary by issuer. If your request is denied, understanding the reason and the reapplication process can help you decide on the next steps.
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About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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