How To Make A Credit Card Balance Transfer

With many credit card companies raising their interest rates, it's always a good idea to keep your balance on the card with the lowest possible rate. Often this means making a credit card balance transfer from one account to another. Most credit card companies make it easy because they are eager to get more business just as you are eager to lower your rate.

Step 1

Get a copy of your latest statement for the credit card account from which you are transferring the balance. If you have online access, you can log on and do a printout. If it comes via mail, you will need to wait until you get the latest copy.

Step 2

Log on to the credit card account to which you want to transfer the balance.

Step 3

Look for a link or tab that says "Request a Balance Transfer," "Transfer Balances" or something similar. The wording may differ, depending on your credit card issuer, but the correct option will mention transferring a balance to the account.

Step 4

Enter the required information to complete the credit card balance transfer. Normally you will need to enter the account number, amount you are transferring and the billing address to which the credit card company should send a check. All of this information should be on the current statement. You may need to go through multiple screens, depending on your credit card issuer.

Step 5

Carefully proofread the information you have entered before clicking the final "Submit" or "Approve" button. Once you click it, the transfer process will begin.

Step 6

Continue to make at least the minimum monthly payment on the account from which you are transferring the balance. According to Bankrate, it can take two to four weeks for the transaction to process. If you don't pay in the meantime, you could harm your payment history and incur a late fee.

Tips and Warnings

Rather than doing a balance transfer online, you may wish to call your credit card company to see if it has any special offers. For example, it may offer a limited-time special such as a fee waiver or low interest for the first year. Some credit card issuers even send out "balance transfer checks" with special terms if you receive a paper statement.
When you are transferring a balance from one credit card to another, make sure your credit limit is high enough to accommodate the transfer and any related fees the issuer might charge. Otherwise your transfer request may be denied or you may rack up high over-limit fees.