Balance transfer credit cards can be a valuable tool if you’re stuck paying off credit card debt at a high APR. After all, the right credit card can help you consolidate and pay down debt with zero interest for a limited time, which could potentially save you hundreds of dollars per month.
With your entire payment going toward the principal of your balance instead of toward interest, balance transfer cards can help you pay down debt faster. If you’re hoping to ditch debt this year and start working toward a better financial future, then a balance transfer credit card from Chase could be exactly what you need.
How to do a balance transfer with Chase
Whether you opt to make your balance transfer online or over the phone, transferring balances from one Chase card to another isn’t as complicated as it might seem.
If you’re planning to apply for a new balance transfer credit card so you can consolidate debt, you can enter the balance transfer details online during the application process. Once you apply for a balance transfer card and you’re approved, you’ll need to provide additional information, such as the account number of the old card you want to transfer balances from, the card issuer name and the amount you want to transfer.
- Log in to your Chase account.
- Go to the credit card details for the card to which you’d like to transfer a balance.
- Click on “More” and then “Account services.”
- Select the option that says “Transfer a balance.”
- Enter your details on the next page, including the account number of the credit card you want to move a balance from and the amount you want to transfer.
- Confirm you have read the terms and conditions of your balance transfer. Select “Agree & continue.”
- Select the option that says “Set up transfer” to initiate the transfer to your Chase credit card.
If you prefer to transfer balances with some help from a customer service representative, call the number on the back of your credit card to get started.
What to know after completing a balance transfer with Chase
It can take up to three weeks for Chase to process your balance transfer, so make sure to give it some time. While you wait, continue making on-time payments to all your credit card accounts, so you avoid late fees and penalties.
Also, make sure to check on your old credit card account and keep up with payments until the amount owed shows $0 or the full amount of the transfer has taken place. If you fail to follow up on the transfer and your old account still has a small balance and you don’t pay your bill, you could face late fees and damage to your credit score.
It’s important to know, too, that balance transfers aren’t free. You’ll be charged either $5 or 3 percent of the amount you transfer, whichever amount is higher, on most Chase cards. You also are not allowed to transfer debt from one Chase credit card to another.
How to check the status of your Chase balance transfer
You can log in to your Chase account or use the Chase mobile app at any time to see if the transfer has taken place. Open your account and check the balance on the credit card you transferred your balance to so you can see if the transferred amount has been added.
Best Chase balance transfer credit cards for 2021
Chase recently released a new credit card that is ideal for balance transfers. The *Chase Slate Edge℠ offers a 0 percent introductory APR for 12 months on balance transfers (14.99 percent to 23.74 percent variable APR thereafter).
The Slate Edge also offers a $100 bonus when you spend $500 in the first six months. Additionally, card owners are rewarded for their responsible payment history. After one year of consistent on-time payments, Chase will lower the APR of the card by 2 percent—a relatively rare perk in the credit card industry.
The Chase Freedom Unlimited® credit card is another good choice. It offers 0 percent interest on balance transfers and new purchases for 15 months after opening your account. After the 15-month period ends, the card’s variable APR of 14.99 percent to 23.74 percent kicks in. This card also offers a welcome bonus of $200 cash if you spend $500 on purchases in the first three months of opening your account. You’ll also earn 5 percent cash back on grocery store purchases on up to the first $12,000 you spend in the first year of opening your account.
This card offers a solid rewards program, too. You’ll earn 5 percent cash back on travel purchased through Chase and 3 percent cash back on dining and drugstore purchases. You’ll earn 1.5 percent cash back on all other purchases.
The Chase Freedom Flex℠ card is another smart choice for a balance transfer. It, too, offers 0 percent interest on new purchases for the first 15 months after you open your account. After this period ends, the regular variable APR ranges from 14.99 percent to 23.74 percent, depending on your credit.
The Flex card comes with the same introductory offer as the Unlimited, as well: $200 bonus cash back if you spend $500 in purchases during the first three months of opening your account. You’ll also earn 5 percent cash back on grocery store purchases on up to $12,000 spent in the first year of opening your account.
The difference between the Flex card and the Freedom Unlimited? The rewards program. You’ll earn 5 percent cash back on up to $1,500 on combined purchases in bonus categories that you activate each quarter. You’ll also earn 5 percent cash back on travel purchased through Chase Ultimate Rewards, 3 percent on dining and drugstore purchases, and 1 percent on all other purchases.
Chase balance transfers FAQs
How long do Chase balance transfers take?
Chase says on its FAQ page that balance transfers can take from a week to 21 days from start to finish.
How often can I transfer a balance with Chase?
Chase lets customers transfer up to $15,000 within any 30-day period. If you need to transfer more than $15,000 in high-interest debt, consider using more than one balance transfer credit card that offers 0 percent APR for a limited time.
Can you transfer a balance from one Chase card to another?
Like most issuers, Chase doesn’t allow card owners to transfer a balance from one Chase credit card account to another. If you have debt on a Chase credit card that you want to transfer at 0 percent APR, you could consider picking up a balance transfer credit card from another issuer.
Do Chase balance transfers qualify for rewards?
You don’t earn rewards on balances you transfer from other credit cards. With any rewards credit card, you’ll rack up only cash back or points based on the purchases you make with your card.
The bottom line
If you want to consolidate high-interest credit card debt, be sure to compare all the best balance transfer offers on the market today. Keep in mind that some cards offer introductory 0 percent APRs for longer than others and that some also apply the introductory rate offer to purchases. Most cards in this space don’t charge an annual fee, but you’ll want to keep your eye out for balance transfer fees and other fees you may have to pay.
*The information about Chase Slate Edge℠ has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.