How to do a balance transfer with Chase

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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 help 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

But, how exactly do you execute a balance transfer with Chase? How long does it take? And what should you know before you take the leap? Whether you opt to make your balance transfer online or over the phone, transferring balances from one card to another isn’t as complicated as it seems.

If you’re planning to apply for a new balance transfer credit card so you can consolidate debt, you’ll get the chance to enter the balance transfer details online and 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.

If you already have a Chase credit card account and you want to transfer your balance to an existing card, on the other hand, you can get started with the following steps:

  • Step 1: Log into your Chase account.
  • Step 2: Go to the credit card details for the card to which you’d like to transfer a balance.
  • Step 3: Click on “More” and then “Account services.”
  • Step 4: Select the option that says “Transfer a balance.”
  • Step 5: 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.
  • Step 6: Confirm you have read the terms and conditions of your balance transfer. Select “Agree & continue.”
  • Step 7: Select the option that says “Set up transfer” to formally initiate the transfer to your Chase credit card.

If you prefer to transfer balances with some help from a customer service representative, simply 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, you’ll want to make 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.

How to check the status of your Chase balance transfer

Also, note that you can log into your Chase account or use the Chase mobile app at any time to see if the transfer has taken place. All you have to do is check on the credit card you transferred your balance to so you can see if the amount of the transfer has been added to your account.

Best Chase balance transfer credit cards for 2021

Chase credit cards do not currently offer any balance transfer offers but make sure to check back for updates. Also, check out the best balance transfer credit cards from other card issuers.

Chase balance transfers: FAQ

If you want to know more about saving money with a balance transfer, these frequently asked questions and answers can help.

How long do Chase balance transfers take?

Chase says on its own FAQ page that balance transfers can take up to 21 days from start to finish. It does say, however, that most balance transfers are executed within a week.

How often can I transfer a balance with Chase?

Chase lets customers transfer up to $15,000 within any 30-day period, so you are limited based on the amount of your transfers but not necessarily on the number of transfers that take place. 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?

Chase says you cannot transfer a balance from one Chase credit card account to another. If you have debt on a Chase credit card that you want to consolidate 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

Consumers who want to consolidate high-interest credit card debt should 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 as well. 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.

Written by
Holly D. Johnson
Author, Award-Winning Writer
Holly Johnson began her career working in the funeral industry, which may make you wonder why she works in personal finance now. Yet, the funeral industry taught the author everything she needs to know about the value of one's money and time. Johnson left the mortuary business a decade ago in order to explore her passion for personal finance and travel the world, and since then, she and her husband have built a debt-free lifestyle that has them on the path to retire very wealthy in their 40s. Holly's love of budgeting also led to the creation of her debt payoff book, “Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love."