Balance transfer credit cards can be a valuable tool if you’re stuck paying off credit card debt with a high APR. After all, the right balance transfer card can help you consolidate and pay down debt with zero interest for a limited time, which could help you pay off debt faster and potentially save hundreds of dollars per month.
If you’re hoping to ditch debt this year and start working toward a better financial future, then a Chase credit card with an intro APR offer could be exactly what you need.
What to know before transferring a balance with Chase
There are several important things to note before you request a balance transfer with Chase:
- There is no guarantee that your balance transfer request will be approved.
- You are not allowed to transfer debt from one Chase card to another Chase card.
- Balance transfers aren’t free. On most Chase cards, you’ll be charged either $5 or 3 percent (whichever is greater) of the amount you transfer, so be sure to add that amount to your total balance to pay off.
- For new Chase cardmembers, you must transfer the balance within 60 days of account opening. After that, you may be subject to a higher balance transfer fee of $5 or 5 percent (whichever is greater).
- If you are approved for a Chase card, you cannot transfer more than your available credit limit with Chase. If you try to transfer an amount that’s greater than your credit limit, Chase will either decline the transfer request or approve a smaller amount for transfer.
How to do a balance transfer with Chase
Whether you opt to make your balance transfer online or over the phone, transferring a balance to a Chase card is fairly simple.
How to transfer a balance to a new Chase card
Before applying for a new Chase balance transfer card, keep in mind that you must be approved for the account before you can fill out a balance transfer request.
- Select the Chase credit card you’re interested in and click “Apply Now.”
- Fill out the application and click “Submit.”
- Once you’re approved, you’ll need to request a balance transfer and 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.
- Follow the prompts, accept the terms and conditions, and submit.
How to transfer a balance to an existing Chase card
If you want to transfer a balance to an existing Chase card, follow these steps:
- Log in to your Chase account.
- Go to the credit card for 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 and then select “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 help from a customer service representative, call the number on the back of your credit card to get started.
What to know after requesting a balance transfer with Chase
You can log in to your Chase account to see if the balance transfer has taken place. Keep in mind 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 of your credit card accounts to avoid late fees and penalties.
Also, once the balance has transferred to your Chase card, make sure to check your old account to confirm that the full amount of the transfer has taken place. If 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.
Best Chase balance transfer credit cards for 2022
Chase Slate Edge
The Chase Slate Edge℠ comes with no annual fee and a 0 percent intro APR offer for 18 months on balance transfers and purchases (16.49 percent to 25.24 percent variable APR thereafter). The card does not include any rewards or welcome offers. However, cardmembers are rewarded for responsible payment history: Each year that you charge $1,000 to your account and make consistent on-time payments, Chase will consider lowering the APR by 2 percent—a relatively rare perk in the credit card industry.
Chase Freedom Unlimited
The Chase Freedom Unlimited® credit card is another good option to consider. It offers a 0 percent intro APR offer on balance transfers and purchases for 15 months after opening your account (variable APR of 16.49 percent to 25.24 percent after). Balance transfers completed within the first 60 days are subject to an intro transfer fee of $5 or 3 percent (whichever is greater). After that period is up, a transfer fee of $5 or 5 percent (whichever is greater) will apply for each transfer.
This card also includes no annual fee and a solid rewards program and welcome offer. You’ll earn 5 percent cash back on travel purchased through Chase Ultimate Rewards, 3 percent cash back on dining and drugstore purchases and 1.5 percent cash back on all other purchases. As for the welcome offer, you’ll earn an extra 1.5 percent cash back on top of all cash back category rates on up to $20,000 in purchases for the first year (offer through Bankrate). That’s 6.5 percent on travel purchased through Chase, 4.5 percent on dining and drugstores and 3 percent on all other purchases.
Chase Freedom Flex
The Chase Freedom Flex℠ is another smart choice for a balance transfer. It, too, comes with no annual fee and a 0 percent intro APR offer on balance transfers and purchases for the first 15 months (variable APR of 16.49 percent to 25.24 percent after). As with the Chase Freedom Unlimited, balance transfers completed in the first 60 days will include a transfer fee of $5 or 3 percent (whichever is greater).
This card also comes with a welcome offer of $200 cash back after spending $500 within the first three months. As for the rewards program, you’ll earn 5 percent cash back on activated bonus category purchases each quarter (up to $1,500 in purchases, then 1 percent). You’ll also earn 5 percent cash back on Chase travel purchases, 3 percent cash back on dining and drugstore purchases and 1 percent cash back on all other purchases.
FAQs for Chase balance transfers
The bottom line
If you want to consolidate high-interest credit card debt, transferring a balance to a Chase credit card with a 0 percent intro APR offer could help you to save on interest for a limited time and pay down your debt faster.
However, before choosing a balance transfer card, be sure to compare all of the best balance transfer offers on the market today. Some cards offer much longer 0 percent intro APR periods than others, and you may be able to find an intro offer for purchases, among other benefits.