How Long do Credit Card Balance Transfers Take?

When you apply for a 0% APR balance transfer credit card, most companies will state that you should allow 30 days for a balance transfer transaction to be completed. However, how long a balance transfer can take will vary dramatically from company to company. Because of this, there are key steps any person seeking a low rate balance transfer should take.

Consumers looking to transfer balances as quickly as possible are tempted by credit card companies to do so when they are applying online. While this may decrease the amount of time it takes for a balance transfer to clear, opting to transfer a balance online poses significant problems. First, when you transfer balances online, you will not know the go-to interest rate you will be charged when the 0% introductory period expires, as most companies do not provide this essential rate until after they have reviewed your application.

A second, perhaps more important issue, pertains to the length of the 0% period. Many companies offer multiple 0% rates based on an applicant’s credit profile. Thus, although a 0% for 1 year may be advertised, it is possible to get approved, but only offered a 0% rate for as little as 6 months.

A final factor that may influence your ability to get approved is the intent to make a balance transfer. With the credit markets in disarray, you may stand a better chance of getting approved if you wait to transfer balances.

Given the issues that surround transferring balances online, one should allow at least a week from the time they apply online to the time their credit card arrives, plus about 30 days for balance transfers to clear. Waiting 37 days for a balance transfer is a general estimate based on a worst case scenario. Some credit card companies may complete balance transfers in a few days or a week. However, the important thing is to closely monitor the credit cards you are transferring balances from to make sure the transactions have taken place. Otherwise, you could end up getting hit with penalties.

For more information on balance transfer credit cards, please see the credit card comparison section of Smart Balance Transfers.

Updated 30 June 2010

Related Balance Transfer Articles

Using Balance Transfers to Get out of Credit Card Debt: Curious as to how balance transfers work? This article includes a table that compares a 0% balance transfer credit card with a high interest credit card to demonstrate balance transfer savings.

How to Do a Balance Transfer Correctly: Getting a 0% balance transfer credit card can be a great way to save money. However, there are a few easy to avoid mistakes that must be avoided in order to maximize balance transfer savings.

Balance Transfers 101: This article discusses the basics of balance transfers, including some tips on how to understand applications and balance transfer fees.