Chase lets you transfer balances from credit cards issued by other providers as a new or existing cardholder. Depending on the balance transfer credit card you get, you may qualify for an intro 0% APR offer, where you pay no interest on transferred balances during the promo period. Paying off the entire amount within the given time frame can lead to savings in interest charges. Given the average credit card APR of 14.39% across MoneyGeek's full data set, the money you save can be a tidy sum. Show
Qualifying for a Chase credit card does not guarantee approval of a balance transfer request. The factors it considers if you apply for a balance transfer include, but are not limited to, your creditworthiness and payment history. If Chase denies your request, there are a few other options you can explore. On This Page:
MoneyGeek’s Takeaways Chase provides balance transfer cards with intro 0% APR offers that let you earn cash back. You typically need good or excellent credit to qualify for a Chase balance transfer credit card. When you carry out a balance transfer to a Chase card, you will incur a balance transfer fee. How Does a Chase Balance Transfer Work?Start by looking at the existing balance transfer offers from Chase and select one after accounting for your specific requirements. Remember that your Chase card's credit limit has a direct bearing on the amount you will be able to transfer from one or more cards. When requesting a balance transfer, you'll need to provide details of the card(s) in question. Chase states that it processes most balance transfers within a week, although it might take up to 21 days in some scenarios. You should continue making payments on your other credit cards until the balance transfer is complete. Know How Much You OweIdentifying both the cards you wish to transfer balances from and the amounts you wish to transfer is key. Ideally, you should try to transfer balances from cards with the highest APRs first. Bear in mind, though, that Chase lets you transfer no more than a combined total of $15,000 within a given 30-day period. You will also want to consider the balance transfer fee you need to pay because it will add to your total balance transfer amount. Choose a Balance Transfer Credit CardThe best cards for balance transfers from Chase are ones that come with promotional 0% APR offers. However, selecting a card that works well for you requires paying attention to a few different aspects, such as annual fees, the duration of the intro APR offers and any balance transfer fees.
Request Balance TransferIf you plan to get a new Chase credit card, you will need to wait until you’re approved for the card before you can start the balance transfer process. Once approved, you may submit your balance transfer request online or over the phone. To begin the process over the phone, you simply need to call the number on the back of your credit card. To submit your request online, you need to log in to the Chase online banking platform. The information you'll need to provide includes the credit card numbers you wish to transfer balances from and the amount you wish to transfer from each card. >>More: How Long Does a Credit Card Balance Transfer Take?MONEYGEEK QUICK TIP Chase takes a close look at your creditworthiness and payment history when you submit a balance transfer request, so it's best that you check this in advance. Prepare a Payment ScheduleThe duration of your Chase card's 0% APR offer notwithstanding, you should ideally create a workable payment plan ahead of time. If you wish to make the most of the 0% APR offer, it's best that you repay the entire transferred balance before the end of the promo period. This way, you only pay balance transfer fees and no interest charges. If paying off the entire balance before the promo period ends is not possible, your focus should be on paying off as much as possible. Any outstanding balance will start accruing interest at the card's regular APR once the promo period ends. MONEYGEEK EXPERT TIP Don't forget to account for the balance transfer fee, which is added to the total amount owed. For instance, if you transfer $6,000 and need to pay a 5% balance transfer fee, the total starting outstanding balance would be $6,300. >>More: How to Transfer a Credit Card Balance to Another CardChase’s Best Balance Transfer Credit CardsYou may expect benefits other than intro 0% APR offers from Chase balance transfer cards. For instance, none of the current Chase balance transfer cards charge annual fees. Depending on the card you get, you may also stand to earn rewards or cash back.
Chase Freedom Unlimited Credit CardThe Chase Freedom Unlimited Card comes with an intro 0% APR offer on balance transfers and purchases for the first 15 months. You get a $200 bonus if you spend $500 on purchases in the first three months. This card offers up to 5% cash back on category-based spending. Chase Freedom Flex℠ Credit CardThis card's 0% APR offer applies to balance transfers and purchases for the first 15 months. Spending $500 on purchases within the first three months brings with it a $200 bonus. Spending on bonus categories gives you the ability to earn up to 5% cash back. Slate Edge Credit CardThe Slate Edge Card from Chase comes with an intro 0% APR on balance transfers and purchases for the first 18 months. You get the ability to lower your APR each year until it reaches a predetermined lower limit by making your payments on time and spending at least $1,000 on purchases in the preceding 12 months. My Chase Plan lets you break up purchases of at least $100 into smaller payments by paying a fixed monthly fee and no interest charges. How Much You Can Save With a Balance TransferDifferent factors play a role in how much money you may save through a balance transfer. These include the transferred amount, the new card's balance transfer APR, the duration of its intro APR offer and the time you take to pay off the debt completely.
MONEYGEEK EXPERT TIP Be careful when transferring a large balance to a new credit card. If the transferred balance is close to the new card's limit, this high utilization ratio could hurt your credit instead of helping it. However, the interest savings may be worth the short-term hit to your credit score. Your score will improve as you pay down the balance and lower your credit utilization. — Lee Huffman, credit card expert at BaldThoughts.com What to Know Before Requesting a Balance Transfer With ChaseKnowing what the process of carrying out a balance transfer with Chase entails might help you steer clear of possible roadblocks that may come your way.
You can pay off your credit card debt successfully if you carry out some research and adhere to responsible financial habits.
Pros and Cons of Doing a Balance TransferCarrying out a balance transfer to a Chase credit card comes with its share of advantages, but there are possible pitfalls that need your attention too. Key Takeaways
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What if My Balance Transfer Request Is Denied?If Chase rejects your request for a balance transfer, you have some other avenues you can explore. For example, if you already have a credit card with available credit, you may be tempted to get a cash advance. But there are other, better options. If you wish to consolidate debt from multiple credit cards, you may consider applying for a personal loan. And people who are going through tough financial times may consider looking at what debt management plans have to offer.
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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available. Can I transfer money from my Chase account to another Chase account?You can easily set up one-time or repeating transfers of money between accounts. Here's how: Sign in to the Chase Mobile® app and tap "Pay & Transfer" Tap "Transfer" and then choose "Account or Brokerage Transfer"
How much does Chase charge for balance transfer?The Chase balance transfer fee is either $5 or 5% of the amount of each transfer, whichever is greater. All Chase balance transfer credit cards have the same transfer fee, except for Chase Slate®, which has a $0 balance transfer fee for the first 60 days.
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