How Long Do Balance Transfers Take?

A credit card balance transfer can take between 2 to 21 days to complete. Different banks or card issuers have different balance transfer policies, so check with your financial institution to learn exactly how long a transfer will take for you.

In the meantime, here’s what you should know about balance transfers, including when they make sense and tips that maybe will help speed up the process.

How do balance transfers work?

Typically, to transfer a balance, contact the new credit card company with your account information and the transfer amounts. Upon approval, they'll add the transferred balance to your new card and pay off your old accounts. Alternatively, some companies issue checks or direct deposits (ACH transfers) for you to pay off balances yourself. Most balance transfers incur a fee, either a flat amount or a percentage of the transfer (usually the greater of the two).

When to use balance transfers

A balance transfer may save you money on interest if:

• The balance transfer card has a lower intro rate than your existing card or loan. Balance transfers can make sense if you can reduce your interest rate (also known as annual percentage rate, or APR). Aim to find a balance transfer credit card with a low intro rate, such as these balance transfer cards from Citi.
• You can pay off the transferred balance before the new balance transfer card's interest rate goes up. While balance transfer cards often come with low introductory rates, these rates expire after a certain amount of time. While you still have the introductory interest rate, aim to pay down your debt as much as possible. When the introductory period ends, you’ll start accruing interest at the regular rate.
• The fee charged for the transfer doesn't cancel out your interest savings. Banks generally charge fees for balance transfers. Do the math to be sure this fee doesn't wipe out what you can save in interest charges.

How long does it take to process a balance transfer?

The time it takes to process a balance transfer depends on the credit card issuer. For example, Citi takes between 2 and 21 days to process approved balance transfers. While you may be able to expect a similar range for most credit card companies, some may take longer. For example, if it’s a new account, your balance transfer may take longer to process.

Strategies to streamline the balance transfer process

For the most part, balance transfers happen behind the scenes. Still, you can take steps to help facilitate balance transfers. For example, you may avoid potential speed bumps, such as inaccurate account numbers. Here's what you can do to make a balance transfer land as fast as possible:

Understand your credit profile

If you're applying for a new balance transfer credit card, it's helpful to know your credit score before you shop around. Your creditworthiness, along with other factors like your income, help card issuers determine whether to approve you for a card. With this information in mind, research which balance transfer cards you’re likely to be approved for.

Look at your pre-selected offers

Another way to assess your eligibility is to consider any pre-selected balance transfer offers you have received online or in the mail. Those offers are typically based on some of your credit factors and may be a strong indication that you can qualify for that card.

Budget the transfer against your balance transfer limit

Your card issuer won't let you transfer more than your card's balance transfer limit, which is determined by your available credit on the card and may be less than the balance you are trying to pay off. Find out how much you are allowed to transfer before you request a balance transfer.

Gather your financial information

When you submit a request for a balance transfer, you'll need the name of the company to which you owe the debt, your account number and the amount you want to transfer. Having this information in hand helps ensure you have what you need to submit your request. Double-checking those figures when you request the transfer may also help you avoid time-consuming errors.

What to do if your balance transfer is taking longer than you expect

If a requested balance transfer is taking longer than expected, contact the bank or issuer that provided your balance transfer card. They should provide insight about the issues you may be facing and provide options to move things along. You may also want to contact the company you’re transferring a debt from to confirm that the bank or issuer of the balance transfer card has contacted them.

It’s important to keep paying your bills until you get confirmation that the balance transfer has gone through.

Once complete, you can focus on paying off that debt before the promotional period ends to save money on interest.

Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.