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How to Transfer a Credit Card Balance

5 min read
Last Updated: May 30, 2025
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Key Takeaways

  1. A balance transfer may help you save money on high-interest-rate debt by providing you with a low promotional interest rate.

  2. Be sure to check your old account during the transfer period until the account is fully paid off.

  3. Contact your bank to see if you qualify for a balance transfer.

If you want to consolidate multiple credit accounts or get ahead on high-interest debt, a credit card balance transfer may help. Let’s explore how balance transfers work and what to consider when transferring a balance so you can determine if it’s the right solution for you.

How does a balance transfer work?

A balance transfer is when you move existing debt from one high-interest loan or credit card to another credit card. Balance transfers can ideally save you money on interest, making it easy to pay down your debts.

 

When you move your balance from one credit card to another credit card with a lower interest rate, more of your monthly payments can go toward your principal balance instead of the interest you’re accruing. Some credit card issuers may offer a 0% introductory APR for a fixed period after you open the account. If you repay your balance during the introductory period, you may avoid accruing any new interest.

How to determine if a balance transfer is right for you

To determine whether a balance transfer credit card offer might help you manage your debts, assess your finances.

If you have a strong credit score, moving your high-interest debt to a low-interest card may make paying it off easier. However, if you struggle to pay your credit cards, have maxed-out cards, or have past-due payments, you may want to consider other options.

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Most credit card issuers charge a balance transfer fee, which is usually a percentage of the transferred amount but may be a flat fee, the Consumer Financial Protection Bureau explains. You should weigh the cost of any balance transfer fees against the amount you’d save in interest by transferring your balance.

 

It's important to understand the minimum monthly payment necessary to repay your transferred balance in full within the promotional period. Any outstanding balance that remains when the promotional period ends will accrue interest at the new card’s standard APR. If you can’t afford the minimum payment, a balance transfer may not be the best debt repayment option for you.

How do I transfer a balance from one card to another?

Once you choose a credit card balance transfer offer that works for you, apply for the new card. If the credit card issuer approves your application, you may transfer your balance in a few steps.

Request a balance transfer

You may be able to request a balance transfer through the card issuer’s online banking or mobile app, or over the phone with customer service. To apply, you’ll need the account information for the existing card or other accounts you want to transfer the balance from. 

 

As part of your request, you’ll have to specify the amount you wish to transfer from each existing credit card balance. The credit limit on your new card may not be high enough to contain all of your high-interest credit card debt. In that case, it’s best to prioritize transferring the balances with the highest interest rates.

 

Then, follow any directions from your new credit card issuer to complete the transfer request.

Continue making payments on your old accounts

Monitor your accounts while your balance transfer processes and your new card issuer makes payments to your other creditors.

 

In the meantime, you should continue to make all payments to your old card or cards until you confirm that the necessary funds have posted to them and the transferred balance appears in your new account.

Follow up on your balance transfer request

After you request a balance transfer, you may want to double-check that everything has gone according to plan. In addition to confirming that the proper amounts have transferred to your new card successfully, you’ll want to keep an eye on your old accounts. That way, you can pay off any interest that may accrue between the date you request your balance transfer and the date the transaction completes.

Pay as much as you can toward your balance

To save as much money as possible on interest charges, try to pay off as much of your new balance as you can before the promotional rate expires. To do this, you may need to pay more than the minimum payment each month.

 

Let’s say you transfer $5,000 to a new credit card with a 0% introductory rate for 18 months. The balance transfer fee is 3%, which is $150. So, your total balance is $5,150. To pay that off in 18 months and avoid an interest charge on your balance transfer, you’d need to pay $287 monthly, assuming you don’t make any new purchases on your new balance transfer card.

How to do a balance transfer to a Discover credit card

To transfer a balance to your Discover Card, start by filing a balance transfer request. With a Discover® balance transfer card offer, an account must be open for 14 days before Discover can begin processing your balance transfer request. After that, most transfers are processed within 4 days.

 

Keep in mind that it may take some time for the credit to appear on the account you’re transferring your existing balance from.

Did you know?

If a balance transfer isn’t right for you at this time, you may still want to reconsider the rewards your current card has to offer. If your spending habits have changed, consider how with Discover you earn rewards on all purchases every time you use your card.

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The bottom line

Knowing how to complete credit card balance transfers may help you consolidate your credit card debt and save money on interest charges. With the right approach and careful planning, you may find the best balance transfer credit card offer to make debt repayment easier.

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