How do you transfer credit card balances to another card

See if a balance transfer is right for you.

You could pay less interest by transferring balances from other higher-rate credit cards to a Wells Fargo Credit Card. You might also lower your overall monthly payments and turn multiple bills into one easy payment. Balance transfer fees may apply.

A balance transfer can give you the flexibility to:

• Pay off high-interest balances
• Fund large expenses, such as home improvements
• Cover emergencies and other unplanned expenses
• Pay an individual

Balance Transfer Frequently Asked Questions

What happens if the credit limit is lower than the total balance transfer requests and fees?

If the balance transfer amount(s) you request plus fees is greater than your available credit limit, we may send less than the amount requested, or no amount, to your creditor(s).

How much is the balance transfer fee?

Please see the Important Credit Terms for the most current balance transfer fee information.

How long would the balance transfer take to post to my credit card account?

It may take up to 14 days from the date your account is approved for the balance transfer request be posted to your account.

Will I be able to cancel a credit card balance transfer after I submit the request?

You will have 10 days from account opening to cancel a balance transfer request if you no longer want to transfer a balance.  If you need to cancel a balance transfer, please call 1-800-642-4720.

Can I request a balance transfer after I get approved for a Wells Fargo credit card?

Once you are approved for a Wells Fargo credit card and receive your card in the mail, if eligible, you may be able to request a balance transfer in your online account, over the phone, or by using the balance transfer SUPERCHECKSTM if included when you received your card.

When will the balance transfer request impact my available credit on my account?

Balance transfer requests may take up to 14 days to reflect in your account balance and credit limit. 

Consider the requested balance transfer amount plus the transfer fee when using your card to make purchases to avoid the balance transfer being fulfilled for a lower amount. 

I would like to transfer a balance from one Wells Fargo credit card account to another Wells Fargo credit card account. How can I do that?

Balance transfers are not available between credit card accounts issued by Wells Fargo or any of its affiliates.

When will the funds be available in my checking account after depositing my balance transfer SUPERCHECKSTM?

Funds are typically available the next business day when deposited into a Wells Fargo account. Balance transfer SUPERCHECKS may take up to five business days for funds to be available if deposited into a non-Wells Fargo checking account.

Am I able to get additional balance transfer SUPERCHECKS?

Balance transfer SUPERCHECKS cannot be ordered or re-sent. If you want to request a balance transfer but do not have SUPERCHECKS, you may access your account online to complete your balance transfer, or call 1-800-642-4720.

Is a balance transfer available for your Wells Fargo credit card? Check Now

June 28, 2022 |7 min read

What Is a Balance Transfer and How Does It Work?

A balance transfer allows you to move your debt from one credit card to another. Learn more about how it can be useful

June 28, 2022 |7 min read

Ever feel like those minimum payments just aren’t cutting it? Or maybe you’re having trouble remembering the payment due dates for all your credit accounts?

A balance transfer, which can help you consolidate your debt, might be something to think about. Read on to learn more about how transferring a balance to a credit card works. 

Key Takeaways

• A balance transfer allows you to transfer unpaid debt between accounts to consolidate your debt and potentially pay less interest. 
• Some financial institutions let customers transfer balances from credit cards as well as from personal, student and car loans. 
• Transferring your debt to a single account may help you simplify your payments.
• Before signing up for a balance transfer credit card, be sure to compare the terms and conditions to avoid potential penalties and charges.

A balance transfer lets you move unpaid debt from one or more accounts to a new or different credit card. It could help you consolidate debt or get a lower interest rate, which may help you pay off your debt faster.

If you choose to transfer a balance to a credit card with a low or 0% promotional annual percentage rate (APR) and are diligent about making payments, you could potentially pay off your debt with minimal to no interest. That’s if you pay off the balance before the promotional period ends. 

And if you pay off your debt quickly and don’t allow the balance transfer to add to your debt, this might improve your credit scores in the long run.

Keep in mind that there is generally a fee to transfer the balance. It’s typically a percentage of the balance or a fixed amount, and it’s added to that balance to be paid off.

What Kinds of Debt Can Be Transferred to a Credit Card?

Balance transfers are often used for transferring debt from one credit card to another. But you might have other options. 

For example, Capital One lets you transfer balances from external credit cards, personal loans, student loans and car loans. But like many lenders, Capital One doesn’t allow debt transfers from different internal accounts.

How Do Balance Transfers Work?

When you’re applying for a balance transfer credit card, here are some general steps you might take:

• Check your current interest rate. You’ll have a better idea how a balance transfer credit card might help you if you know where you’re starting from. For example, you’ll be able to look for one with a lower or even 0% introductory APR.
• Verify that a particular card lets you transfer a balance. Some lenders let you apply online or over the phone. You’ll be asked for information, including your name, address, Social Security number and income.
• Initiate the balance transfer. If you’re approved, you’ll provide the details of the account you want to transfer from and how much of the debt you want to transfer.
• Wait for the transfer to go through. For Capital One cardholders, it generally might take three to 14 days, depending on whether the transfer is made electronically or through the mail.
• Start paying down the balance. If you have 0% introductory APR, interest will not accrue on that balance for the disclosed period of time. So if you have no other transactions or balances on the card, your payments will apply toward your transferred debt. And that could help you get out of debt faster.

You also may be able to use a card that lets you transfer a balance for new purchases as well. But be sure to think about how you use it. There may not be a grace period, and the promotional interest rate may not apply for those purchases. New purchases will also add to your overall debt. 

And no matter how you use your card, be sure to pay on time every month. Getting behind on payments could result in late fees and potentially negative impacts to your credit.

How Can a Balance Transfer Help?

Wondering whether it’s worth getting a card that lets you transfer a balance? Here are some of the advantages of having one:

Tackle Debt

A balance transfer could be a way to pay down an existing balance at a lower, more manageable interest rate. That’s because credit card companies may offer you a reduced rate on transferred balances for a limited time. If you’re opening a new credit card, this is known as an introductory rate. If you’re transferring a balance to an existing credit card, it’s called a promotional rate. Some cards are even interest free for a limited time.

Simplify Payments

You might also choose a balance transfer to help you keep track of your finances. If you have multiple credit cards or loans, you also have multiple payment amounts and due dates to keep straight. But if you consolidate that debt onto one credit card account, you only have to worry about one monthly payment. 

Save on Interest

Perhaps the biggest benefit of a balance transfer is the ability to save money on interest. For instance, let’s say you transferred your existing credit card debt to a new credit card and that new card has a lower APR for the first 18 months. Paying off the balance before the reduced rate expires could potentially save you a significant amount in interest. 

Is a Balance Transfer Right For You?

A balance transfer could result in your paying less interest and simplifying your finances. But if you want to get the most out of it, here are some things to keep in mind:

Factor in Balance Transfer Fees

Banks may not offer balance transfers for free. They generally charge you a flat balance transfer fee or a percentage of the transferred amount. For example, moving a balance of $5,000 with a transfer fee of 4% would cost you $200. To benefit from a balance transfer, your savings on interest should outweigh what you pay in fees. 

Know Your Annual Percentage Rate and Other Terms

Promotional and introductory offer interest rates must last six months—unless you’re more than 60 days behind on a payment. These rates could be longer though. After the introductory APR period expires, the standard APR applies. Sometimes it can be higher than the rate you were paying before the transfer, so it’s a good idea to check all of the details for a low APR offer.

Double-Check for Grace Periods and Other Conditions

Not all balance transfer credit cards are the same. There may be other terms and conditions that affect your decision to transfer a balance. For example, you might not get a grace period on new purchases with some balance transfer cards. Capital One cardholders can avoid interest on new purchases after transferring a balance by paying the Interest Saver Payment identified on their statement by the due date each month.

Mark Your Calendar to Avoid Missing Monthly Payments

It’s useful to note key dates on your calendar, such as when your balance transfer took effect, when your promotional period ends and when monthly payments are due.

Also, you’ll want to keep making payments on the account you transferred from until you get confirmation that your debt has transferred. Balance transfers aren’t immediate, so this can help you avoid missing a payment. If you’re considering canceling your old card, be sure you consider how it might affect your credit scores.

Consider Your Credit 

Opening a new credit card account can affect key factors in your credit scores, like your credit mix, new credit and credit utilization ratio, which measures how much total available credit you’re using. While opening a balance transfer credit card may improve your credit utilization ratio, it also adds a new account to your credit report. And that can cause your scores to drop, at least temporarily.

If used responsibly, a balance transfer card can improve your credit scores in the long run by helping you reduce or eliminate your debts more quickly. 

Can You Get a Balance Transfer Card If You Have Bad Credit?

Many balance transfer cards offer a low or even 0% introductory interest rate. But people who have credit scores below average—below 579, for example—may find it hard to qualify for a card with such low interest. 

Even if you don't qualify for a card with 0% interest, you may still qualify for a card with a lower interest rate than that of other cards. And that could help you save money on interest. 

If you’re not approved for a credit card, you could consider a secured credit card. This type of card requires a cash deposit as collateral. While it’s possible to use secured cards for a balance transfer, you might be better off using the funds you’d use for the deposit to pay down your debt. 

How to Find the Best Balance Transfer Card

There are some steps that can help you find the balance transfer card that fits your needs. For example, you should compare the terms of cards. That means comparing any fees, evaluating their interest charges, checking balance transfer limits and fees, comparing credit limits, and understanding the cardholder benefits. 

You know now that it’s common for cards to have a 0% introductory rate for qualifying applicants. It might help to find a card with a long introductory rate period—and to keep that timing in mind to avoid paying more interest when the introductory rate ultimately expires. Also, consider the benefits that matter most to you in the long term, like cash back rewards. 

Balance Transfer Credit Cards in a Nutshell

A balance transfer can be helpful in streamlining your finances. Consolidating your debt to a credit card with a lower interest rate may also save you money on interest—and a few headaches. Knowing the pros and cons of a balance transfer offer can help you maximize the benefits. And if you decide it’s right for you, you’re ready to start comparing low introductory rate credit cards from Capital One.

Can I transfer money from a credit card to another credit card?

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