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The interest rate on your credit card is too high. And since you carry the balance every month, this bet is costing you some serious dollars.
If you’re considering transferring your balance to a Chase credit card, here’s everything you need to know before applying, including card options, limits, balance transfer fees, chances of approval, and even potential pitfalls.
Chase Balance Transfer Offers
Chase Slate Edge℠*
- 0% promotional period: first 18 months for new purchases and balance transfers after account opening.
- Regular annual interest rate: 17.99-26.74% (variable)
- Worth noting: Clients eligible for a 2 percent annual interest rate reduction each year if they pay on time and spend at least $1,000 in the first year.
The pursuit of unlimited freedom
- 0% promotional period: first 15 months for new purchases and balance transfers after opening an account.
- Ordinary APR: 17.99% to 26.74% (variable)
- Worth noting: 5% back on Lyft purchases (until March 2025), 5% back on rides purchased through Chase Ultimate Rewards, 3% back on meals, 3% back on pharmacy purchases, 1.5% back for all purchases. ; no annual fee; additional 1.5% cashback on all purchases, up to $20,000 spent in the first year
Chase Freedom Flex℠
- 0% promotional period: 15 months for new purchases and balance transfers
- Ordinary APR: 17.99% to 26.74% (variable)
- Worth noting: 5% cashback for rotating categories that you must activate every quarter (up to $1,500 per quarter); 5% refund on Lyft purchases (until March 2025); 5% cash back on rides purchased through Chase Ultimate Rewards; 3% cashback for dinner; 3% cashback for purchases at the pharmacy; 1% cashback on regular purchases; no annual fee; $200 signup bonus if you spend $500 in the first three months.
What You Should Know About Chase Balance Transfer Before Applying
According to the company, there are limits on balance transfers using Chase credit cards.
- Customers cannot transfer more than $15,000 by credit card in any 30 day period.
- You cannot transfer your balance from an existing Chase card to another card issued by Chase.
- Balance transfer requests take time. While Chase says your debt can be transferred to your new card within a week, it could take up to 21 days.
- You need to continue making payments with your existing card until you are sure that the balance transfer is complete.
- Balance transfers will not earn you bonus points or cashback if the card you are transferring the balance to offers them.
- There is no guarantee that Chase will approve your balance transfer request. It may refuse you if you are past due on your existing card or if you think you will not be able to pay the balance you want to transfer.
- Chase can also approve only part of the balance transfer you requested. You may want to transfer $8,000 from an existing card, but Chase will only approve a $5,000 transfer.
How to increase the chances of approval of the balance transfer
Ezilfi Taylor, president and founder of Taylor Insurance and Financial Services in Pasadena, Calif., said consumers in the strongest financial health tend to be the most likely to receive balance transfer approval.
If you want to increase your chances of receiving a transfer, Taylor recommends paying your bills on time each month.
If you can’t afford to pay every bill on time, focus on the ones that affect your FICO credit score.
Credit account payments, such as mortgages, credit card bills, student loans, and auto loans, are passed on to credit bureaus. If you pay any of these bills 30 days or more late, your credit score will drop. However, failure to pay other bills such as internet or mobile may result in the account being sent to a fee that will also show up on your credit report in due course.
How to initiate a balance transfer to a Chase credit card
If you already have a Chase credit card:
- Log in to your account and select the “transfer balance” option. This will bring up the offers available to you.
- To start the process, provide some basic information about the card you want to transfer the balance from.
If you are applying for a new Chase credit card:
- Launch the credit card app for the Chase balance transfer card.
- During the application process, you will be given the option to transfer the balance from your existing card.
- Provide basic information about the existing card and indicate how much you want to transfer.
Chase offers several cards with long zero transfer periods, and some of them provide increased cash rewards in various spending categories. Slate Edge offers an 18-month window during which you can pay off your balance without interest. With Freedom cards, you will have a little less time for this, but you will be able to receive cashback for many daily purchases, as soon as you pay off the transferred balance.
It is important to know the interest rate you will face on the new balance transfer card and make a plan to pay it off before any zero interest offer expires.
Steps you can take to make sure you can pay off your debt include creating a budget, choosing a repayment strategy, and keeping your card to avoid any additional charges.