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Credit card balance transfers can take from three days to six weeks. How long it takes you depends on your credit card issuer and a number of other factors, including whether you’re opening a new account with the issuer, how you apply for the transfer, and how your existing creditors accept payment.
We’ve looked at how balance transfers work with some of the major credit card issuers to give you an idea of how long you can wait, as well as some tips on what you can do to make things go smoothly.
How long does it usually take to transfer a balance?
Most credit card companies will give you an idea of what to expect before you apply, but there is no way to know in advance how long the balance transfer will take. You should be prepared to wait at least a couple of weeks for the transfer to be approved and completed.
The following chart should give you a general idea of how long it will take to process a balance transfer with each issuer:
What should I do if my balance transfer takes longer than expected?
If more than a few weeks have passed since you applied for a balance transfer and you have not seen the funds posted to your account or any other updates, feel free to call your issuer and check the status of your transfer. The representative can tell you what’s wrong and give you an idea of how long the transfer might take.
While you are waiting, it is very important that you continue to pay at least the minimum amount on your existing credit cards and send all payments to your original creditor. You will know for sure that it is safe to stop payments when your original account balance is $0. Failure to make a payment while waiting for the balance transfer to complete can result in late payments and credit damage. If your credit hits too hard, it may even derail the transfer.
bottom line
If you have credit card debt and want to save on interest, transferring your balance to a new card is probably the smart move.
Not only will you “stop the bleeding” caused by rising interest payments, you will also get a chance to reduce your balance and increase your credit with a balance transfer card despite a slight credit hit.
However, with so much variation between issuers and transfer methods, it’s impossible to know exactly how long a balance transfer will take.
You can get an idea of how long you’ll have to wait with your credit card issuer, but instead of worrying about deadlines, focus on what’s in your control: apply as soon as possible, keep a close eye on your transfer, and keep going. make payments with existing cards. This way you can at least be sure that you are saving money and protecting your credit in the meantime.
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