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Are high interest rates causing your credit card debt to rise? It may be time to transfer your balance to a credit card that offers a starting interest rate of 0%.
This step will give you time to pay off your credit card debt without having to worry about it growing every month due to high interest rates.
If you’re considering transferring your balance to a US bank credit card, here’s everything you need to know, including fees, promotional periods, fees, and approval chances.
How to make a balance transfer with a US bank
Whether you already have a US bank credit card or are applying for the first time, getting your balance transferred through a US bank is a simple process.
If you already have a US bank credit card:
- Login to your account and click on the My Accounts tab at the top of the screen.
- Click “Request Balance Transfer”. from the Take Action drop-down menu on the left side of the screen.
- Choose your offer from the options available to you.
- Provide credit card information from which you transfer the balance. This should include the card issuer, card number, and the amount you wish to transfer.
- Click Submit to initiate a balance transfer.
If you are applying for a new US bank card:
- Start an online credit card application for your new US bank credit card. You will be asked if you would like to transfer the balance from one of your other credit cards. Select this option.
- Specify the account number and issuer of the existing card. Then list how much of the debt on this card you would like to transfer to a new US bank credit card.
What You Should Know About US Bank Transfer Before Applying
A US bank balance transfer offer can be a great way to get started with your debt, but there are a few things you should know before you apply:
- You need to act quickly. You will need to request a balance transfer within 60 days of opening a new US bank account. If you miss this deadline, the interest-free offer will disappear.
- You cannot transfer balance from one US bank card to another card issued by a US bank.
- The balance you transfer no reward points or cashback bonuses will be credited to the US bank card. These privileges are reserved for new credit card purchases only.
- Approval is not guaranteed. The US Bank will review your credit and finances during the application process. The bank may reject your request if your credit history is in poor condition.
How to improve your chances of getting a balance transfer approved
The US Bank will consider your credit score and debt-to-income ratio when deciding whether to approve a balance transfer. If your credit score is low and your debts are too high, you may find it difficult to get this approval. Fortunately, there are a few things you can do before you apply for a US Bank Balance Transfer Card to improve your chances of being approved:
- Take control of your expenses. If you have spending problems now, this most likely won’t change after you transfer your balance. Address your spending now so you don’t risk getting into even more credit card debt.
- Pay off some of your credit card debt. Your credit usage, that is, the percentage of your available credit that you use, is a key factor in getting a credit card. While a huge debt is likely the reason you apply for a balance transfer in the first place, you can improve your chances of approval by reducing your debt to a more desirable credit utilization level.
- Avoid missed payments. A missed payment on your credit report will lower your chances of getting a balance transfer card. Make sure you keep making at least the minimum payments until the transfer is complete.
- Make a debt repayment plan. The mistake many people make is that they transfer their balance and then don’t plan to pay off the balance before the 0% offer ends. The simplest tactic is to take the total amount you owe and divide it by the number of months of the 0% offer. Aim to pay at least the same amount every month to pay off the entire balance before interest begins to accrue.
Top US Bank Balance Transfer Offers
US Bank Altitude Go card
- Balance Transfer Fee: 3% of the transfer amount or $5, whichever is greater.
- 0% introductory period: 12 billing cycles for purchases and balance transfers.
- Regular pa: 14.99% to 23.99% variable APR, depending on your loan. See our Visa Signature Altitude Go US Bank card review for more details.
- It is worth noting: This card offers a 20,000 points welcome bonus if you spend $1,000 within the first 90 days. You can also earn 4x points on meals, 2x points on groceries, gas and streaming services, and 1x points on everything else.
US Bank Cash+ Visa Signature Card
- Balance Transfer Fee: 3% of the transfer amount or $5, whichever is greater.
- 0% introductory period: 15 billing cycles for balance transfers (if you transfer balance within the first 60 days of account opening).
- Regular pa: 13.99% to 23.99% variable per annum. For more information, see our Visa Signature US Bank Cash+™ card review.
- It is worth noting: This card offers a $200 bonus after you apply online and spend $1,000 on qualifying purchases within the first 120 days of account opening.
US bank Visa Platinum card
- Balance Transfer Fee: 3% of the transfer amount or $5, whichever is higher.
- 0% introductory period: 20 billing cycles for purchases and balance transfers.
- Regular pa: 14.49% to 24.49% variable per annum. See our review of the US Bank Visa® Platinum card for more information.
- It is worth noting: This is a basic map with no frills. However, this long zero interest offer is tempting.
Frequently Asked Questions About US Bank Transfers
What types of balances can I transfer through a US bank?
You can transfer credit card debt from any card that is not a US bank credit card. You can also transfer debt from other loans such as personal loans, auto loans, student loans, and home equity loans. Pay off those debts before the zero interest offer ends, or you’ll pay more interest once your rate equals the card’s normal annual interest rate.
How much debt can I transfer through US Bank?
The amount you can transfer will depend on the credit limit of your new US bank card. You cannot transfer more than this limit. If your US bank card credit limit is $10,000, you cannot transfer more than that amount.
How can I check the status of my US bank transfer?
The US Bank says the balance transfer can take up to 14 days. You can log into your US bank account to check the status of your transfer during this time. If you don’t have an account, you can call US Bank customer service at 800-947-1444 and select the first option to get an update on the status of your transfer. While you’re waiting for your balance to be transferred, keep making monthly payments on your original card so it doesn’t show up on your credit report as a missed payment.
bottom line
A balance transfer can be a great tool to help you pay off your credit card debt without being held back by high interest rates. US Bank has several attractive balance transfer offers currently available, some of which include welcome bonuses, spending rewards, or lengthy zero interest introductory offers.
But remember, a balance transfer is not an automatic ticket out of debt. You must ensure that your credit report is in good shape to qualify for a balance transfer offer. And after you complete the transfer of the balance, it is very important that you have a plan to pay off your debt (ideally before the end of the 0% offer period).
*All US Bank Cash+ Visa Signature card information has been collected independently by CreditCards.com. The Issuer has not provided the content and is not responsible for its accuracy.
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