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How Long Do Balance Transfers Take (And Why)?

Exact Answer: 1-3 Weeks

We know that it can be quite confusing for people to know the exact amount of time that balance transfers take. Well, depending on your card issuer, it could take up to six weeks for a balance transfer to appear in the account to which you’re transferring the balance. 

While many issuers can complete the procedure in a week or less, it’s not a situation where you can simply set it and forget it. You can track the progress of the transfer by checking your accounts. To avoid being charged a late fee, make sure you continue to pay at least the minimum payment on the card from which you transferred the balance on time.

How Long Do Balance Transfers Take?

TimeDuration
Minimum1 Week
Maximum3 Weeks

When you transfer a balance from one credit card to another, you’re referring to a balance transfer. It usually takes five to seven days for this procedure to complete. However, be aware that some credit card companies may take up to 14 days to process a balance transfer. A balance transfer may allow you to temporarily avoid interest payments if you’re aiming to minimize your credit card debt and pay it off as quickly as possible.

The finest balance transfer credit cards have a 0% introductory APR period, which allows you to pay off your debt without incurring interest for a specific period. You will not only save money on interest payments, but you will also be able to use the money you would have spent on interest to pay down more of your debt.

Transferring money from one account to another is not a quick process. Expect the balance transfer process to take several days if you transfer an existing credit card balance to a new card. There are no firm deadlines for credit card providers to complete a balance transfer. The time it takes for a bank or a lender to process a balance transfer varies.

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Keep in mind that transferring your balance won’t happen immediately. A balance transfer can take as short as a week or as long as three weeks. You must continue to make any necessary payments on your old credit cards until the transfer is completed, or you risk accruing interest and late fees for missing payments. Before you discontinue making payments on those old accounts, double-check that they have no balance.

Why Do Balance Transfers Take That Long?

Contact the customer support department of your balance transfer credit card if your transfer appears to be taking longer than it should. Remember that certain balance transfers might take up to a month to complete, so don’t assume there’s a problem right away. You could also contact the credit card’s customer care department to inquire about the balance transfer. 

They might be able to tell you how much longer your balance transfer will take. Continue to pay on your original credit card until the debt transfer is completed. To avoid late fines and safeguard your credit score, make sure you pay at least the minimum amount due on time every month. 

Check your credit card account to see if the balance transfer is finished. You can follow the status of your balance transfer online with some lenders, making it simple to keep track of its progress. Call or go online to start the balance transfer. In just a few minutes, you can request a balance transfer online. 

You will be asked to give information such as your name, address, Social Security number, and income. Keep an eye out for the transferred account’s balance to be debited. Your balance transfer will appear as a debit on the card to which the balance was moved once it has been authorised and processed.

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After your balance transfer has been completed, double-check your original credit card to be sure there isn’t any residual debt that needs to be paid off. People sometimes think they’re transferring their full credit card amount when, in fact, a few purchases haven’t yet been transferred to the card account, leaving them with an unanticipated balance on their previous credit card.

Conclusion

Contact the customer support department of your balance transfer credit card if your transfer appears to be taking longer than it should. Remember that certain balance transfers might take up to a month to complete, so don’t assume there’s a problem right away. You could also contact the credit card’s customer care department to inquire about the balance transfer.

They might be able to tell you how much longer your balance transfer will take. Continue to pay on your original credit card until the debt transfer is completed. To avoid late fines and safeguard your credit score, make sure you pay at least the minimum amount due on time every month.

References

  1. https://link.springer.com/chapter/10.1007/978-94-011-4004-1_2
  2. https://muse.jhu.edu/article/372531/summary
  3. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606693
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