How to do a balance transfer with Chase – Forbes Advisor

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If you’re looking to consolidate your bills and buy time to pay off your debts without racking up additional interest, you might want to consider a balance transfer. Balance transfers are useful for moving high-interest debt to a new account that charges a lower interest rate or no interest during a promotional period.

Chase’s credit card options include low introductory rates for new cardholders who want to do a balance transfer. Learn more about how to perform a balance transfer with a Chase-issued credit card.

The best Chase balance transfer offers

As of this writing, Chase has three credit cards offering 0% introductory APRs for the first 12-15 months. New cardholders will be charged a balance transfer fee of $5 or 5% of the amount of each transfer, whichever is greater.

Once the introductory period is over, the card’s standard APR will apply. Your exact interest rate will depend on a combination of factors, including your creditworthiness and other debts.

Chase Slate Edge℠

  • Balance Transfer Introductory Offer: Get 0% introductory APR on balance transfers for 18 months.
  • Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
  • Standard Variable APR: At 15.74% – 24.49% Variable rate.
  • Other advantages : No annual fee and the ability to reduce the interest rate by 2% each year until your APR reaches prime plus 9.74%.

Hunt Unlimited Freedom®

  • Balance Transfer Introductory Offer: Get 0% introductory APR on balance transfers for 15 months.
  • Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
  • Standard Variable APR: At 16.49% – 25.24% Variable rate.
  • Other advantages : No annual fee and new cardholders can earn 1.5% cash back on everything they buy in their first year as a cardholder up to $20,000 in spend, which is up to $300 cash back in the first year.

Chase Freedom Flex℠

  • Balance Transfer Introductory Offer: Get 0% introductory APR on balance transfers for 15 months.
  • Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
  • Standard Variable APR: 15.74% – 24.49% Floating rate.
  • Other advantages : No annual fee and new cardholders can earn $200 bonus after spending $500 on purchases within the first 3 months of account opening.

How to do a balance transfer with Chase

Performing a balance transfer with Chase is a simple process. When you apply for a new balance transfer card, you will usually be asked during the application process if you want to perform a balance transfer. You can select “yes” and you will be asked to fill in both the dollar amount and the account information for the bank account from which you wish to transfer the debt. Be aware that Chase, like most banks, will not allow you to transfer debt from one Chase account to another. Chase also has a maximum balance transfer limit of $15,000.

For new credit card applicants

  1. Identify the right balance transfer card for your specific needs. You can use our Balance Transfer Calculator to help you determine which is right for you.
  2. You can complete your card application online or in person at a branch.
  3. Select “Yes” when asked if you want to transfer a balance.
  4. Provide any relevant information required on the other account, such as the account number and the amount to be transferred.
  5. Submit the request and wait for approval.

If you are looking to transfer a debt from another issuing bank to your Chase credit card, here are the steps to follow.

For current Chase cardholders

  1. Log in to your Chase account online.
  2. Select “Pay & Transfer”, then select “Card Balance Transfers”.
  3. Under “Transfer from”, select “Choose an account”, then select “Add external account” and fill in the account information for the account you want to transfer from.
  4. If you have more than one Chase Credit account, select the one you want to transfer to and fill in the information for that account, including the amount you want to transfer.
  5. Once approved, you should receive a confirmation from Chase within minutes of submitting your application. Otherwise, you can contact Chase to find out why the transfer request was not approved.

What to know about balance transfers with Chase Ahead of Time

Chase’s process is simple to transfer a balance to a card with a 0% or low introductory APR. Keep these things in mind when considering Chase for a balance transfer:

  • You cannot transfer a balance from one Chase card or loan to another. The balance must come from an account through another lender.
  • The actual balance transfer is not instantaneous. It can take up to three weeks for the balance transfer to complete. Continue to pay the old account lender while waiting for the balance to appear in the Chase account.
  • Balance transfers will reduce the available credit line of the receiving credit card. This will reduce your ability to charge new purchases to that card and may also impact your total credit usage.
  • Chase will limit the amount you can transfer. You can only transfer up to your credit limit on this card or $15,000, whichever is lower.
  • Create a payment plan. The minimum payment provided by Chase may not be sufficient to pay off the balance by the end of the introductory period. To pay off the balance before the end of a 0% APR offer, divide the total balance by the number of months in the introductory period to determine how much you’ll need to pay each month to eliminate that balance before the end of the introductory period. introduction.
  • This introductory rate will not last forever. If the balance is not paid in full at the end of the introductory period, a variable APR will be applied to the remaining balance. The exact rate will be determined based on the cardholder’s creditworthiness.

Find the best balance transfer credit cards of 2022

Conclusion

A balance transfer can be a useful tool for transferring high-interest debt to a card with a temporary period of little or no interest. Chase offers several cards with 0% APR offers on balance transfers. If you take advantage of one of their offers, be aware that your ability to transfer your entire credit card balance to Chase may depend on the amount of debt you wish to transfer.

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