How To Do A Balance Transfer With Chase

If you’re looking to consolidate bills and gain extra time to pay off debt without accruing additional interest, you may 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 at all for a promotional period. Chase’s credit card options include low introductory rates for new cardholders looking to complete a balance transfer.

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Chase Freedom Unlimited®

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3.4

Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.

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On Chase Bank USA, NA's Website

Up to 6.5X Reward Rate

Earn an additional 1.5% cash back on up to $20,000 spent in the first year, after that 5% cash backRead More

Welcome Bonus

Up to $300 cash back

Annual Fee

$0

Regular APR

20.49% - 29.24% Variable

Credit Score

Excellent, Good (700 - 749)

Editorial Review

A good overall spending card that allows you to hold a balance on new purchases with a low introductory APR, pay no annual fee, and still earn at least 1.5% cashback on all purchases

Pros & Cons

• Generous welcome offer for a no annual fee card
• Unlimited 1.5% minimum earn rate for cash-back rewards
• No minimum redemption amount

• Foreign transaction fee
• Ongoing balance transfer fee is high
• Requires a companion card to transfer points to travel partners

Card Details

• INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cash back!
• Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
• After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
• No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
• Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% – 29.24%.
• No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
• Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
• Member FDIC

Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.

Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.

The Best Chase Balance Transfer Offers

As of this writing, Chase offers three credit cards offering 0% introductory APRs for the first 15 to 18 months. New cardholders will be charged a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, the balance transfer fee becomes either $5 or 5% of the amount of each transfer, whichever is greater.

After the intro period ends, the card’s standard APR will apply. Your exact interest rate will depend on a combination of factors including your credit standing and other debts.

Chase Slate Edge℠*

• Introductory balance transfer offer: 0% Intro 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: 20.49% - 29.24% Variable
• Other perks: No annual fee and the potential to lower the interest rate by 2% every year until your APR reaches the Prime Rate plus 9.74%.

Chase Freedom Unlimited®

• Introductory balance transfer offer: 0% Intro 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: 20.49% - 29.24% Variable
• Other perks: No annual fee and rewards do not expire.

Chase Freedom Flex℠*

• Introductory balance transfer offer: 0% Intro 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: 20.49%-29.24% Variable
• Other perks: No annual fee and new cardholders can earn a $200 bonus after spending $500 on purchases in the first 3 months from account opening.

Chase Balance Transfer Fees

The standard Chase balance transfer fee is either $5 or 5% of the amount of each transfer, whichever is greater. An introductory fee may apply as $5 or 3% of the amount of each transfer, but only on transfers made within the first 60 days of account opening.

This balance transfer fee may make a balance transfer less worthwhile if it costs more than you’d pay in interest while carrying the balance on your existing card. Five percent is also a rather high fee—other issuers may charge less. Our list of the best balance transfer cards may help you find a better offer than one you can find from Chase.

How To Do a Balance Transfer with Chase

Completing a balance transfer with Chase is a simple process. When you apply for a new balance transfer card, you’ll typically be asked during the application process if you’d like to do a balance transfer. You can select Yes and you’ll be asked to fill out the dollar amount and the information for the account you want to transfer debt from. Be aware that Chase, like most banks, won’t let you transfer debt from one Chase account to another. Chase also has a maximum balance transfer limit of $15,000 in a 30 day period.

For New Credit Card Applicants

1. Identify the right balance transfer card for your particular needs. You can use our balance transfer calculator to help you determine what’s right for you.
2. Fill out your card application online or in-person at a branch.
3. Select Yes when asked if you would like to transfer a balance.
4. Provide any relevant information required about the other account, like the account number and amount to be transferred.
5. Submit the application and wait for approval.

For Current Chase Cardholders

1. Log in to your online Chase account.
2. Select Pay and Transfer and then select Card balance transfers.
3. Under Transfer from select Choose an account and then select Add an external account and fill in the account information for the account you wish to transfer from.
4. If you have more than one Chase credit account, select which one you’d like to make the transfer to and fill in the information for that account, including how much you’d like to transfer.
5. Once approved, you should receive confirmation from Chase within a few minutes of submitting your request. Otherwise, you can contact Chase to see why the transfer request was not approved.

How Long Does A Balance Transfer Take With Chase?

Chase advertises its balance transfers to take anywhere from a week to 21 days. It’s likely that this varies with issuer and transfer method. For transfers completed by electronic wire, for example, the time required may be shorter than if Chase must send the other issuer a paper check.

During the wait time, it’s important to continue to pay any minimum payments for the account you’re transferring the balance from to avoid any negative impact on your credit. Late payments, interest and any other terms applied to the balance you’re trying to transfer remain in effect until the balance is transferred. Before you breathe easy, ensure the card with the balance you’re transferring has reduced the balance to zero and the balance has made it to the new card.

Things To Know About Balance Transfers With Chase Ahead of Time

Chase’s process is simple for transferring a balance to a card with a 0% or low introductory APR. However, you should still 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 instant. It can take up to three weeks for the balance transfer to be completed. Continue paying the former account lender while waiting for the balance to show up in the Chase account.
• Balance transfers will reduce the receiving credit card’s available credit line. This will reduce your ability to charge new purchases to that card and can also impact your total credit utilization.
• Chase will limit the amount you can transfer. You can only transfer an amount up to your credit limit on that card or $15,000, whichever is lower.
• Create a payoff plan. The minimum payment provided by Chase may not be enough to pay off the balance by the end of the introductory period. To pay off the balance before a 0% APR offer ends, divide the total balance by the number of months in the intro period to determine how much you’ll have to pay each month to knock out that balance before the intro period ends.
• That intro rate won’t last forever. If the balance is not paid in full by the end of the intro period, a variable APR will be applied to the remaining balance. The exact rate will be determined based on the cardholder’s creditworthiness.

Bottom Line

A balance transfer can be a useful tool for transferring high interest debt to a card with a temporary period of little to no interest. Chase offers multiple cards with 0% APR offers on balance transfers. If you take advantage of one of these offers, be aware that your ability to transfer your entire credit card balance to Chase may depend on how much debt you’re looking to move.

Frequently Asked Questions (FAQs)