When you have credit card debt, a balance transfer with Chase can help you pay it back more quickly and with less interest. Credit card interest rates are one of the biggest obstacles to paying off debt. A balance transfer lets you refinance your existing credit card debt at a lower interest rate.
Here's everything you need to know about doing a balance transfer with Chase, including how to set it up and the rules for balance transfers.
How to do a balance transfer with Chase
To do a balance transfer with Chase online, follow these steps:
- Log in to your Chase account and go to the credit cards section.
- Find your Chase balance transfer card and click the three dots (next to the "Pay card" option) to open a list of options.
- On the dropdown menu that appears, click "Account services," and then "Transfer a balance."
- Select the balance transfer offer and click "Next."
- Fill out the balance transfer form. You'll need the credit card number of the card with the balance you want to transfer and the transfer amount.
The balance transfer should process in a week to 21 days. Continue making any required payments on the original credit card account until the balance transfer is complete.
Another way to do a balance transfer with Chase is by calling the card issuer. The phone number is available on the back of your Chase credit card.
Choosing a credit card
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What to know before doing a balance transfer with Chase
There are a few things to keep in mind regarding balance transfers:
- Most credit card companies charge a balance transfer fee, such as 5% of the transfer amount with a $5 minimum.
- Your balance transfer amount, including the transfer fee, can't be greater than your Chase card's credit limit.
- Chase also has a limit of $15,000 in balance transfers within a 30-day period.
- You can’t use a balance transfer with Chase to pay off other Chase credit cards or loans. You must be transferring a balance from non-Chase credit cards to a Chase card.
- You must have a balance transfer offer on your Chase credit card. Chase doesn’t let you transfer a balance without one.
Benefits of a balance transfer
The main reason for a balance transfer is to get a lower interest rate on your credit card debt. With the best balance transfer cards, you can get a 0% introductory APR on balances you transfer. The introductory period will give you time to pay down your debt without incurring more interest charges. When you're not paying interest, that also means you can pay off your debt more quickly.
Chase cards with 0% intro APR on balance transfers
Not all Chase cards offer a 0% intro APR for balance transfers. Here are two that we love that do offer a 0% intro APR on balance transfers:
As of May. 17, 2022
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| Chase Freedom Flex℠ | Chase Freedom Unlimited® |
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Rating image, 5.00 out of 5 stars.
5.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Rating image, 5.00 out of 5 stars.
5.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
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Apply Now for Chase Freedom Flex℠
On Chase's Secure Website. |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
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Credit Rating Requirement: |
Credit Rating Requirement: |
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$200 |
Up to $300 cash back |
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1% - 5% cash back |
1.5% - 5% cash back |
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Intro APR: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months |
Intro APR: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months |
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Regular APR: 15.24% - 23.99% Variable |
Regular APR: 15.24% - 23.99% Variable |
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Annual Fee: $0 |
Annual Fee: $0 |
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Highlights:
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Highlights:
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Apply Now for Chase Freedom Flex℠
On Chase's Secure Website. |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
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Another perk of a balance transfer is that you can consolidate credit card debt. If you have balances on multiple credit cards, you can transfer them all to one card. You'll then only have to make one monthly payment.
Making the most of a balance transfer with Chase
A balance transfer with Chase isn’t a one-stop solution to credit card debt. You still need to be diligent in paying the balance down so you don’t waste the opportunity. After the introductory APR ends on a balance transfer credit card, it reverts to the variable APR. That means you'll start paying more interest on any remaining credit card balance.
But a balance transfer can certainly make a big difference in how quickly you get out of debt and how much interest you pay. If you pay as much as you can toward your debt, a balance transfer offer gives you plenty of time to reduce or even erase what you owe.
Still have questions?
Some other questions we've answered:
About the Author
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
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