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.
To do a balance transfer with Chase online, follow these steps:
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.
There are a few things to keep in mind regarding balance transfers:
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.
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.
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.
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