What is the best Chase balance transfer card?

Balance transfers do hurt your credit when you open a new credit card account to do the transfer. Applying for a balance transfer credit card will generate a hard inquiry on your credit report, causing a slight dip in your credit score.

If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you to...

To do a balance transfer with Chase, new applicants can just complete the balance transfer portion of a Chase credit card application. Existing cardholders can request a balance transfer online or by calling customer service at (800) 432-3117.

Chase balance transfers usually take up to 21 days to process. In the meantime, continue to make payments on your original debt in order to avoid any late fees and possible damage to your credit score.

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The pros of balance transfers include saving money on interest, consolidating debt, and possible improvement in credit score in the long run. The cons of balance transfers include balance transfer fees, high regular APRs, and above-average score requirements. Generally, when you transfer a balance, you’re shifting high-interest debt to a credit card with a lower interest rate.

Pros and Cons of Balance Transfers