Maria Adams, Credit Cards Moderator
@m_adams
You can do a balance transfer with the Chase Sapphire Preferred card either online or over the phone at (800) 945-2000. To transfer a balance online, you need to enter the amount you want to transfer, verify the information, and submit the request. Just keep in mind that balance transfers are expensive with this card as there are no intro balance transfer APRs available.
People who shift existing credit debt to Chase Sapphire Preferred will immediately start owing interest at the card’s regular APR of 19.74% - 27.99% (V). They will also owe a transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. The point of a balance transfer is to save money, and Chase Sapphire Preferred won’t make that happen unless the APR you get on the card is a lot lower than the one on your existing debt.
Chase Sapphire Preferred Balance Transfer Details
Only existing Chase Sapphire Preferred cardholders can request a balance transfer. Also, Chase only allows you to transfer credit card debt. Plus you cannot transfer balances from other Chase accounts.
The best balance transfer credit card offers come with a promotional 0% interest rate and give you from 6 to 21 months to pay off the debt interest-free. But many balance transfer cards with 0% introductory rates tend to have high regular APRs and fees. Only a few come with no balance transfer fee.
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People also ask
Is it a good idea to do a balance transfer?
Doing a balance transfer is a very good idea if you need multiple months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card. Most balance transfer cards require a 700+ credit score (at least good credit) for approval.
What you should know before making a balance transfer:
- You generally need good credit or better to get a 0% balance transfer credit card.
- Most balance...
What is a balance transfer APR?
A balance transfer APR is the interest rate you get charged on a credit card for the amount of debt that you transferred from another card or loan. Many balance transfer offers include an introductory 0% APR that lasts for a specified number of months, usually 6 to 21 months.
Once an introductory balance transfer APR expires, any remaining balance accrues interest at the card’s regular balance transfer APR. This interest accrues daily, and it is calculated...
read full answer by Jane Parker, WalletHub Credit Card AnalystDoes a balance transfer count as a payment?
A balance transfer does count as a payment to the original creditor to which you owed the balance. The issuer of the balance transfer card will submit payment to the old creditor for the amount of the transfer. Once the first monthly statement comes for your balance transfer card, you will need to begin making payments to that card’s issuer.
Things to Know About Credit Card Balance Transfers
- Balance transfer timelines vary by issuer....
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