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 21.24% - 28.24% (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.
Chase Sapphire Preferred® Card
People also ask
Do balance transfers hurt your credit?
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...
read full answerHow does a Chase balance transfer check work?
A Chase balance transfer check works like a traditional bank account check. The only difference is that with a balance transfer check, the funds will be drawn from a Chase credit card’s line, rather than from a checking account.
With a Chase balance transfer check, you can pay off higher-rate credit cards and transfer the balance to your Chase credit card with an eligible lower rate. You can also transfer your balance to a bank account.
... read full answerDo you get points or bonus points for balance transfers on Chase Sapphire Preferred?
No, you don’t get points or bonus points for balance transfers on Chase Sapphire Preferred. The same applies to fees, interest charges and cash advances.
Only regular purchases count towards the Chase Sapphire Preferred card's rewards. Having said that, it is also worth noting that Chase Sapphire Preferred is one of the best rewards credit cards, due to both its initial bonus and earning rate.
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