How do you qualify for a balance transfer?

To qualify for a balance transfer, you typically need good or excellent credit and a steady income, though there may be options for people with lower credit scores, too. You’ll also need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN or ITIN to qualify for a balance transfer credit card.

If you already have a credit card you want to transfer a balance to, you don’t have to do anything special to qualify. Just make sure you don’t request an amount that’s higher than your available credit, or else the transfer could be denied or only partially approved.

Transferring a balance to a new card usually is the best approach, however. If you play your cards right, you could qualify for a 0% introductory APR.

How to Qualify for a Balance Transfer with a New Card

• Meet the card’s credit score requirement (usually good or excellent credit)
• Have a steady income
• Be at least 18 years old
• Have an SSN (in some cases, an ITIN or passport may be accepted)
• Be a U.S. citizen or permanent resident

Assuming you are approved for a new credit card, your balance transfer will typically go through within 15 to 25 days after you submitted the application with the transfer request. Alternatively, you should be able to request a transfer through your online account or by calling customer service any time after your account is opened. You may not get the best terms if you wait too long, though.

For more information, you can check out WalletHub’s balance transfer guide.