John Miller, Credit Cards Moderator
@john_miller
Your balance transfer could be taking longer than usual for several reasons, including incorrect information on the transfer application or transferring a large amount.
Until the balance transfer process is complete, continue to make payments on the original balance to avoid late fees and potential damage to your credit score.
Why Balance Transfers Can Take Longer Than Expected
- Incorrect Information: If you provide inaccurate information on the transfer application, the process can be delayed because the issuer needs to verify and correct the details.
- You're Transferring a Large Amount: Transferring substantial balances may also cause the transfer process to take longer than expected.
- You're Transferring to a New Card: Transferring a balance to a new credit card can take longer than transferring to an existing account. That’s because approval for the new card must occur before the transfer can be processed.
- Transfer Method: If you initiate the transfer with a check, this can add more time, too. Paper checks are slower than electronic transfers, and may require additional time to clear.
In general, balance transfers can take from a few days to several weeks to process. You can always check on the progress of your transfer with your card issuer if you think it's taking too long. If there’s a specific reason for the delay, a customer service representative should help you with the steps needed to resolve the issue.
People also ask
How long does a balance transfer take?
A balance transfer usually takes 3 to 21 days from when you submit a balance transfer credit card application, depending on the issuer. To make a balance transfer take as little time as possible, apply online so the issuer can review your application sooner.
How Long a Balance Transfer Takes by Credit Card Company:
| Company | How Long a Transfer Takes |
| ... |
Can a balance transfer request get denied?
Yes, a balance transfer request can be denied. A credit card balance transfer can be denied if you have a poor credit history, your transfer request exceeds your credit limit, or you request to transfer a balance to another card from the same issuer, among other reasons.
You can call your credit card issuer’s customer service department to find out exactly why your balance transfer request was denied. You can also learn more about...
read full answer by Chip Lupo, Credit Card WriterDo balance transfers hurt your credit?
Yes, 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...
read full answer by WalletHub, Financial CompanyDid we answer your question?
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