Edited by: Juan Ruiz
& Keri Stooksbury
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The concept of a balance transfer has been around for years. But it has recently exploded in popularity, especially for those struggling with paying off their credit cards that are accumulating interest rapidly.
Additionally, balance transfers have become popular for business owners who have been experiencing cash flow constraints.
If you’re looking to utilize Chase as your preferred credit card issuer for balance transfer credit cards, let’s walk through what to expect.
Before we get into the weeds with Chase’s balance transfer credit cards and the balance transfer process, it’s extremely helpful to provide an overview of what exactly a balance transfer is.
In simplest terms, a balance transfer is an act of moving debt from one institution to another — and in the context of credit cards, the term “credit card balance transfer” is often shortened to “balance transfer.”
For example, if you have 2 credit cards and you move a balance of $10,000 from 1 credit card to the other, you’re performing a balance transfer.
Balance transfers are almost always done to defer or reduce credit card interest fees.
For example, if you have a credit card with a high balance, which is accumulating interest at a 25% APR, you can reduce or defer interest accrual by performing a balance transfer to a credit card with a lower (or even 0%) APR.
By doing so, you’re effectively consolidating debt for a limited time, which will “buy” your time to pay off your debts.
Chase offers 3 main balance transfer credit cards at the moment. These are all personal credit cards, so just keep that in mind.
In addition, Chase is one of the only credit card issuers that offer a credit card with a balance transfer promotion, a welcome bonus, and superb rewards.
This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!
The Chase Freedom Unlimited® is easily one of the best cash-back credit cards on the market. There aren’t many no-annual-fee credit cards that offer multiple great bonus categories like 5% back on travel purchased through Chase, 3% back on dining and drugstore purchases, and 1.5% back on all other purchases.
When paired with other Chase cards in the Ultimate Rewards family, you can transfer that cash back into points if you wish – making it one of the most lucrative cards in your wallet.
The Freedom Flex card is an excellent no-annual-fee card that still earns big with 5% cash-back on travel and other bonus categories.
The Chase Freedom Flex℠ sure does pack quite a punch — especially for a no-annual-fee card.
The Freedom Flex card is an incredible option for those looking for a well-rounded cash-back card, or a powerful point-earner when paired with a premium card in the Ultimate Rewards family.
The Chase Slate Edge card is a great option for those looking to build their credit.
Chase revamped the Chase Slate Edge℠ in 2021. It’s a no-annual-fee card designed for those looking to build their credit or those who need a low-interest APR card for a large purchase or balance transfer.
While the Chase Slate Edge card does not offer the opportunity to earn any rewards, it is a great option for those who are just beginning their credit journey, and the card still offers lucrative benefits that any cardholder would find value in.
Right now, there are no business credit cards that offer a 0% balance transfer promotion. However, Chase has a pair of exceptional business credit cards that boast a phenomenal welcome bonus, a 0% introductory APR on purchases (not balance transfers), and fantastic rewards for ongoing purchases.
This card offers great rewards and no annual fee. Any new business owner that needs to get going will enjoy this card.
The Ink Business Cash® Credit Card has a lot going for it that makes it a compelling choice for small business owners. The card features a very lucrative 5% back on up to $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet, and cable TV services each account anniversary year.
When you factor in that the card has no annual fee, and 0% intro APR on purchases for 12 months; variable 18.49% - 24.49% thereafter, you could be adding big value back into your business for no cost out of pocket.
The Ink Business Unlimited card is a stellar option for business owners looking for a no-fuss uncapped 1.5% cash-back card without an annual fee.
As a business owner, you likely keep pretty busy and probably prefer a credit card that just keeps things simple.
If so, the Ink Business Unlimited® Credit Card might be just the card for you. From zero annual fee to a flat cash-back rate, the card is a no-frills option that you don’t have to think twice about.
Don’t forget too, 0% intro APR on purchases for 12 months; variable 18.49% - 24.49% thereafter
Hot Tip: The difference between 0% APR on balance transfers versus 0% APR on purchases is that an introductory APR period for purchases only applies for new purchases made after card opening, as opposed to moving existing balances from other credit cards to the balance transfer credit card.
There are several tips you should remember before transferring balances with Chase (and even in general).
To start, balance transfers are usually not free, even with a 0% balance transfer APR. That’s because there’s usually a balance transfer fee, which is a 1-time charge assessed on the transferred balance.
Usually, the balance transfer fee is around 3% to 5%, which would translate to a fee of $300 to $500 on a $10,000 balance.
Additionally, you typically can’t transfer balances between 2 credit cards if those 2 cards have the same issuer. So for example, you can’t transfer balances from 1 Chase card to another Chase card.
Another crucial concept with balance transfers is that although the promotional APR may be 0% for the first 12 months, your balance transfers must be completed much sooner than that. In many cases, all balance transfers must be made within the first 60 days after card opening to qualify for the promotional APR.
The amount you can transfer to your Chase credit card is also capped by the credit limit you are approved for. So for example, if you’re approved for a balance transfer credit card that has a $5,000 credit limit, you can’t transfer a balance of $10,000 to the new card.
And lastly, all balance transfers are subject to approval; you may be declined due to perceived credit risk or other factors.
Hot Tip: In general, Chase only allows a maximum of $15,000 within any 30-day period per card in transferred balances (or the approved credit limit, whichever is lower), and this limit must include fees and interest charges.
So, let’s say you are ready to get a balance transferred to a Chase credit card. There are 2 general processes for doing balance transfers:
In this section, we’ll show you how to do both, starting with a new Chase credit card.
First, find the application for the new Chase card you’d like to open.
Then, fill out the application as normal.
Near the bottom of the application, you will see a question that says, “Would you like to transfer a balance?” This is selected “No” by default. Select Yes.
The resulting area will look like this:
After that, you’ll be prompted to enter an Account number and Amount for every balance transfer you want to make. The account number is simply the credit card number from which you want to transfer a balance. Then, enter the balance transfer amount.
Finalize the application, agree to the terms and conditions, and apply.
If your new card application is approved, congratulations! Just note that the balance transfer still needs to be approved. You will see the appropriate balance transfer activity reflected on your account if approved.
If you recently applied for a credit card but forgot to request the balance transfers at the time of the application, you can transfer your balances by logging into your online account or by calling Chase.
First, log into your online account, and select the card you wish to use. Then, click More followed by Account services and Transfer a balance.
After that, fill in the balance transfer details, including the credit card number you want to transfer the balances from and the balance transfer amount. Consent to the terms and conditions, and click Continue. Lastly, click Set up transfer.
After that, you’re set! You should see your balance transfer process on your billing statements and transactions in around 3 weeks.
In some cases, you can only transfer your balances by picking up the phone — some cards will not have balance transfer offers available, and some cards won’t even have the ability to perform balance transfers.
To perform a balance transfer, you can also simply call the number on the back of your card and speak with a representative who can help you process this.
Balance transfers usually take around 1 week to process with Chase, though Chase states that it may take up to 21 days to complete. In the meantime, you’ll need to continue making on-time payments to avoid fees and penalties.
In general, even after you transfer a balance, you must still make at least the minimum payment to avoid late fees or penalties.
And remember that balance transfers, in the case of Chase, much usually be completed within 60 days of new card opening, though you’ll want to consult your cardmember agreement to get the final say.
Balance transfers will not earn any rewards or rebates, so just keep that in mind.
Hot Tip: You can also consider our guides to the best 0% interest credit cards and the best balance transfer credit cards with 0% intro APR.
Chase offers a solution for those wishing to consolidate debt, pay off high-rate credit cards, or pay for unexpected purchases.
This is made possible through balance transfer credit cards. Currently, Chase has a few credit cards with balance transfer offers, and all of these are personal credit cards.
Unfortunately, Chase doesn’t have balance transfer offers on business credit cards, though there are still business credit cards with 0% APR offers on purchases.
The process for Chase balance transfers is pretty straightforward; however, you’ll want to remember that the cap is generally $15,000 in balances transferred every rolling 30-day period per card (or your approved credit limit, whichever is lower).
Lastly, Chase balance transfers take anywhere from 7 to 21 business days to process; don’t forget to continue making on-time payments while you’re waiting for your balance transfer to complete.
The information regarding the Chase Freedom Flex℠ was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Chase Slate Edge℠ Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Chase frequently offers 0% introductory balance transfer APR promotions on a select few of its credit cards, including the Freedom Unlimited card and Freedom Flex card. However, Chase doesn’t usually have balance transfer offers for its business credit cards.
You cannot transfer balances between Chase credit cards. You can only transfer balances from another bank’s credit card (e.g. U.S. Bank) to a Chase credit card.
Usually, Chase balance transfers take around 1 week; however, it can take up to 3 weeks for a Chase balance transfer to complete.
Yes, Chase almost always charges a balance transfer fee, which is usually around 3% to 5%, even on cards with a 0% introductory APR offer on balance transfers.
If you’re applying for a new Chase card for the balance transfer benefit, you’ll want to check the box that says Yes next to the question, “Would you like to transfer a balance?” After that, fill out the fields for the account number and balance transfer amount.
If you’re doing a balance transfer on an existing Chase credit card, log into your online account and select your Chase card. Then, click More, followed by Account services, and then Transfer a balance.
Fill out the form and submit the transfer. Alternatively, you can call the number on the back of your card to perform a balance transfer.
Balance transfers usually don’t hurt your credit score. Since you’re just transferring a balance from 1 card to another without accumulating any new debt, your credit utilization ratio will not change.
For this reason, balance transfers shouldn’t affect your credit score.
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