How to transfer a balance to a Chase credit card

The interest rate on your credit card is too high. And because you carry a balance each month, that rate is costing you serious dollars.

If you’re considering making a balance transfer to a Chase credit card, here’s everything you need to know before applying — including card options, restrictions, balance transfer fees, chances of approval and even potential pitfalls.

Chase balance transfer offers

Chase Slate Edge℠*

• 0 percent promotional period: first 18 months on new purchases and balance transfers after you open an account
• Regular APR: 19.74 percent to 28.49 percent (variable)
• Worth noting: customers eligible to have APR lowered by 2 percent each year if they pay on time and spend at least $1,000 in the first year

Chase Freedom Unlimited

• 0% promotional period: First 15 months on new purchases and balance transfers after you open your account
• Regular APR: 19.74 percent to 28.49 percent (variable)
• Worth noting: 5 percent cash back on Lyft purchases (through March 2025), 5 percent cash back on travel purchased through Chase Ultimate Rewards, 3 percent cash back on dining, 3 percent cash back on drugstore purchases, 1.5 percent cash back on all purchases; no annual fee; additional 1.5 percent cash back on all purchases, up to $20,000 spent in first year

Chase Freedom Flex℠

• 0 percent promotional period: 15 months on new purchases and balance transfers
• Regular APR: 19.74 percent to 28.49 percent (variable)
• Worth noting: 5 percent cash back on rotating categories that you must activate each quarter (up to $1,500 per quarter); 5 percent back on Lyft purchases (through March 2025); 5 percent cash back on travel purchased through Chase Ultimate Rewards; 3 percent cash back on dining; 3 percent cash back on drugstore purchases; 1 percent cash back on general purchases; no annual fee; $200-sign-up bonus if you spend $500 in first three months

What you should know about Chase balance transfers before applying

There are limits to balance transfers with Chase credit cards, according to the company.

• Customers can’t transfer more than $15,000 in credit card debt within any 30-day period.
• You can’t transfer your balance from an existing Chase card to another card issued by Chase.
• Balance transfer requests take time. While Chase says that your debt may be transferred to your new card within a week, it can take up to 21 days.
• You need to continue making payments on your existing card until you are certain that the balance transfer has closed.
• Balance transfers won’t earn you rewards points or cash back, if the card you are transferring a balance to offers them.
• There is no guarantee Chase will approve your balance transfer request. It might turn you down if you are past due on your existing card or if it believes you won’t be able to repay whatever balance you want to transfer.
• Chase might also approve only a portion of the balance transfer you requested. Maybe you want to transfer $8,000 from an existing card, but Chase will only approve a transfer of $5,000.

How to improve your chances of approval for a balance transfer

Eszylfie Taylor, president and founder of Taylor Insurance and Financial Services in Pasadena, California, said consumers who are in the strongest financial health are usually the ones most likely to get approved for a balance transfer.

If you want to increase your odds of qualifying for a transfer, Taylor recommends you pay your bills on time each month.

If you can’t afford to pay every bill on time, focus on those that affect your FICO credit score.

Credit account payments such as your mortgage loan, credit card bills, student loans and auto loan are reported to the credit bureaus. If you pay any of these bills late by 30 days or more, your credit score will tumble. However, defaulting on other bills, such as internet or cellphone, can result in the account being sent to collections, which will also show up on your credit report in due time.

How to initiate a balance transfer to a Chase credit card

If you already own a Chase credit card:

1. Log into your account and select the “transfer a balance” option. This will bring up the offers available to you.
2. To start the process, provide some basic information about the card from which you want to transfer a balance.

If you are applying for a new Chase credit card:

1. Start a credit card application for a Chase balance transfer card.
2. During the application process, you will be given the option to transfer a balance from an existing card.
3. Provide basic information about the existing card and state how much you want to transfer.

Bottom line

Chase offers several cards with lengthy 0 percent balance transfer periods, and some provide elevated cash back rewards in a variety of spending categories. The Slate Edge offers an 18-month window in which to pay off a balance with no interest (19.74% – 28.49% variable APR thereafter). You’ll get a little less time to do so with the Freedom cards, but you’ll be able to earn cash back on lots of everyday purchases once you pay off the transferred balance.

It’s important to be aware of the interest rate you’ll face on a new balance transfer card and make a plan to pay it off before any 0 percent offer expires.

Steps you can take to ensure you will be able to pay off your debt include creating a budget, choosing a payoff strategy and stashing your card to avoid making any extra charges.