How to Transfer a Remaining Balance

When you transfer one credit card balance to another credit card, the new credit card pays off that balance on the old credit card. That balance is then added to the new credit cards total balance. This is useful when one card has a lower annual percentage rate than another. If you have a lower rate, you can save money over the long run. Some people also transfer balances to minimize the number of accounts they have to pay and keep up with each month.

Instructions

1

Read through the credit card terms and conditions. The terms and conditions will explain if you can transfer a balance from another credit card to that account. It will also explain what rate will be applied to transferred balances and if there is any fee. If you no longer have the terms and conditions, call customer service or read the account terms in your online account.

2

Call the customer service number listed on the back of the credit card that you will transfer the balance to, to get your total available credit. You can also view your current available credit by logging into to that account online.

3

Request a balance transfer. You can call the customer service number on the card that you're transferring the balance to and speak with a customer service representative. Some credit card companies, like Capital One, allow you to request a balance transfer online. Just log in to your account and select that option.

4

Submit the name of the credit card company whose balance you are transferring, the account number and the amount of the balance transfer. If submitting this information online, select the company name from the list of credit card companies. Enter the account number of that credit card and the amount you would like to transfer. Include cents (e.g., $215.46), if you are transferring the entire remaining balance.

5

Submit your request. The credit card company will pay off the balance of the old card. Then add that balance to your total balance.