What Is a Balance Transfer?

Does a balance transfer hurt your credit score?

A balance transfer can temporarily lower your score in two ways: (1) The new card application triggers a hard inquiry (5–10 points). (2) The new account lowers your average account age. However, if you pay down the transferred balance, your utilization drops — which can improve your score significantly. Net effect is usually positive within 3–6 months.

Can you balance transfer to the same bank?

No. You cannot transfer a balance to a card from the same bank. For example, you can't transfer a Chase card balance to another Chase card. The balance must move to a card from a different issuer.

What happens if I don't pay off the balance transfer before the intro period ends?

Any remaining balance after the 0% intro period ends starts accruing interest at the regular APR — typically 18–29%. Some cards also apply deferred interest (charging interest retroactively on the original balance), though most major cards don't. Always know your card's policy before transferring.

What credit score do you need for a balance transfer card?

Most 0% balance transfer cards require good credit (670+). The best offers (21-month 0% APR) typically require 700+. If your score is below 670, you may not qualify for the best offers, but some cards accept fair credit with shorter 0% periods.

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