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In this article:
- Can You Do a Balance Transfer to an Existing Card?
- Can You Do a Balance Transfer to a Card That Already Has a Balance?
- Can You Transfer a Balance Between Cards From the Same Bank?
- Pros and Cons of Transferring a Balance to an Existing Card
- When Does a Balance Transfer to an Existing Card Make Sense?
- How to Complete a Balance Transfer to an Existing Card
You can usually do a balance transfer to an existing card if the card accepts balance transfers and has enough available credit. However, credit card issuers usually don't allow you to transfer balances between two cards issued by the same company. Here's what to know.
Can You Do a Balance Transfer to an Existing Card?
You can do a balance transfer to an existing credit card as long as the card issuer allows balance transfers and the debt is eligible.
Some card issuers offer promotional balance transfer annual percentage rates (APRs) to existing cardholders. Check your online account or contact your card issuer to see whether you have an offer available.
The amount you can transfer depends on your available credit and any balance transfer limit your card issuer has set.
Your card issuer may not allow you to transfer a balance if your card is lost or stolen or if your balance is past due or over the limit.
Can You Do a Balance Transfer to a Card That Already Has a Balance?
You can transfer a balance to a card that already has a balance, but the amount you can transfer will be limited by your available credit and transfer limit.
For example, if your card has a $10,000 credit limit and a $3,000 existing balance, you may only have $7,000 in available credit for a balance transfer.
Can You Transfer a Balance Between Cards From the Same Bank?
Generally, no. Credit card issuers typically don't allow balance transfers between their own cards. Restrictions vary by issuer, so check your card's balance transfer terms to learn which balance transfers are allowed.
Pros and Cons of Transferring a Balance to an Existing Card
Transferring a balance to an existing credit card can help you save money and simplify debt repayment, but it also comes with costs and limits. Understanding the pros and cons can help you decide whether a balance transfer is right for you.
Pros
No new hard inquiry: By transferring a balance to an existing card, you don't have to apply for a new card. This can help you avoid the hard inquiry that comes with applying for a new credit card.
Potential interest savings: If your existing card offers a lower balance transfer APR than the card you're transferring the balance from, you may be able to save money on interest and pay off your balance faster. The exact savings will depend on the APR, the balance transfer fee and how quickly you can repay the balance.
Consolidate balances: Moving a balance to an existing credit card can simplify your debt repayment by reducing the number of accounts with balances and payments you have to manage.
Known credit limit: Because you're using a credit card you already have, you already know your credit limit and available credit. With a new card, you won't know your credit limit until the issuer approves your application.
Cons
Limited balance transfer options: Credit card issuers generally don't allow you to transfer a balance between two cards they issue. This means you may not be able to transfer the balance you want to move.
Promotional APR isn't guaranteed: An existing credit card may not offer a promotional balance transfer APR. If the card's standard APR applies to the transferred balance, your interest savings may be limited.
Less available credit: A balance transfer will take up a portion of your available credit on the receiving card, which leaves you with less purchasing power. A higher balance can also increase your credit utilization, which can affect your credit score.
When Does a Balance Transfer to an Existing Card Make Sense?
Transferring a balance to an existing credit card may make sense in several situations.
- The card currently offers a favorable balance transfer APR. Card issuers sometimes offer promotional balance transfer APRs to existing cardholders. A lower APR can help you save on interest when you're paying down a high-interest credit card balance.
- The interest savings exceed the transfer fee. A balance transfer can reduce your potential interest savings. Before transferring a balance, compare your expected interest savings to the cost of the transfer fee.
- You have enough available credit. Your available credit needs to be high enough to cover the amount you want to transfer. Otherwise, your card issuer may decline a balance transfer that would cause a balance that exceeds your credit limit.
- The debt is eligible for transfer. Some card issuers impose restrictions on which balances can be transferred. For instance, you won't be able to transfer a balance from another card with the same card issuer.
- You can repay the transfer before the promotional APR expires. If you're offered a promotional APR, paying off the balance during the promotional period helps you maximize interest savings.
- You can avoid using your old credit card. Once the transfer is complete and your old credit limit is freed up, you may be tempted to run up a balance again. If you're not careful, you could end up with debt on both cards.
- You don't want to open a new credit card. Using an existing credit card for a balance transfer allows you to avoid applying for another account. It also means you won't have to manage another credit card, payment and due date.
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How to Complete a Balance Transfer to an Existing Card
Here are the basic steps for transferring a balance to an existing credit card.
- Check to see if you have a balance transfer offer. Log in to your account or contact your card issuer to see whether your card accepts balance transfers and whether you have a promotional APR.
- Review the balance transfer terms and fees. Check the promotional APR, how long the promotional period lasts and the balance transfer fee.
- Determine your transfer amount. Keep in mind your transfer may be capped based on your available credit or balance transfer limit imposed by your card issuer.
- Initiate the transfer. Provide the account information for the card you're transferring the balance from and the transfer amount. The transfer can take several days to complete, depending on the card issuer.
- Continue making payments on both balances. Until the transfer is complete, you'll need to pay at least the minimum on both credit cards to avoid missed payments.
Tip: After the transfer has been processed, consider setting up autopay for at least the minimum payment. A late payment could cause you to lose your promotional APR.
The Bottom Line
You can usually transfer a balance to an existing credit card as long as the debt is eligible. In general, you can't transfer a balance between credit cards issued by the same company.
Using an existing credit card for a balance transfer can be convenient, especially if you already have an appealing balance transfer APR. However, a new balance transfer credit card may provide a longer promotional period or higher credit limit. Compare the APR, promotional period, transfer fee and available credit to determine which option is better for you.