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Frequent Contributor
Rackham94
Posts: 490
Registered: ‎04-01-2013

Balance Transfer time

Hey you guys,

 

How long do balance transfers take to process?????? I started a process to BT from my Crap1 to my shiny new Chase Freedom started it on 3/31 and it is still processing and my balance has not changed on my cards

Mega Contributor
Creditaddict
Posts: 18,605
Registered: ‎10-23-2007

Re: Balance Transfer time


Rackham94 wrote:

Hey you guys,

 

How long do balance transfers take to process?????? I started a process to BT from my Crap1 to my shiny new Chase Freedom started it on 3/31 and it is still processing and my balance has not changed on my cards


Well although electronic most times, might want to give it more than 5 business days!

Make sure to make your payments if you are due within the next week.

You will probably see the balance show up on new card before you see the payment clear.

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Frequent Contributor
Rackham94
Posts: 490
Registered: ‎04-01-2013

Re: Balance Transfer time

well my min payment is 0 on my high interest cards no payment is due but i do have a balance on them dont know whats that called
Senior Contributor
youngandcreditwrthy
Posts: 6,137
Registered: ‎08-16-2012

Re: Balance Transfer time

You better make sure you don't owe a min pmt imo...
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Regular Contributor
jakemod1
Posts: 173
Registered: ‎01-26-2013

Re: Balance Transfer time


Rackham94 wrote:
well my min payment is 0 on my high interest cards no payment is due but i do have a balance on them dont know whats that called

My BT wasn't through Chase, but I did one through Discover when I got approved for their IT card. It took about 4 weeks or equivalent to one statement before the BT cleared. It'll probably take around the same time for you.

 

Make sure you call the creditor to ensure that they actually received the BT payment from Chase . If you have any minimum payments that are due this month from the creditor(s) whose balance you are transferring over to Chase, make sure to just pay that so you don't risk missing the due date and get a 30 day late on your CR. If you overpay, they will usually refund you the overpayment.

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Frequent Contributor
Rackham94
Posts: 490
Registered: ‎04-01-2013

Re: Balance Transfer time


jakemod1 wrote:

Rackham94 wrote:
well my min payment is 0 on my high interest cards no payment is due but i do have a balance on them dont know whats that called

My BT wasn't through Chase, but I did one through Discover when I got approved for their IT card. It took about 4 weeks or equivalent to one statement before the BT cleared. It'll probably take around the same time for you.

 

Make sure you call the creditor to ensure that they actually received the BT payment from Chase . If you have any minimum payments that are due this month from the creditor(s) whose balance you are transferring over to Chase, make sure to just pay that so you don't risk missing the due date and get a 30 day late on your CR. If you overpay, they will usually refund you the overpayment.


Very helpful thank you! I have a balance but no payment is due this bill but I have payment schedule to bring the balance down but they actual BT will zero out the credit card accs.. will I accrue interest in the meantime?

Regular Contributor
jakemod1
Posts: 173
Registered: ‎01-26-2013

Re: Balance Transfer time

Will you accrue interest on the BT? No, Chase won't start charging you interest until after your 0% APR promo expires. That is, if you have got a 0% promo offer when you got approved for your card.

 

If you are talking about your Cap1 account, then it depends on when your statement cuts. If your BT doesn't clear and your statement closes and you carry a balance over to your next statement period, then Cap1 will charge you interest.

Discover IT: $7,500 | Chase Freedom: $5,000 | Chase Sapphire Preferred: $7,000 | AMEX BCE: $6,000 | BoA BankAmericard Cash Rewards: $2,500 | Cap1 VentureOne: $5,000 | GECRB Chevron: $3,500 | Macy's Store: $4,200; Macy's AMEX: $6,000 | Best Buy: $500 | Kohl's: $2,000
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Frequent Contributor
Rackham94
Posts: 490
Registered: ‎04-01-2013

Re: Balance Transfer time

I was talking about Cap1 yes. Thanks for the answer!

 

So this statement balance is 7.37 I paid on the due date 7.37. The min amt due by 4/9 is 0.00 what my Cap1 says. I have a balance of 400.00 I am transferring 300 to Chase Freedom and scheduled a payment for 4/9 of 100.00. The BT will not process by 4/9 so I will accure interest on a balance of 300 ?

Regular Contributor
jakemod1
Posts: 173
Registered: ‎01-26-2013

Re: Balance Transfer time


Rackham94 wrote:

I was talking about Cap1 yes. Thanks for the answer!

 

So this statement balance is 7.37 I paid on the due date 7.37. The min amt due by 4/9 is 0.00 what my Cap1 says. I have a balance of 400.00 I am transferring 300 to Chase Freedom and scheduled a payment for 4/9 of 100.00. The BT will not process by 4/9 so I will accure interest on a balance of 300 ?


Do you know when your statement closes? If you look at your statement, it will tell you the start and end date of your billing cycle. If you carry that $300 over to your next statement period, then yes they will charge you interest.

Discover IT: $7,500 | Chase Freedom: $5,000 | Chase Sapphire Preferred: $7,000 | AMEX BCE: $6,000 | BoA BankAmericard Cash Rewards: $2,500 | Cap1 VentureOne: $5,000 | GECRB Chevron: $3,500 | Macy's Store: $4,200; Macy's AMEX: $6,000 | Best Buy: $500 | Kohl's: $2,000
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Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Balance Transfer time

yes you might accrue residual interests so make sure you keep checking your capitalone statements even after the account is closed.

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