Q: How long does a balance transfer take to go through? What influences how long is takes?
A: The length of time for a balance transfer from one credit card to another credit may vary depending on specific circumstances.
The amount of time can be as little as three to five business days or as much as two weeks.
Many factors can influence the length of time that it will take for a balance transfer to go through.
Some of these include whether or not a credit card company actually issues a check to the other company in order to initiate the balance transfer. If the credit card company from which the balance is being transferred uses this method, this is the transaction that will take the longest to complete.
Other factors include the time of the month at which the balance transfer occurs. If it happens close to a billing cycle, this may affect the speed at which it will go through. If it happens just before or just after a payment has been received, this can cause a delay, as calculations will have to be adjusted to show this.
It may also be possible that the balance transfer has gone through, but is simply not showing up on one or both credit card statements. Again, this can happen because it occurred after the statements had been sent or before they were compiled for the current billing period.
Another key timing factor with a new balance transfer offer is to make sure you timely submit your transfers. Many cards only allow you to take advantage of the intro transfer offer if you make the transfer within the first 30 to 60 days of card ownership.
So make sure to check those terms and conditions, and timely submit your balance transfers. Otherwise, what seemed like a great deal, may end up being a costly mistake.