From beginning to end, transferring your existing amount to a brand-new credit card typically takes between two and three weeks. Therefore, you shouldn't anticipate any quick relief if you want to transfer the debt to lower the number of your monthly card payments. Before you can finally walk away from your previous lender for good, you may have to make at least one more payment to them. It's possible that after you're authorized for a loan, the lender may let you request a balance transfer right away, which will speed up the procedure.

However, some creditors may want you to wait more than a week after creating your account before they would consider your request for a balance transfer. There is also the possibility that a lender may put off executing your balance transfer until ten days after they have sent you your new card. Because of this, it is possible that you will not be able to take advantage of the advantages of a reduced APR or consolidated debt until almost a month or even more after you have applied for a credit card.

What's Causing This Prolonged Wait Time for My Balance Transfer?

It's possible that the problem is not with your lender. When you ask for a balance transfer on your credit card, it does not immediately occur automatically. Your lender may require some time to assess your request and decide whether or not you are eligible for a balance transfer if you apply for a new credit card. You may be unable to take advantage of a promotional balance transfer offer even if you are accepted for a credit card that offers one.

After your request for a balance transfer has been processed and granted, the new card issuer will need to organize the transfer with the lender from your previous card. Because bank transfers aren't always fast, this is another factor that might create a delay in the process. It might take a few days or even longer for the lender to transfer the monies to the borrower's account.

If you are worried about a sluggish response, wait at least a few weeks after you made the first request to inquire about the balance transfer. Get in touch with your new lender if it has been more than the maximum processing period specified in the terms and circumstances that apply to your card.

After I Put In A Request For A Balance Transfer, What Will Happen To My Existing Debt?

Your debt will continue to be managed by your previous lender until balance transfer has been completely completed. Consequently, you will continue to be responsible for making payments of at least minimum balance due until new and previous lender has confirmed receipt of a payment from your new lender. The fact that you have asked for a balance transfer and that the transfer is currently being handled does not indicate that you may get away with not paying your bill for the current month.

If your credit card account is overdue and your previous creditor indicates that you still have a balance, you must pay at least the minimum due amount. If you let the account go unpaid for more than 30 days, you risk incurring late payment fees from the company that issued your credit card or, even worse, a delinquent being shown on your credit report. If the two different lenders display a balance and request payment, you may need to contact each of them to have everything straightened up.

After submitting my Balance Transfer Request, What Happens if I Change My Mind?

If you have second thoughts before the funds have been sent, there is a chance that you may cancel the transaction. If it is a new card, you have 10 calendar days from when you get your updated conditions to cancel your request. However, certain lenders may provide a cancellation window that's even more generous.

Conclusion

Be patient. It is possible that a transferred balance will not change hands for some time. However, if you are moving your balance to save money, you should consider the delay worthwhile.