Can You Transfer Credit Lines To A Business Card
I had heard reports of some transferring lines of credit from personal cards to business cards when opening up a business card but I think those cases are rare and perhaps outdated. Every single time I ever tried that I was told its not possible and based on my research, I dont think you can transfer credit to and from business and personal Chase credit cards.
Chase Slate Credit Card Review
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The Chase Slate Card is not currently available or accepting new applications on the Chase.com website. The following review covers the product as it was most recently offered but will be updated with the latest features, terms, and conditions should it become available again in the future.
The Chase Slate credit card aims to attract people looking to unload their high-interest credit card debt. It charges no APR for 12 months on balance transfers. That 12 months of 0% APR also applies to new purchases. But the card doesn’t have a rewards program, limiting its usefulness beyond the balance transfer and over the long term.
Apply For The New Card
The process applying for a balance transfer credit card is the same as applying for any other credit card. Youll have to supply some basic information about yourself including your Social Security number, birthdate, income and housing or other monthly expenses.
Its a good idea to know your credit score before applying for a new balance transfer card because credit cards have recommended credit scores for approval. You want but your expectations to be in line with your qualifications. The best balance transfers offers tend to be reserved for those with good to excellent credit, although it is possible to find low or no-interest offers with fair credit.
You can access your credit score through a number of credit card issuers for free. You can also order your score from one of the three main credit agencies: TransUnion, Equifax and Experian. The easiest way to check your credit report is by using freecreditreport.com, but this will not give you access to your credit score.
You may also want to check and see if youre prequalified for any balance transfer cards. Several issuers, like American Express, Bank of America, Capital One, Chase, Citibank, Deserve and Discover will let you check to see if youre prequalified for any of their cards. Keep in mind that prequalification doesnt ensure approval. But it does mean that the lender, based on some of your basic credentials, thinks you have a good shot.
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Using An Existing Card
I would recommend you use an existing credit card if you can. If you use an existing card, youll already have an established history, and you can get some pretty good offers. Plus, youll already know exactly how much of your credit line you have available. On the downside, you may not have as many options as you think, and I would avoid using a card with an existing balance on it, as itll just make things messy.
If youre carrying a balance on the credit card and still want to use it for a balance transfer, there are a few things you should know.
- First, the way your payment is allocated has changed. It used to be that your payment would go to the balance with the lowest APR firstwhich would essentially lock customers into not being able to pay off higher balances until they paid off their promotional balance transfer rate. The CARD Act fixes this and allocates your payment to the highest APR first.
- Second, you want to make sure to read the terms very carefully when you do this. Some credit card companies will give you a great promotional rate, but then move the remaining balance to a very high-interest rate if you dont pay it off in full by the time the promotion ends. Read the terms and conditions carefully.
What The Rate Goes To After The Promotion Ends
This is criticaland as you can see above, my promotional rate will revert to 20.49% after the promotional period ends.
At this point, whatever balance is left over goes to this rate, and I can either pay it off or transfer it to another card.
Keep in mind that banks pay attention to people who flip balances around constantly.
Theyre whats known as rate surfers and will eventually see no promotional offers come their way since they cost banks money in the long-run.
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What Can A Balance Transfer Credit Card Be Used For
Most balance transfer credit card can still be used for new purchases, but their purpose is to allow you to transfer credit card debt at a high interest rate to their low interest card for you to pay off. Once the introductory period is over, it usually becomes a normal credit card, though some continue to provide balance transfer benefits.
Benefits Of A Balance Transfer
The main reason for a balance transfer is to get a lower interest rate on your credit card debt. With the best balance transfer cards, you can get a 0% introductory APR on balances you transfer. The introductory period will give you time to pay down your debt without incurring more interest charges. When you’re not paying interest, that also means you can pay off your debt more quickly.
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How Do Balance Transfer Cards Work
Balance transfer cards can save you money by securing you a lower interest rate on your existing credit card debt. When you apply and are approved for a balance transfer credit card, you move over debt from another card, and you generally have an introductory 0% APR period before you have to start paying interest on that debt.
Ideally, you’ll pay off your debt before the introductory period ends otherwise, you’ll have to pay interest on your remaining balance.
Best For Rewards: Chase Freedom
If youre looking to earn cash back on purchases in addition to the balance transfer offer and are willing to work with a quarterly rewards system, Chase Freedom® could be your best bet.
Itll earn you a whopping 5% cash back on up to $1,500 in combined purchases each quarter. The catch is that those combined purchases have to be in bonus categories that rotate quarterly, and you have to activate quarterly. Youll also get an unlimited 1% cash back on all other purchases.
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Which Chase Card Should I Pick For A Balance Transfer
As of July 2021, only the Chase Slate Edge offers a balance transfer offer. Whats more, the Chase Slate Edge only offers 18 months intro period. This means Chase isnt a particularly flexible choice for transfers right now.
Before the pandemic, Chase offered a few cards with promotional APRs on balance transfers. Additionally, the issuer offered the Chase Slate Edge, which came with an intro APR and a balance transfer fee promotion.
Bottom line: If you need to make a balance transfer right now, consider a different provider.
Alternatives to Chase balance transfer credit cards
Here are a few top-notch balance transfer cards that are available at the time of this writing:
- Citi Simplicity® Card. Citi consistently offers among the best balance transfer intro APRs, and this card is one reason why. Youll also find no late fees with this card.
- Citi® Double Cash Card. This card offers excellent cash back 1% on all purchases and another 1% as you pay them off as well as a balance transfer intro APR.
- U.S. Bank Visa® Platinum Card. For quite a while now, this card has been offering superb intro APRs on both purchases and balance transfers.
How hard is it to get approved by Chase for a credit card balance transfer?
As is common with credit card providers, Chase is selective when approving balance transfer requests. The bank wants to see youre a responsible borrower so it wont lose money if it takes on your debt.
How Do I Request A Balance Transfer On My Discover Card
Log in to your Discover account and select “Card Services” and then “Balance Transfers” from the menu options. From there, you can see balance transfer offers you may have available on your account. You might even have a choice between different balance transfer offers that let you decide if you prefer a lower balance transfer promo APR or more time to pay at the promo rate. Select the offer and complete your request by providing details about the balance you want to transfer. You can also call the phone number on the back of your card to check your available offers and complete a balance transfer request.
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How We Chose The Best Balance Transfer Credit Cards
Insider selected the best balance transfer cards by looking at all the credit cards with balance transfer offers that are currently available to new applicants.
From there, we narrowed our list down to balance transfer credit cards offering 0% introductory offers. We arrived at our final picks by evaluating the terms of each introductory APR offer and other card benefits. We prioritized cards that charge lower balance transfer fees as well as cards with the longest introductory 0% APR periods on balance transfers. We also factored in other card benefits, such as cash back or travel rewards, annual fee, and waived late fees.
Decide Where To Transfer Debt
Do your due diligence to find potential cards to shift your balance to. Are you hoping to take advance of a limited-time 0% APR balance transfer offer? Or do you want a longer runway than what typically comes with a promotional offer? If so, you might be better off moving your debt to a card that has a low ongoing APR.
You may already even have a card with an APR rate thats significantly lower than whatever card youre looking to transfer debt from. Depending on your personal credit history, that could be an appealing option as it means you wont have to apply for a new card, which can temporarily ding your credit score.
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What To Know Before Doing A Balance Transfer With Chase
There are a few things to keep in mind regarding balance transfers:
- Most credit card companies charge a balance transfer fee, such as 5% of the transfer amount with a $5 minimum.
- Your balance transfer amount, including the transfer fee, can’t be greater than your Chase card’s credit limit.
- Chase also has a limit of $15,000 in balance transfers within a 30-day period.
- You cant use a balance transfer with Chase to pay off other Chase credit cards or loans. You must be transferring a balance from non-Chase credit cards to a Chase card.
- You must have a balance transfer offer on your Chase credit card. Chase doesnt let you transfer a balance without one.
Chase Slate’s Other Features
- Free credit score and score simulator: Chases Credit Journey program gives you weekly credit score updates and includes access to a score simulator that shows you how your score may change if you pay off debt or open new accounts, for example. Many, but not all, major credit card issuers offer something like this.
- Purchase protection: New purchases made with the card within 120 days qualify for purchase protection if what you bought gets damaged or stolen.
- Contactless payment: Chase Slate lets you pay by tapping your card on payment terminals displaying the contactless payment symbol.
You also get a three-month complimentary subscription to DoorDash’s DashPass, which waives food-delivery fees on orders over $12. You must have activated the subscription by December 31, 2021. Once the three-month complimentary period ends, your subscription will automatically roll into a nine-month subscription at half off. After that, you’ll be auto-enrolled at the standard $9.99 per month rate.
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Rewards On Drugstores Dining And Travel Booked Through Chase Ultimate Rewards
In addition to earning rewards on everyday spending, the Chase Freedom Unlimited® offers increased rewards on dining including restaurants, takeout and eligible delivery services. The card also offers additional rewards for purchases at standalone drugstores.
For frequent travelers who can book travel through the Chase Ultimate Rewards portal the deal gets even better. Chase offers bonus points to Freedom cardmembers for travel booked through the Chase Ultimate Rewards portal.
Most full-service air carriers like American, Delta, United and JetBlue, are bookable on the Chase portal at rates similar to what you would find on airline websites or other online travel agencies. Similarly, the Ultimate Rewards Travel portal offers a wide variety of hotel options similar to what you might find through another online travel agency. However, if you are looking for value carriers or complicated international itineraries, you should check both the Chase Ultimate Rewards portal and your favorite online travel agencys website.
The Citi® Double Cash Card offers a net 2% cash back on all purchases1% when purchases are made and another 1% when theyre paid off, with no bonus categories.
Transfer Your Balance To The New Card
If these requests are approved, the provider of the new credit card pays off the debt on consumers existing cards. That debt is then charged on their new card.
As noted, most card providers will charge a fee, often in the range of 3% to 5% of the amount of money youve transferred. If youre transferring $6,000 of credit card debt and the fee is 3%, youll pay $180 for that transfer, a figure that will be added to the balance of your new credit card.
Depending on the credit limit of your new card, you might not be able to transfer all your existing credit card debt. If your new card comes with a credit limit of $10,000 and you have $15,000 of credit card debt, youll only be able to transfer over a portion of your debt.
Finally, you wont be able to transfer your debt between two cards issued by the same provider. For instance, you cant close a balance transfer between a Citi® Double Cash Card and a Citi® Diamond Preferred® Card even though both cards offer balance transfer promotions.
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How To Do A Balance Transfer With Chase
When you have credit card debt, a balance transfer with Chase can help you pay it back more quickly and with less interest. Credit card interest rates are one of the biggest obstacles to paying off debt. A balance transfer lets you refinance your existing credit card debt at a lower interest rate.
Here’s everything you need to know about doing a balance transfer with Chase, including how to set it up and the rules for balance transfers.
Who Should Consider Getting A Balance Transfer Credit Card
If you have good or excellent credit and youve built up a balance from an unexpected large bill , then a balance transfer card is a good choice for you. Youll likely be able to land good rates for a period of 6 months 18 months, allowing you to pay off your debt.
However, if you built up that debt due to unwise spending , no matter your credit rating, its likely not a good idea to do a balance transfer. Because credit cards offer revolving credit , it can be all too tempting to spend too much across your cards once youve got another one.
If you feel like youre in the latter category, or have a fair credit rating, look into debt consolidation personal loans as they offer the same benefits without giving you access to more credit.
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Tips For Choosing A Balance Transfer Credit Card:
In most cases, you will need a good credit score or better to qualify for one of the best balance transfer credit cards. Issuers will also review other information, such as your credit history, income, employment status, payment history and debt level.
However, the balance transfer APR is one of a number of different . A credit card will also include separate APRs for purchases and cash advances. In many cases, theres also a penalty APR for late payments.
So, when comparing balance transfer credit cards, its important to look at more than just the introductory balance transfer APR. Applicants should also consider the cards regular APR, along with its transfer fee and annual fee. Its important to consider how long it will take to repay the transferred debt, too.
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How Do I Perform A Balance Transfer
The first step in completing a balance transfer is applying for and getting approved for a balance transfer credit card. Once you have a card with an introductory APR offer on balance transfers, to transfer your credit card balance, you’ll need to request the transfer with the bank that issues your new balance transfer credit card.
You can generally initiate this process either online or by calling the number on the back of your card.