If you have been carrying balances on your credit cards month over month, you may have noticed that those interest payments really do add up. A strategic way to reduce or do away with those interest payments, as well as consolidating multiple account balances into one, is to do a balance transfer into a no interest credit card.
Related: Best Balance Transfer Cards
Chase Balance Transfer Offers
Currently, there are three credit cards where Chase offers a balance transfer option with an introductory period of 0% APR. Let’s see what they have in common and what sets them apart.
Chase Slate Edge
The Chase Slate Edge℠ is a no frills, no annual fee credit card with a very generous . Although the APR jumps up after the introductory period, this card offers to lower the APR by 2% annually when you pay on time and spend a minimum of $1,000 before your next anniversary of account opening, lowering by 2% each year until the APR reaches Prime Rate plus 9.74%.
Annual Fee: $0
Balance Transfer Offer:
Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
Chase Freedom Unlimited
The Chase Freedom Unlimited® offers a slightly shorter , but it makes up for it with other perks embedded in the card’s DNA. This is a cash-back credit card, earning .
You can also earn a .
Annual Fee: $0
Balance Transfer Offer:
Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
Chase Freedom Flex
The Chase Freedom Flex℠* is very similar to the Freedom Unlimited, but it earns .
This card also offers a .
Annual Fee: $0
Balance Transfer Offer:
Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
How To Get a Balance Transfer Offer From Chase
The easiest way to find out what balance transfer offers Chase has available for you is to log into your account and check every credit card you already have to see what the standing offer is on each of them. Chase will also send targeted balance transfer offers via email somewhat regularly.
Calling in or showing up at a branch is also possible, and they may yield better results as phone agents as well as bank employees might have access to unpublished offers.
How To Do A Balance Transfer With Chase
There are a few ways to do a balance transfer with Chase, whether it is online, over the phone or in person at a branch, but the process will vary depending on whether you intend to transfer the balance into an existing account or you are applying for a new credit card for that balance to transfer into.
New Credit Card Applicants
- Fill out a new card application on Chase’s website (or at a branch in person).
- You will be asked whether you would like to transfer a balance. Check ‘yes’.
- Terms and conditions will be shown, and you will be able to enter information regarding the account and amount you would like to have transferred.
- Click ‘submit’ and wait for your application to process.
Existing Account Cardholders
- Log in to your Chase account online.
- In the main menu, go to ‘pay & transfer” and click ‘card balance transfers’.
- You will be asked to select a credit card to transfer the balance to.
- Next you will be asked to select a balance transfer offer.
- Verify your account information.
- Complete the information for the payee account, including how much of your balance you would like to transfer, and click ‘submit’.
- You will be shown a confirmation that your request has been processed.
It’s worth noting that, like other financial institutions, Chase will not allow a balance transfer from one Chase credit card to another Chase credit card, so if the balance you intend to transfer is currently in a Chase account, you may want to evaluate other credit card issuer offers.
Chase limits the overall amount you can transfer in a 30 day period to $15,000 or whatever your credit limit on the account is, whichever is lower, and you must factor in the balance transfer fee within that credit limit as well.
How Long Does a Balance Transfer Take With Chase?
Most balance transfers process within a week to 21 days when you transfer them to your Chase accounts. It is worth keeping in mind that these time frames are driven not by Chase itself, but by your payee—meaning the financial institution you’re transferring the balance from.
Cardholders are always reminded to continue making payments on the account they are transferring from until they have been notified the payment has posted and the balance has been successfully paid off.
Chase Balance Transfer Fees
Balance transfer fees are rather standard within Chase, but there are effectively three different tiers. The lowest you will see them is during the introductory period after applying for a new card, when it is $5 or 3% of the amount to be transferred, whichever is greater, as a way to entice new applicants.
If you’re choosing to transfer into an existing card, this is normally the highest cost for the balance transfer fees, which is $5 or 5% of the transferred amount, whichever is greater.
There is a third different fee of $5 or 4% of the transfer amount, whichever is greater, which is usually targeted via email for qualified clients.
Bottom Line
Chase offers three options to take advantage of 0% APR credit offers to transfer your balances, with generous introductory APRs of 15 to 18 months. Moving your higher APR card balances to these 0% APR Chase cards can offer relief from interest accruing on your accounts even when factoring in the balance transfer fees.
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