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A balance transfer credit card lets you move one credit card’s balance to a different credit card, usually one that has a lower annual percentage rate, or APR. Balance transfers are used to pay down existing debt.
Chase offers a number of credit cards that could be used for their introductory balance transfer APRs, but there’s one that stands out among the others, as it has a longer introductory balance transfer APR period. However, there are two other Chase cards with solid balance transfer offers that provide ongoing rewards you could take advantage of once your debt is paid off.
Here’s how to choose the one that best suits your needs, more about balance transfers and how you can with Chase.
The Chase Slate Edge* is Chase’s main balance transfer card. It provides 18 months from account opening of 0% introductory APR for purchases and balance transfers (then 20.49% to 29.24% variable), and an introductory balance transfer fee of 3% ($5 minimum) that rises to 5% ($5 minimum) after 60 days from account opening.
However, the 18-month time frame begins ticking down as soon as your account is opened, unlike other balance transfer cards which may provide a 60- to 120-day grace period. That means if you wait to transfer a balance, you could end up with less than 18 months to pay it down.
One drawback is that the Chase Slate Edge offers no rewards, but uniquely, once the introductory period is over, you can decrease its standard APR by up to 2% annually by paying your card off on time and spending at least $1,000 on the card by your next account anniversary. If you already have a few rewards credit cards and only need this card for its balance transfer offer, the Slate Edge might serve you well.
You can read more in our Chase Slate Edge review.
- Intro Balance Transfer APR
- 0% Intro APR on Balance Transfers for 18 months
- Intro Purchase APR
- 0% Intro APR on Purchases for 18 months
- Regular APR
- 20.49% – 29.24% Variable
- Balance Transfer Fee
- Either $5 or 5% of the amount of each transfer, whichever is greater.
The Chase Slate Edge* is Chase’s main balance transfer card. It provides 18 months from account opening of 0% introductory APR for purchases and balance transfers (then 20.49% to 29.24% variable), and an introductory balance transfer fee of 3% ($5 minimum) that rises to 5% ($5 minimum) after 60 days from account opening.
However, the 18-month time frame begins ticking down as soon as your account is opened, unlike other balance transfer cards which may provide a 60- to 120-day grace period. That means if you wait to transfer a balance, you could end up with less than 18 months to pay it down.
One drawback is that the Chase Slate Edge offers no rewards, but uniquely, once the introductory period is over, you can decrease its standard APR by up to 2% annually by paying your card off on time and spending at least $1,000 on the card by your next account anniversary. If you already have a few rewards credit cards and only need this card for its balance transfer offer, the Slate Edge might serve you well.
You can read more in our Chase Slate Edge review.
- Intro Balance Transfer APR
- 0% Intro APR on Balance Transfers for 18 months
- Intro Purchase APR
- 0% Intro APR on Purchases for 18 months
- Regular APR
- 20.49% – 29.24% Variable
- Balance Transfer Fee
- Either $5 or 5% of the amount of each transfer, whichever is greater.
The Chase Freedom Unlimited is a well-rounded option, offering good rewards and an introductory APR for both balance transfers and purchases, all without an annual fee.
You’ll have 15 months from account opening at 0% introductory APR for balance transfers and purchases (then 20.49% to 29.24% variable). There is also an intro balance transfer fee of 3% ($5 minimum) for transfers made within 60 days from account opening, then the fee increases to 5% ($5 minimum). If you have debt to transfer, we don’t recommend also utilizing the introductory APR offer for new purchases -- as this could lead to more debt.
However, once you’ve paid off the debt, you’d have a solid rewards card to use, unlike the Chase Slate Edge which doesn’t earn any rewards and therefore doesn’t have much lasting value after you’ve paid down a transferred balance.
Although this card also earns rewards, we don’t recommend focusing on rewards when paying down your debt. Instead, focus on putting extra funds towards your transferred balance. After your debt is paid, concentrate on spending within your budget and paying your bill in full before worrying about rewards.
You can read more in our Chase Freedom Unlimited review.
- Intro Balance Transfer APR
- 0% Intro APR on Balance Transfers for 15 months
- Intro Purchase APR
- 0% Intro APR on Purchases for 15 months
- Regular APR
- 20.49% – 29.24% Variable
- Balance Transfer Fee
- Either $5 or 5% of the amount of each transfer, whichever is greater.
The Chase Freedom Unlimited is a well-rounded option, offering good rewards and an introductory APR for both balance transfers and purchases, all without an annual fee.
You’ll have 15 months from account opening at 0% introductory APR for balance transfers and purchases (then 20.49% to 29.24% variable). There is also an intro balance transfer fee of 3% ($5 minimum) for transfers made within 60 days from account opening, then the fee increases to 5% ($5 minimum). If you have debt to transfer, we don’t recommend also utilizing the introductory APR offer for new purchases -- as this could lead to more debt.
However, once you’ve paid off the debt, you’d have a solid rewards card to use, unlike the Chase Slate Edge which doesn’t earn any rewards and therefore doesn’t have much lasting value after you’ve paid down a transferred balance.
Although this card also earns rewards, we don’t recommend focusing on rewards when paying down your debt. Instead, focus on putting extra funds towards your transferred balance. After your debt is paid, concentrate on spending within your budget and paying your bill in full before worrying about rewards.
You can read more in our Chase Freedom Unlimited review.
- Intro Balance Transfer APR
- 0% Intro APR on Balance Transfers for 15 months
- Intro Purchase APR
- 0% Intro APR on Purchases for 15 months
- Regular APR
- 20.49% – 29.24% Variable
- Balance Transfer Fee
- Either $5 or 5% of the amount of each transfer, whichever is greater.
The Chase Freedom Flex* is more impressive than many no-annual-fee cards, offering both static and quarterly rotating rewards. Its usefulness is only amplified by an introductory APR.
For purchases and balance transfers, you’ll have 15 months from account opening at 0% introductory APR (then 20.49% to 29.24% variable) to pay it down. It shares the same balance transfer fee as the other Chase cards here.
Similar to the Chase Freedom Unlimited, while you could use the card for both a balance transfer and new purchases, we recommend not using the card for purchases until your balance is repaid. Once you’ve knocked out your debt, you’ll have one of the best rewards credit cards on the market to use. It provides rewards for drug store and restaurant purchases, plus its current rotating rewards categories through June are Amazon.com and Lowe’s.
You can read more in our Chase Freedom Flex review.
- Intro Balance Transfer APR
- 0% Intro APR on Balance Transfers for 15 months
- Intro Purchase APR
- 0% Intro APR on Purchases for 15 months
- Regular APR
- 20.49% – 29.24% Variable
- Balance Transfer Fee
- Either $5 or 5% of the amount of each transfer, whichever is greater.
The Chase Freedom Flex* is more impressive than many no-annual-fee cards, offering both static and quarterly rotating rewards. Its usefulness is only amplified by an introductory APR.
For purchases and balance transfers, you’ll have 15 months from account opening at 0% introductory APR (then 20.49% to 29.24% variable) to pay it down. It shares the same balance transfer fee as the other Chase cards here.
Similar to the Chase Freedom Unlimited, while you could use the card for both a balance transfer and new purchases, we recommend not using the card for purchases until your balance is repaid. Once you’ve knocked out your debt, you’ll have one of the best rewards credit cards on the market to use. It provides rewards for drug store and restaurant purchases, plus its current rotating rewards categories through June are Amazon.com and Lowe’s.
You can read more in our Chase Freedom Flex review.
- Intro Balance Transfer APR
- 0% Intro APR on Balance Transfers for 15 months
- Intro Purchase APR
- 0% Intro APR on Purchases for 15 months
- Regular APR
- 20.49% – 29.24% Variable
- Balance Transfer Fee
- Either $5 or 5% of the amount of each transfer, whichever is greater.
How to choose the best Chase balance transfer card
Chase has a number of credit cards with an introductory APR offer, but these three are the best -- The Chase Slate Edge, Chase Freedom Unlimited and Chase Freedom Flex. The Chase Slate Edge is Chase’s flagship balance transfer option, while the other two provide lasting value thanks to their rewards.
When it comes to balance transfer cards, the most important thing to consider is the introductory APR period. You’ll need to make sure you can pay off any transferred balance within the given timeframe to avoid interest. Other things to consider are the card’s balance transfer fee, which is usually 3% to 5% of your balance (with a $5 minimum), and if it has any lasting use, such as rewards or other card perks. Oftentimes, a balance transfer card will provide a longer time to pay off a balance without accruing interest, but won’t feature any ongoing rewards.
How to transfer a balance with Chase
You can initiate a balance transfer with Chase either online or over the phone.
To transfer a balance online, follow these steps:
- Log in to your Chase account and choose the credit card you want to transfer the balance to.
- Enter how much of the balance you want to transfer and input the card information.
- Accept the terms and conditions to finalize the transfer.
Transferring a balance online is typically easier and more convenient, but if you prefer, you can call Chase customer service at (800) 432-3117, or the number on the back of your credit card.
Keep in mind that balance transfers aren’t instant. It can take around a week to complete the transfer, but it could take as long as 21 days, according to Chase. During that time, be sure you continue paying on the card you’re transferring, so you don’t miss any payments before the balance transfer goes through. Missing a credit card payment can be detrimental to your credit score.
While you can transfer a balance from another issuer onto a Chase balance transfer card, you can’t transfer a balance from one Chase credit card (or another JPMorgan card) to a Chase card. Additionally, you can only transfer debt up to your credit limit -- minus balance transfer fees -- so your balance transfer could also be denied if your credit limit is lower than your requested transfer.
The most important thing to do is pay down the balance within the given promotional period. If the balance isn’t paid off by the time the promotional period is over, it’ll start to accrue interest once more.
To figure out how much you’ll have to pay monthly, divide your transferred balance by the number of months in the offer period. Remember to include any balance transfer fees in your calculations, too.
For example, if you transferred a balance of $6,000 to the Chase Slate Edge which has an 18-month introductory period, you’d need to pay about $350 monthly -- once you add in the introductory 3% balance transfer fee of $180 (6,000 x .03) -- to pay it off in time.
However, it’s a good idea to pay more if you can, to ensure you can pay it down in time. If you can’t pay off the balance within the promotional period, it’ll begin to accrue interest at the card’s standard variable rate of 20.49% to 29.24%. Also, avoid using the card for any new purchases until the debt is paid off.
What happens after you complete a Chase balance transfer?
Even if the card has no rewards -- like the Chase Slate Edge -- it’s still worth keeping the card open after you pay off the balance. The age of your credit accounts is something that’s worked into your credit score, and the credit line will help keep your credit utilization low.
“Leaving it open maintains a method of payment you may need down the road. And, your credit score will benefit from the unused credit limit,” said John Ulzheimer, president of the Ulzheimer Group and a former FICO and Equifax credit expert.
If your card does earn rewards -- like the Chase Freedom Unlimited and Freedom Flex -- you can use your card for its rewards. Just remember to practice good habits so as to not rack up credit card debt. Good credit habits include using the card only for purchases you can afford and paying off your entire statement balance each month to avoid interest charges.
Other debt payoff options to consider
A balance transfer lets you move the balance of one credit card to another. It’s best to choose a card with an introductory balance transfer APR so you can pay down the transferred balance without accruing interest.
Moving your outstanding balance to a card with an introductory APR could help you avoid interest charges for a period of time, making it more affordable to manage your debt. It could also have a positive impact on your credit score as you pay off the debt by lowering your credit utilization -- your debt-to-credit ratio.
However, many of the best balance transfer credit cards require good to excellent credit. While there are a handful of balance transfer cards for fair or bad credit, it’s better to consider alternative options.
“Balance transfer cards are fine, but it’s still revolving credit card debt. Even if you have a zero-interest grace period, that [could] end before you’ve paid off the debt,” Ulzheimer said. “Transferring balances is simply borrowing from Peter to pay Paul. Now you have to pay Peter back instead of Paul.”
If you can’t qualify for a balance transfer credit card, consider a debt consolidation loan, which is a type of personal loan designed to help you consolidate and repay debt. Debt consolidation loans typically have lower interest rates than credit cards and may provide a longer time to pay off debt compared to an introductory balance transfer period.
And if you can’t qualify for a debt consolidation loan, you might consider a traditional personal loan instead.
“Personal loans generally have more lenient score requirements so you may be able to qualify now, even without great credit,” Ulzhemier said. Like debt consolidation loans, personal loans also often have lower interest rates than credit cards. You’ll receive a lump sum of money at a fixed interest rate, which you’ll use to pay off your credit card balances and then repay in set monthly installments.
You also can focus on paying down your existing balances with debt-repayment strategies -- like the debt snowball method or the debt avalanche method.
The snowball method focuses on putting more money towards the smallest balance, while the avalanche method focuses on the debts with the highest interest rate first. In both cases, you’ll still make minimum payments on all accounts, but put extra money towards accounts with the smallest balance or highest interest rate, respectively. The debt avalanche method can help you save on interest, but you may see faster progress with the snowball method.
The bottom line
A balance transfer card could improve your finances by helping you repay a balance without interest charges, for a period of time. Chase offers three cards worth considering -- just be sure you’re not using a rewards card for new purchases as you work to pay down debt. Once your debt is paid, avoid getting into more debt by spending on unnecessary purchases and by paying your entire statement balance every month.
FAQs
You can transfer up to your credit limit (minus balance transfer fees) -- and Chase imposes a $15,000 maximum for balance transfers within any 30-day period.
The Chase Slate Edge, Chase Freedom Unlimited and Chase Freedom Flex are all recommended for good to excellent credit, which means you’d need a FICO credit score of at least 670 to qualify.
You can’t transfer a balance from one Chase or JPMorgan credit card to another. If you want to transfer a balance from an existing Chase credit card, consider another card issuer like Wells Fargo or U.S. Bank.
If you can’t qualify for a balance transfer card, consider applying for a debt-consolidation loan, a personal loan or use a debt-pay off strategy.
*All information about the Chase Slate Edge and Chase Freedom Flex has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
