How to do a balance transfer to a Chase Freedom Unlimited credit card
Quick insights
- The purpose of a balance transfer is to move existing debt to a credit card with a lower APR to help save money on interest charges.
- As you evaluate whether a balance transfer is right for you, consider the new credit card’s fees, APR, credit limit and other factors.
- The Chase Freedom Unlimited® credit card offers a low introductory APR on balance transfers, potentially allowing you to pay down debt while reducing interest charges.
If you’re stuck with high-interest credit card debt, a balance transfer might be a good way to save on interest. The first step to transferring debt is to find and qualify for a low-interest credit card with favorable terms on balance transfers. For some, this may be Chase Freedom Unlimited.
Here’s what you need to know about balance transfers, including how to do a Chase Freedom Unlimited balance transfer.
What is a balance transfer?
A balance transfer allows you to move debt from one account to another. Balance transfers can be a strategic move if you’re carrying high-interest debt that you’re struggling to pay off quickly. You’ll need to be approved for a credit card with a favorable APR—preferably 0% or low introductory APR on balance transfers. Then, you’ll want to transfer the balance to the new card.
How do I know if a balance transfer is right for me?
If you’re curious about whether a balance transfer might save you money, here are some questions to consider:
- How much high-interest debt do you have?
- How quickly can you pay off the debt?
- What are the costs and limitations of the credit card to which you plan to transfer the debt?
You may also want to think about what value the credit card can provide after the balance transfer is paid off in terms of benefits and rewards.
Here’s some information you may want to consider as you think through these questions.
Balance transfer fees
While some credit cards will save you money with a low promotional APR, they may include a balance transfer fee. These fees are usually between three to five percent of the amount transferred. Credit cards without balance transfer fees are rare.
You’ll also want to factor in whether the card has an annual fee and if the annual fee is worth it for you. In many instances, it may be likely balance transfer fees and annual fees can be outweighed by the savings on interest charges.
Credit card issuer
Frequently, transferring a balance between credit cards issued by the same company is not allowed. Check the credit card’s terms before you initiate a transfer.
Introductory period
Consider a credit card’s APR on balance transfers. Ideally, you want an introductory 0% APR. That way, you can avoid interest charges for a period while you pay down the transferred debt.
You can save the most if you can pay enough each month to eliminate or significantly reduce the balance during the promotional APR time frame. Additionally, it can be a good idea to avoid any new charges until the debt is fully paid.
Credit limit
Take note of the credit limit or balance transfer limit on your new credit card. You’ll want to transfer debts that fall within those limits. If your credit limit doesn’t allow you to transfer all of your debt, you may want to prioritize the debt with the highest interest rate.
Keep in mind that balance transfer fees are usually included in your credit limit.
How to balance transfer to a Chase Freedom Unlimited card
If a balance transfer is part of your plan to pay down high-interest debt, you may want to consider the Chase Freedom Unlimited credit card.
If you want to do a balance transfer to a Chase Freedom Unlimited card, here are the steps to follow:
- Request a balance transfer for the amount you want to transfer from your old credit card. Make sure the amount won’t exceed your credit limit on the Freedom Unlimited card, and if you want to benefit from the introductory balance transfer fee, complete the transfer within 60 days of the account opening.
- Give Chase any additional information they require, such as the name of the old credit card issuer and the account number, and then submit your balance transfer request.
- Once Chase has transferred the balance, check your old accounts to verify that the transfer has occurred.
Note that balance transfers can take time to process—up to 21 days. During the processing time, it can be advantageous to continue making on-time payments on the debt until the balance transfer occurs.
What to know about Chase Freedom Unlimited balance transfers
It can be helpful to consider these things about balance transfers if you’re thinking about opening a Chase Freedom Unlimited card.
APR: The card features a low introductory APR on balance transfers for the first 15 months.
Balance transfer fees: During the first 60 days, you’ll pay a fee of $5 or three percent, whichever is greater. After that window, the fee is the larger of $5 or five percent.
Balance transfer limit: Transfers are limited to either your credit limit or $15,000, whichever is lower. If the balance you transfer exceeds this limit, it will either be rejected or adjusted to an amount within the limit.
Like most credit card issuers, Chase doesn’t allow transfers among Chase credit card accounts.
In summary
If you think a balance transfer is right for you, the Chase Freedom Unlimited credit card may save you money on interest charges.
