I have two credit cards, one with a credit limit of $400, and another with a credit limit of $4,000. The one with the $400 is with US Bank, and the one with $4,000 is with Synchrony Bank.

My US Bank card has $59 available credit, while my Synchrony bank has $3,680 available credit. Where do I initiate the balance transfer so I can pay off one or both of my credit cards?

  • How would a balance transfer pay off both cards? Are you transferring them to a third card? – D Stanley Apr 8 '18 at 21:07
  • Well, I guess I want to know, what a balance transfer is used for. Is it to pay off one of the credit cards? I don't have a third credit card. – HeavenlyHarmony Apr 8 '18 at 21:21

A balance transfer is used to transfer an outstanding balance from one credit card to another. Or to put it another way, you are using one credit card to pay off the other.

In your case, you could only transfer one way - use the card with $3680 credit limit remaining to pay off the card on which you owe $341. The other way would instantly take you over your credit limit.

Contact the issuer of card you want to transfer the balance to. Check carefully what the interest rate will be, and if there is a one-off fee for doing the transfer.

Be aware that the transfer may take a few days. If you are due to make a payment now, then you should do so, otherwise you will show up as having a late payment.

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You owe $341 on the first card and $320 on the second.

A typical balance transfer is done with a brand new card. They offer 12 months at no interest, and a one time transfer fee of 2-3%. They are most useful to those who have balances far higher than yours. A 15% net savings on a $5000 balance is $750 over the year. Worth a bit of effort to save this sum. In your situation, the savings would be minimal, and not worth it. You really aren’t a candidate for this type of maneuver.

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@JoeTaxpayer's answer is good sense. However, if you just want to know the mechanics, it's simply a matter of logging in to the web site of the card you want to transfer a balance too. If it's a 0% interest offer, they most likely will have sent you email or snail mail with a link, otherwise just search the site for "balance transfer offer" - they're usually prominently displayed when you log in.

Once you have the link, and have read/understood the terms, you just enter the number of the credit card you want to transfer the balance from, and the amount you want to transfer, and click on the "confirm" (or whatever the particular site calls it) button. You should get a confirmation email within a few hours, saying your transfer is in process. Within a few days, you should get another email from the TO card, saying the transfer was successful, and one from the FROM card saying a payment was made.

Note: I'm assuming US cards here. Other countries might differ.

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