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A 0% intro APR card offers the opportunity to pay off high-interest-rate debt faster. If you have high-rate balances on more than one credit card, you may wonder whether you can transfer them all to your new card to consolidate all your balances. You can transfer multiple card balances to one 0% intro APR card, but it may not cover all your debts.
Can You Balance Transfer Multiple Cards?
When you transfer a balance to a credit card with an introductory 0% annual percentage rate (APR), you're not limited to just one credit card. You can indeed transfer multiple balances to one credit card. It may be a good strategy to significantly reduce your outstanding credit card debt and save money in the process.
To transfer a balance, you'll first need to open a new balance transfer card. During the application process, some card issuers allow you to provide your card accounts and transfer amounts. If you provide your accounts during this stage, list them in order of priority. That way, your priority accounts may get transferred first.
After your application is approved and your account is opened, your new 0% intro APR card starts the balance transfer process by paying off your old credit cards, either electronically or by check. You can still request a balance transfer after account opening through your online account or by calling customer service.
Conditions for Transferring Multiple Cards to One Balance Transfer Card
There are some limitations for transferring multiple credit card balances to one balance transfer card. Consider these conditions before starting the balance transfer process.
- The credit cards must be from a different company than the 0% intro card. Card issuers restrict you from transferring balances from another credit card they issue. The card issuer may not be obvious with co-branded credit cards. You can check your billing statement or call customer service to confirm your card issuer.
- You must have a high enough limit and available credit on the card. The combined balances plus the balance transfer fee can't exceed your credit limit on the 0% intro APR card. Check the balance transfer limit, which may be lower than the card's credit limit. Keep in mind that new purchases reduce your available credit and the amount you can transfer.
- Transfers must be completed by the deadline, if one applies. Some card issuers limit the amount of time you have to take advantage of the 0% introductory offer. Confirm the cutoff date and submit your transfer requests before the deadline to qualify for the introductory rate.
Why Transfer Multiple Cards to One Card?
Transferring multiple cards to a single credit card provides several benefits.
- Decrease the total interest paid. Moving more balances from high-rate credit cards reduces the amount of interest you pay. The more you can pay off during the 0% introductory period, the more you'll save.
- Manage only one monthly payment. Instead of keeping up with multiple payments and due dates, you can combine balances to simplify your credit card payments. It's easier to budget and avoid late payments when you can focus on one credit card.
- Repay debt more effectively. Splitting your payment among multiple accounts dilutes the effectiveness of your payments. By focusing on fewer cards, your monthly payment makes a bigger impact on reducing your overall credit card debt.
What to Do if You Can't Transfer All Your Card Balances
Credit card issuers have restrictions on balance transfers, so you may not be able to transfer all your balances to your 0% intro APR card. Here are other strategies that will help you save on interest and pay down your credit card balances faster.
Prioritize Cards With the Highest Rates
Because your credit limit on your 0% intro APR card may not be big enough for all your other card balances, you'll have to determine which balances to transfer and which to leave. You'll save the most money by transferring balances with the highest interest rates. If you pay off the first balance transfers quickly, you can transfer additional balances as long as you still have time left during the promotional period.
Transfer a Portion of the Balance
If you can't transfer the full balance, consider moving part of the balance instead. Paying off a percentage of the balance with a 0% intro APR offer will still allow you to save on interest. You can transfer more of the balance if you free up some available credit and still have time left to make a new transfer.
Start a Debt Repayment Plan
You can minimize interest cost and get out of debt sooner by repaying your balance using the snowball or avalanche method. Concentrating your efforts on a single debt is more effective than spreading your payments on multiple accounts.
Pick Up a Side Gig
Earn extra money to pay towards the balances you couldn't transfer. Paying down your balances faster will help you save on interest.
Find the Right 0% Intro APR Card
Transferring multiple cards allows you to simplify your card balances and pay your balances down faster. To pinpoint which 0% intro APR cards you might qualify for, review your credit report and score. With better understanding of your credit, you can use Experian to help you find the best 0% intro APR cards for you.
Remember to consider your existing card issuers during your search to avoid opening a card with restrictions.