A balance transfer can help you avoid interest charges temporarily while you try to pay your credit card debt, but you may need more time to pay down your balance. If you’ve reached the end of a 0% annual percentage rate offer on a balance transfer card, applying for a new one could buy you that extra time.
However, relying on multiple balance transfers can rack up fees and come with other risks. Here’s how to transfer a balance from one card to another more than once, along with the potential downsides of this strategy and alternative ways to manage credit card debt.
Can You Transfer Multiple Balances from One Card?
A credit card balance transfer lets you move your balance from one card to another to benefit from the new card’s lower APR. If you’re still carrying debt after your first balance transfer, you could transfer the balance to another balance transfer card to avoid interest charges, as long as you can qualify for the new card and it’s not with the same issuer.
“You can make multiple balance transfers to avoid interest, but make sure you set a reminder for when interest restarts,” says Nia Adams, a Chicago-based financial wellness counselor and speaker. “This is your payoff goal date.”
While transferring your balance again could give you some breathing room, it’s not a magic bullet for debt payoff. This strategy is best if you have a clear plan for paying off your debt before the next promotional period ends.
[Read: Best Credit Cards.]
Can You Transfer Multiple Balances to One Credit Card?
If you have multiple balances spread out across different cards, you can transfer them to a single card. Doing so could simplify debt payoff, since you’ll have your full balance consolidated in one place.
However, most credit card companies charge a fee of 3% or 5% for each balance transfer. A transfer of $5,000, for example, may come with a fee of $150 to $250.
“Balance transfer fees add up fast, working against the very progress you’re trying to make,” says Adams. “The goal is to keep more money in your pocket, not lose it to fees. Be careful not to create a hamster wheel under the guise of a credit hack.”
You also can’t transfer more than your card’s balance transfer credit limit, which could be lower than its overall credit limit. You’ll have to add your balances plus balance transfer fees to ensure the total doesn’t exceed your new card’s limit.
Can You Transfer Multiple Balances to Several Credit Cards?
If you’re running up against a credit limit, you could transfer your balances to multiple cards. However, you’ll need to qualify for each new balance transfer card, which could be challenging without good credit.
If you’re running into roadblocks, it’s worth reaching out to one of your current issuers to see if you can get a balance transfer offer on an existing card.
“People often neglect calling their credit card company to discuss options because it can make them feel vulnerable, (but) you may have more options than you were aware of,” says certified public accountant and personal finance writer Marci Grossman. “Ultimately, it’s in the credit card company’s best interest to find a way to work with you.”
[Read: Best Credit Cards for Good Credit.]
Can You Keep Transferring Credit Card Balances Indefinitely?
You can keep transferring your credit card balances if you can keep qualifying for new cards and are transferring between different issuers. (You can’t, for instance, transfer a balance from one Chase card to another Chase card.) This approach isn’t practical in the long run, though, as you’ll incur balance transfer fees and hard credit inquiries. Plus, it does nothing to fix the underlying issue of spending more than you can afford to pay back on your credit card.
“You can (use this) strategy known as ‘credit card surfing’ to delay paying interest, (but) it’s not a long-term solution,” says Kristy Kim, CEO of TomoCredit. “It can work if used sparingly and strategically, but it’s not a substitute for a solid payoff plan.”
If these balance transfers aren’t helping you make progress on your debt, the costs and impact to your credit can outweigh the benefits.
Risks of Multiple Balance Transfers
Multiple balance transfers can be a way to avoid interest, but this strategy involves several risks, such as:
— Balance transfer fees. You’ll generally pay a fee for each balance transfer you do, which will be added onto your total balance. These fees might be worth it for the interest savings, but they could become costly after multiple balance transfers.
— Potential negative impact on your credit. Each time you apply for a new card, the lender’s hard inquiry can bring down your credit score by a few points. Also, lots of new account openings could make you look like a risky borrower, making it harder to qualify for balance transfer credit cards and other financial products in the future.
— Staying in debt longer. If you’re relying on balance transfers, you may keep your debt around for longer than if you focused on paying it off directly. Only paying the minimum while you shift balances around won’t pay off the debt in full.
“If you’re on balance transfer No. 3 or 4, it’s time to stop and ask yourself, ‘How did I get here?'” says Adams. “It’s time to start doing the hard work and explore what changes need to be made.”
[READ: Best Credit Cards for Beginners]
Alternatives to Multiple Balance Transfers
Multiple balance transfers can be a useful tool in some circumstances, but they’re not a long-term solution for debt. If you’re often moving around credit card debt, there are alternative strategies to explore.
— Craft a budget. Creating a strong budget can help you pay off your debt once and for all. By tracking your income and expenses, you’ll understand your cash flow and may find opportunities to cut spending. You can also calculate how much you must pay toward your debt each month to hit your payoff goal.
— Consider a debt consolidation loan. A debt consolidation loan is a type of personal loan that combines multiple debts into one. It usually has a fixed interest rate and repayment term so you can estimate your long-term costs up front. You can check your rates online to see if this type of loan would be affordable for you.
— Work with a debt counselor. Debt counselors can help you come up with a plan to pay off your balances and take control of your finances. Two organizations that can connect you with an accredited counselor are the National Foundation for Credit Counseling and the Financial Counseling Association of America.
— Speak with your card issuer. Your credit card issuer may ease the burden by lowering your interest rate or adjusting your payment due dates.
Put together a plan to pay off your credit card debt before your credit card’s promotional period ends. If you’re prone to overspending, these financial self-control strategies can help you curb the habit.
[Read: Best Credit Cards for Excellent Credit.]
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How to Transfer a Credit Card Balance: A Step-by-Step Guide originally appeared on usnews.com
Update 06/13/25: This story was previously published at an earlier date and has been updated with new information.
