What Is The Limit For A Balance Transfer Card? | Bankrate

Moving your debts to a new balance transfer credit card with a 0 percentage introductory APR can help you save money as you pay down outstanding balances. But what about when you have large balances to pay off ? Can you still transfer them to a raw recognition poster ? It depends. How much you can transfer will depend on the credit limit on your new card, which is determined by your issuer with your credit history and other factors in mind. There ’ s no way to know for certain the card limit you ’ ll receive until you get approved. But there are still some things you can do to get the highest specify possible so you can very make the most of a balance wheel transfer to pay off your high balances. here are some steps you can take to set yourself up for a successful balance transfer and ensure you get just the right balance transfer limit to manage your debt.

How much debt can you transfer?

The exact come you ’ re able to transfer depends on your card and the credit rating limit you receive. Credit card providers typically determine the sum of debt you can move in relative to your credit limit. many issuers are generous, giving cardholders the ability to transfer their wide credit rating limit, but in some cases, your transfer limit may be capped at 75 percentage of your overall credit limit. Some card issuers besides have internal rules for balance transfers. Chase, for example, lets cardholders transfer only up to $ 15,000 to their cards within a 30-day time period. It ’ second important to note that the remainder transfer fee is often considered a share of your movable counterweight, making your “ true ” limit slenderly lower than you may have expected. Be surely to read through your credit wag agreement or talk to your issuer to determine if and how the balance transmit fee affects your limit .

How many credit card accounts can you consolidate?

If you ’ re juggling debt on multiple credit rating cards, you may be able to transfer debt from each of them over to your newly balance remove card. If you have widespread debt, however, don ’ thyroxine try to open up multiple balance wheel transfer cards to circumvent your credit restrict ; doing so leads to multiple hard inquiries on your accredit reputation and may hurt your credit score. besides keep in mind that, broadly speaking, you can not transfer balances between different cards from the same issuer. For exercise, you can not transfer debt from one Citi credit circuit board to another Citi card. A final examination predominate to be aware of has to do with the types of debt you can transfer. In summation to credit batting order balances, most major issuers allow you to transfer respective loanword balances, including student loans, car loans and evening home equity loans. however, choose issuers, such as American Express and Chase, reserve symmetry transfers for credit poster debt alone .

How to get a high credit limit

Card issuers look at multiple factors when deciding on the credit limit you can qualify for—and one of the biggest is your income. That ’ sulfur why you should make certain you list the stallion income come you are legally able to on your credit circuit board application. fortunately, the CARD Act of 2009 makes it legal to use your family income when applying for a credit menu rather of just your own. This means you can list your own income and that of other family members, like your spouse, in order to qualify for a higher accredit limit .

Balance transfer credit cards with high limits

For cases where you ’ re looking to move a big balance, expect for a citation circuit board with a high credit limit —though this aspect of cards international relations and security network ’ t constantly readily displayed by issuers—and an extend introductory 0 percentage APR period. Anything between $ 5,000 and $ 10,000+ is by and large considered a high credit restrict. The highest credit limits are most much seen from more premium cards like the Chase Sapphire Reserve®. For your typical symmetry transfer credit wag, you can expect minimum credit rating limits of around $ 500.

here are a couple of Bankrate ’ s top picks for high-limit balance wheel transfer cards :

Discover it® Cash Back

The Discover it Cash Back comes with a 15-month, 0 percentage introductory APR on both purchases and balance transfers ( 12.24 percentage to 23.24 percentage variable APR after ) with a 3 percentage basic symmetry transfer tip. After the basic time period, the tip rises to 5 percentage on future transfers ( see terms ). Though not explicitly stated by the issuer, rumored credit rating limits for the Discover it Cash Back sit above $ 10,000. According to Discover, if you ’ re not happy with the credit rating specify you receive, ask for a higher limit after a few months of responsible tease custom .

Wells Fargo ReflectSM Card

The Wells Fargo Reflect offers an 18-month, 0 percentage introductory APR on qualifying balance transfers and purchases from account open ( 12.99 percentage to 24.99 percentage variable APR thereafter ) for no annual fee. That intro period extends to up to 21 months when cardholders make on-time payments during the intro and elongation periods. What ’ s more, the intro introductory menstruation is six to nine months longer than competing cards that offer 0 percentage presentation APRs for balance transfers and purchases. The fresh Wells Fargo Reflect besides comes with up to $ 600 of cellular telephone protection when you use it to pay call bills each month ( up to $ 1,200 annually coverage across two potential claims, minus a $ 25 deductible ) .

U.S. Bank Visa® Platinum Card

due to its drawn-out introductory offer, the U.S. Bank Visa Platinum Card should besides be on your list. This balance wheel transfer card lets you enjoy 0 percentage presentation APR on purchases and libra transfers for 20 placard cycles, after which you ’ ll pay a varying APR of 15.24 percentage to 25.24 percentage. There ’ south no annual tip, although a 3 percentage balance transfer tip ( minimum $ 5 ) does apply .

Tips to get approved for a higher credit limit

Improving your recognition score can help incentivize issuers to increase your credit limit. A better credit rating history gives issuers more confidence that you ’ re going to pay back what you borrow and allows them to loosen the reins on your credit rating limit. The succeed tips can help guide you through the process of increasing your credit limit :

Call your credit card issuer

It may be ampere simpleton as asking. many credit card issuers allow their cardholders to ask for a credit terminus ad quem increase on-line. You can besides call the number on the back of the card and ask a customer avail representative if you ’ re eligible for a credit limit increase. You will most probable have to update your income data. This is a well opportunity to consider why you need a credit limit increase in the foremost place. If you feel you have substantial fiscal security because, for example, you received a lift at work recently, a credit terminus ad quem increase could be a bright fiscal move .

Look for automatic increases

Some credit card issuers give cardholders an automatic credit specify increase after they have established a history of creditworthy behavior. If you pay your bill on time each calendar month and manage your finances responsibly, your citation menu caller may increase your credit limit unprompted. This can besides happen if you report an increase in income. But in some cases, credit card issuers do this to help increase their customer memory and to encourage responsible cardholders to spend more each calendar month .

Apply for a new card

If your credit is in good determine and you have a potent history of making on-time payments, you could be approved for a fresh recognition card with a higher limit. This is particularly crucial when considering a balance transfer credit card because it will allow for more debt to be transferred. That being said, you don ’ t want to apply for excessively many modern lines of credit because a hard inquiry is recorded on your credit report. This type of inquiry has the potential to impact your credit score by lowering it temporarily.

You can see which cards you prequalify for ( with no impact on your credit grudge ) using Bankrate ’ s CardMatch creature. This can give you a good idea of where you stand without having to officially apply .

Alternatives to a balance transfer card

Before initiating a balance transfer, it ’ s vital to consider your early debt-relief options. hera are some of the best alternatives to be aware of when struggling with high-volume debt :

  • Credit counseling: These services offer coaching and help you set up a repayment plan to rid yourself of outstanding debt.
  • Debt consolidation loan: Personal loans can come with competitive fixed interest rates, fixed monthly payments and a set repayment schedule that lets you know exactly when you’ll become debt-free. This can be a better option if you have a considerable amount of debt.
  • Debt snowball: With the debt snowball, you pay as much as you can toward your smallest balance first while making minimum payments on the rest. Over time, you’ll pay off your smallest debts and “snowball” the payments you were making toward the next smallest debt.
  • Debt avalanche: The debt avalanche method is similar to the snowball, except you focus on paying off your highest-interest debt first. The less you have to pay in interest, the more you can put toward the principal.

The bottom line

Your symmetry transportation limit can vary depending on factors like your income, your accredit score and how much debt you presently have. Your best bet is to make certain your recognition score is in good shape before you apply and look for a balance remove menu with long basic offers. With some research and plan, you can hopefully get approved for the card transfer limit you require .

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