Balance Transfer Credit Card Study – 2013

CardHub-2013-Balance-Transfer-Credit-Card-StudyRising credit card debt levels, a recovering economy, and historic 0% credit card offers have combined to create an ideal balance transfer landscape. In fact, the right balance transfer deal now stands to save the average household – which has $6,700 in credit card debt – more than $1,000 in fees and finance charges while helping them pay off amounts owed months sooner.

However, a general lack of consumer understanding prevents most people from taking full advantage of this sweet-spot for savings. This study will strive to close that knowledge gap by bringing clarity to the following key issues:

  • Types of debt eligible for a balance transfer
  • Timetable for the balance transfer process
  • Relationship between requested and approved balance transfer amounts
  • Ability to earn rewards on transfers

You can navigate directly to a particular section of the study by clicking on its respective link below:

Main Findings

Types of Debt:

  • Chase is the only major issuer that does not allow transfers from store cards (i.e. cards that don’t have the VISA, MasterCard, American Express, or Discover logo).
  • Seven of the 11 issuers surveyed (63.6%) – Barclaycard US, Capital One, Citi, Pentagon Federal Credit Union, USAA, U.S. Bank, and Wells Fargo – allow you to transfer most common types of consumer debt, including mortgages, auto loans, small business loans, and student loans.
    • In addition, Discover accepts balance transfers from auto loans and medical expenses, but not mortgages, small business loans, personal loans, student loans, HELOCs, or payday loans.
    • While Barclaycard US only enables new applicants to transfer credit card and store card debt, customers can transfer any type of debt once their accounts are established.
    • Each major issuer prohibits the transfer of debt between two of their own credit cards, and most –if not all— prohibit the transfer of debt between their own loans and lines of credit (e.g. transferring a Wells Fargo auto loan balance to a Wells Fargo credit card).

Timing:

  • American Express, Capital One, Pentagon Federal Credit Union, USAA, and Wells Fargo seem to process balance transfers fastest, saying that current cardholders could receive a response immediately and should hear for sure within 24-48 hours.
  • As a result of The Dodd-Frank Wall Street Reform and Consumer Protection Act, Regulation Z now requires issuers to wait at least 10 days after approving a new customer’s application before processing a balance transfer request. This rule is designed to give customers time to review final account terms and disclosures and to cancel their balance transfer, if necessary.
  • The length of time between when a balance transfer application is submitted to when the transfer ultimately appears in your account varies based on three main factors: 1) your status as a new or existing customer; 2) your method of application (e.g. online, over the phone, or by mail); and 3) the financial institutions on both sides of the transfer (e.g. transfers between large financial institutions tend to be faster).
    • From start to finish, new customers can expect to complete a balance transfer within roughly three weeks’ time. Existing cardholders can expect to complete a balance transfer in about a week.

Other:

  • Out of the offers from the 11 major issuers included in this study, the three best balance transfer credit cards on the market are:
  1. Chase’s Slate Card
  2. Pentagon Federal Credit Union’s Platinum Rewards Card
  3. Discover’s it Card
  • American Express is the only major issuer that does not currently offer a card with a low introductory balance transfer APR.
  • When a consumer submits a balance transfer request via mail that is in excess of their available credit, certain issuers will outright decline the transfer while others will process part of the requested transfer amount.
    • American Express, Capital One, Pentagon Federal Credit Union, U.S. Bank, and USAA will decline requested balance transfers (principal + transfer fee) that exceed your account’s credit line.
    • Bank of America, Barclaycard US, Chase, Citi, Discover, and Wells Fargo may process the balance transfer (requested amount + transfer fee) up to the amount of your available credit.
  • Three major issuers –Barclaycard US, Chase, and U.S. Bank – offer their cardholders rewards on transferred balances at least some of the time.


Balance Transfer Study

Cost of Notable Balance Transfer Offers by Issuer

  

 

Note: American Express was not included in the above chart as it does not currently offer a credit card with w low introductory balance transfer APR.

 

Card Intro APR Balance Transfer Fee Annual Fee Regular APR
American Express N/A N/A N/A N/A N/A
Bank of America BankAmericard Visa 0% for 15 mo. 3% $0 10.99% – 20.99% (V)
Barclaycard US UPromise World MasterCard 0% for 15 mo. 3% $0 12.99% – 20.99% (V)
Capital One Platinum Prestige Card 0% for 13 mo. 3% $0 10.9% – 18.9% (V)
Chase Slate Card 0% for 15 mo. $0 $0 11.99% – 21.99% (V)
Citi Diamond Preferred 0% for 18 mo. 3% (min. $5) $0 11.99% – 21.99% (V)
Discover Discover it 0% for 18 mo. 3% $0 10.99% – 20.99% (V)
Pentagon Federal Credit Union Premium Travel Rewards 0% for 18 mo. 3% (max $250) $0** 9.99% (V)
USAA Military Affiliate Card 0% for 12 mo. 3% (max $200) $0 10.9% – 25.9% (V)
U.S. Bank Visa Platinum Card 0% for 15 mo. 3% $0 9.99% – 23.99% (V)
Wells Fargo Platinum Card 0% for 6 mo. 3% $0 10.15% – 24.99% (V)

*Total cost scenarios assume complete payment in 24 months. For offers with regular rate presented as a range, the average was used.
**Membership in the Pentagon Federal Credit Union might require payment of a one-time $15 fee.

Methodology

The issuer-specific information reflected in this study was gleaned through a survey of major card issuers as well as an analysis of online marketing copy. More specifically, we sought answers to the following questions:

  1. Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?
  2. What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?
  3. On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?
  4. On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?
  5. Do cardholders earn rewards on balance transfers?
  6. Can someone have more than one of your credit cards open at one time?
  7. What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

We then used the information we gathered to identify trends in the balance transfer landscape as well as to identify areas of opportunity and potential danger for consumers.

In comparing the notable balance transfer credit card offers from each major issuer, we used Card Hub’s credit card calculator to determine the cost of transferring a $2,500 balance and paying it down within 24 months as well as the cost of transferring a $5,000 balance and paying it down within the same timeframe. For cards that present the regular APR as a range, the middle of the range was used.

Detailed Results

American Express

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:

  • Credit cards
  • Store cards

Can’t Transfer Debt From:

  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • Our program is managed as a balance transfer program for payment products (credit cards and store cards) and not a broad loan refinancing/consolidation program. As a result, we do not allow debt to be transferred from other loan types such as mortgages.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • For current Cardmembers, decisions re: balance transfer approval are typically communicated within 24-48 hours from the time an application is submitted.
  • For Cardmembers with new Card accounts, balance transfer applications will not be processed until 10 days after the account was opened to allow time for the Cardmember to receive and review their Cardmember Agreement in case they do not want to proceed with the balance transfer.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • On average, a transferred balance appears in a Cardmember’s account four days after the balance transfer application is approved.

Do cardholders earn rewards on balance transfers?

  • No.

Can someone have more than one of your credit cards open at one time?

  • Yes, you may have more than one American Express Card.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • A balance transfer request will be declined if the requested amount plus fees exceeds your available credit line.

Other comments:

  • N/A

Bank of America

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:

  • Credit cards
  • Store cards

Can’t Transfer Debt From:

  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • Certain types of loans present different levels of risk than others.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • Up to 30 days. For existing accounts, balance transfers will be completed within 4-6 days.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • 3-6 business days after approval.

Do cardholders earn rewards on balance transfers?

  • No.

Can someone have more than one of your credit cards open at one time?

  • Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • If the total amount you request exceeds your Total Credit Line, we may send full or partial payment to your creditors in the order you provide them to us.

Other comments:

  • N/A

BarclayCard US

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

  • Applicants for a new credit card can request on their application to transfer a balance from 15 or 16 digit account number including MasterCard, VISA, American Express, or Discover. Once an account has been opened, customers can use a balance transfer check to transfer from any type of account to their Barclaycard account.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • There are system limitations related to on-line balance transfers being limited to 15/16 digit account numbers. Customers can use a balance transfer check to transfer from any type of account to their Barclaycard account.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • Generally applications are approved within 10 business days.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • Regulation Z requires creditors to wait 10 days after sending out Account Opening Disclosures before the creditor can process a customer’s balance transfer request from their application.

Do cardholders earn rewards on balance transfers?

  • Yes, depending upon the program. Some programs earn rewards for initial balance transfers.

Can someone have more than one of your credit cards open at one time?

  • Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • It depends on the circumstances and whether it is a new application or an existing customer requesting the balance transfer. On a new application we will process the balance transfer as much as the credit line will permit. Existing customers can transfer a balance up to their available credit.

Other comments:

  • Barclaycard US wants to stress that it does not recommend transferring certain types of debt – including mortgages and student loans – to credit cards, saying “It’s just not a financially wise decision for a consumer.”

Capital One

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

  • You can transfer from any of the above listed debts so long as it is not a Capital One card based debt.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • We won’t transfer debts from a card in our portfolio.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • We will communicate approval immediately on transfers processed online or over the phone with one of our customer service representatives. Access check transfers will need to post to the customer account before they are approved, which can take 2-3 business days once it gets to the bank of first deposit.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • The time varies based on method of transfer (phone/online initiated vs. check initiated) as well as the type and size of financial institution. For phone/online transfers with large institutions, the transfer typically shows up within a few days. For check-initiated transfers and those with smaller institutions, the transfer time will vary due to check processing and posting times.

Do cardholders earn rewards on balance transfers?

  • No.

Can someone have more than one of your credit cards open at one time?

  • You may not initiate a balance transfer from one Capital One card to another, but you can have more than one card at a time

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • We will decline the transaction if it exceeds the available open credit line of the customer’s card.
    • Our process requires that the customer first applies and gets approved for the card, then initiates the BT….so our customers know their line beforehand.

Other comments:

  • N/A

Chase

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:

  • Credit cards

Can’t Transfer Debt From:

  • Store cards
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • Timing may vary.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • Balance transfers will be applied to your account and sent to your designated payee(s) 13 days after your account is opened. In total, it may take up to three weeks to set up your new account and process the balance transfer(s).

Do cardholders earn rewards on balance transfers?

  • This can depend on the credit card product and balance transfer offer.

Can someone have more than one of your credit cards open at one time?

  • Yes, you can have two different credit card products with Chase.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • The total amount of your request(s) including fees and interest charges cannot exceed your available credit or $15,000, whichever is lower. If your request(s) exceeds the amount that we approve, we may either decline the request or send less than the full amount requested to your designated payee.

Other comments:

  • We offer clear terms and conditions on balance transfers and encourage customers to use this option responsibly. We offer Chase Blueprint to Slate customer to help them manage their spending and borrowing. Blueprint helps consumers take charge of their finances, pay down balances faster, avoid interest on everyday purchases – even when they carry a balance.

Citi

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:

  • Credit cards
  • Store cards

Can’t Transfer Debt From:

  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • N/A

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • Balance transfers are approved no sooner than 14 days after an account is opened. If balance transfer is declined a mail notification is immediately sent.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • Balance transfers are approved no sooner than 14 days after an account is opened. After the 14 days the balance transfer is reflected on the customer account and a communication is sent confirming the terms of the balance transfer.

Do cardholders earn rewards on balance transfers?

  • No

Can someone have more than one of your credit cards open at one time?

  • Yes

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

Balance transfer (plus balance transfer fee) up to the amount of your available credit line may be processed. Balance Transfers (including balance transfer fee) above the available credit line will be declined. Other comments:

  • N/A

Discover

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:

  • Credit cards
  • Store cards
  • Gas cards
  • Auto loans
  • Medical expenses

Can’t Transfer Debt From:

  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • We ask that cardmembers allow up to two weeks for a BT to go through. We will more than likely communicate sooner if there is an issue with a BT.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • We ask that cardmembers allow up to two weeks.

Do cardholders earn rewards on balance transfers?

  • No

Can someone have more than one of your credit cards open at one time?

  • Yes

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • You may transfer any amount, up to your credit available for transfers, which may be less than your total credit line. If your balance transfer request will exceed your available credit, we will process your transfers for less than the amount requested, in the order requested.

Other comments:

  • N/A

Pentagon Federal Credit Union

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

  • A member can choose to transfer debt from for any of these types of accounts. However, the balance transfer usually applies to unsecured consumer debt that normally has a higher interest rate than secured debt or commercial loans.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • Balance transfers usually occur when a lender offers a very low rate and the borrower takes advantage of the rate to payoff higher interest rates most commonly credit cards that have double digit interest rates, excluding promotional offers.The member’s secured debt (i.e. automobile loan) usually has a low interest rate (depending on the credit quality of the borrower), and that interest rate is over the lifetime of the loan, while balance transfer rates are usually between 12-18 months. The borrower is not incented to payoff a loan that has a low rate and for an extended period of time.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • On average, PenFed will usually have a status reply for an applicant, if not immediately, within 24 to 48 hours.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • These days, most creditors accept electronic payment, so the majority of these transactions are conducted in this manner. On average, an electronic payment can take up to three business days to appear on a member’s account.

Do cardholders earn rewards on balance transfers?

  • No

Can someone have more than one of your credit cards open at one time?

  • Yes, cardholders may have a combination of credit card products with PenFed.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • When requesting a balance transfer online or via telephone, the Member is made aware of their credit line which is available to complete the transaction. If a Member would like to transfer an amount larger than their available credit line, they may request a credit line increase.

Other comments:

  • N/A

USAA

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

  • A member may transfer a balance from any loan with an account number.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • USAA’s products are competitively priced. In addition to our 0% introductory rates on balance transfers, our regular interest rates are well below the industry’s. USAA charges the same APR on balance transfers as purchase transactions. In addition, our BT fee is just 3% with a cap of up to $200. Other large issuers charge balance transfer fees of 4% or 5% with NO cap and usually with a $10 minimum.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • Usually our members apply for a credit card online or by phone and their applications are decided immediately by our underwriting system. Written applications can take several days to decide because they must be data entered into our underwriting system first. If an application is declined, we send a letter to the member letting them know. If the application is approved, we immediately show the member’s pending balance transfers on usaa.com. If we are unable to process a balance transfer, we send a letter in about three days after the application has been decided. For any account that has been opened less than 14 days, we delay processing the balance transfer request until the fifteenth day after account opening. During the 14-day period, we allow a member to cancel a balance transfer request. For accounts opened more than 14 days, we process an approved balance transfer request within approximately 2-3 business days for electronic payments or 7-10 business days for check payments depending on the merchant’s payment acceptance method.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • Same as above.

Do cardholders earn rewards on balance transfers?

  • No rewards are earned on balance transfers or cash advances.

Can someone have more than one of your credit cards open at one time?

  • Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • For online and phone requests, our systems do not allow a balance transfer request to be submitted if it is for an amount larger than is permitted on the account. However, for balance transfer requests received in the mail, we either process the full amount requested or we send a letter indicating that we were unable to process the request.

Other comments:

  • N/A

U.S. Bank

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

  • We have no restrictions on the types of accounts from which balance transfers can occur, except from other U.S. Bank accounts. (Keep in mind the balance transfer is subject to approval and credit limitations. Most transfers are from a credit card to a credit card.)

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

Not applicable because we allow transfers from any type of account, with the exception of transfers between U.S. Bank accounts. On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • It takes an average of 3 business days from the time we receive a balance transfer request to the time when we communicate whether the request has been accepted or rejected.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • It takes between 17-20 calendar days from the time a request is submitted to the time the transfer is posted (3 days for the approval decision, 10 days for customers to rescind the request as mandated by Card Act and 7 days for the payment to be deposited with the institution where the balance originated).

Do cardholders earn rewards on balance transfers?

  • U.S. Bank Flex Perks cardholders can receive 2,000 bonus points for a balance transfer of at least $1,000. Kroger cardholders can receive 2,000 bonus points for a balance transfer of at least $2,000.

Can someone have more than one of your credit cards open at one time?

  • Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • We will only approve transfers within the approved line of credit. If a customer makes a request through an automated system, any request over the line of credit will be declined. However, if they talk to a customer service representative, there are ways to only transfer the amount that is within the approved line so it is possible to request a smaller amount of the balance be transferred to a U.S. Bank card.

Other comments:

  • N/A

Wells Fargo

Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

  • Customers can use balance transfer to pay off any non-Wells Fargo debt.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

  • None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

  • For balance transfers on an existing credit card account, they may learn whether they’ve been approved the same day. For balance transfer requests on new credit card accounts, transfers are not completed until the customer has an opportunity to review mailed copies of new account disclosures before completing the transaction – 10 days.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

  • For balance transfers on an existing credit card account, the transfer may appear in their account as soon as the next day. For balance transfer requests on new credit card accounts, the transfer may be fulfilled after the customer receives the mailed disclosures and has an opportunity to review them. On average, this can take twelve days.

Do cardholders earn rewards on balance transfers?

  • No.

Can someone have more than one of your credit cards open at one time?

  • Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

  • When a customer applies for a balance transfer, we ask them to list creditors and balance transfer amounts in order of preference. We then fulfill the balance transfer request in that order, up to the customer’s available credit.

Other comments:

  • N/A

Update – 2/20/13 – 3:20 pm: Though Citi originally verified the information in this study as being correct, the company noticed inconsistencies between the information it originally provided and what their actual policies dictate following the study’s publication. We therefore updated the study’s main findings as well as the Types of Debt Eligible for Transfer to a Credit Card table to indicate that Citi accepts the transfers from auto loans, student loans, personal loans, mortgages, HELOCs, small business loans, and payday loans as well as non-Citi credit cards and store cards.

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