Choosing a New Card: You must decide on a new credit card before you may transfer a balance. The length of this step varies based on the amount of research you conduct. Comparing several cards and their balance transfer offers could take a few minutes to several days.
Applying for the New Card
If you apply online, the application procedure usually takes ten to fifteen minutes after you’ve decided on a card. It can take longer if you apply by mail because of shipping delays.
Approval Process: The credit card provider will examine your application following submission. In just a few seconds, approval can be granted; but, if the issuer requires additional information or verification, it might take many days.
Getting the New Card: Depending on when your application is approved, you may receive your new credit card in the mail in a few days or a few weeks. A fee-based expedited shipping option is provided by certain issuers.
Activating the New Card: You must activate your new card as soon as you receive it. This is typically a simple phone call or online transaction.
Starting the Balance Transfer: You can start the balance transfer as soon as your new card has been activated. This process normally takes a few minutes to finish and can be done over the phone or online.
Processing Time: Depending on when you request the balance transfer, it may take a few hours to several weeks for it to be completed.
The credit card issuer and the mode of transfer (such as electronic transfer or cheque) will determine the precise timeline.
money to the Original Card: The original credit card issuer will get the money upon the completion of the balance transfer. The payment may not appear on the balance of your original card for a few days.
In conclusion, depending on a number of variables such the time required to select a new card, the approval procedure, shipping durations, and the processing time for the balance transfer, the full process of transferring a credit card debt can take a few days to a few weeks.