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How to Do a Balance Transfer With Chase

Transferring a balance to Chase is a simple procedure that can be done online. Chase offers a 0% intro APR on balance transfers from 15 to 18 months.

Updated: April 13, 2024

Advertising & Editorial Disclosure

  • How to Do a Balance Transfer
  • What Happens After Submitting
  • Balance Transfer Considerations
  • Best Chase Balance Transfer Cards

MoneyGeek partners with leading industry experts and advertisers to help you get to your financial happy place. Our content is accurate when posted but offers may change over time. We may receive compensation for partner advertisements, but our editorial team independently reviews and ranks products. Learn more about our editorial policies .

About Doug Milnes, CFA

Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

  • Chase . " Balance Transfer Credit Cards ." Accessed March 31, 2024 .
  • Chase . " Balance Transfer FAQs ." Accessed March 31, 2024 .
  • Chase . " Take Advantage of a Balance Transfer ." Accessed March 31, 2024 .
  • Chase . " What is a Balance Transfer ." Accessed March 31, 2024 .

How to do a balance transfer with Chase

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Key takeaways

  • If you want to consolidate high-interest credit card debt, transferring a balance to a Chase credit card with a low or zero percent intro APR offer could help you to save on interest for a limited time and pay down your debt faster.
  • You can transfer a balance to an eligible Chase credit card after you’re approved during the application process or if you’re eligible for a balance transfer offer through an existing account.
  • Some of the best Chase balance transfer credit cards include the Chase Slate Edge℠, Chase Freedom Unlimited® and Chase Freedom Flex℠.

Balance transfer credit cards can be a valuable tool if you’re stuck paying off credit card debt with a high APR. After all, the right balance transfer card can help you consolidate and pay down debt with zero interest for a limited time, which could help you pay off debt faster and potentially save hundreds of dollars per month.

If you’re hoping to ditch debt and start working toward a better financial future, then a Chase credit card with an intro APR offer could be exactly what you need.

Whether you opt to make your balance transfer online or over the phone,  transferring a balance to a Chase card is fairly simple. However, it’s important to keep in mind that there’s no guarantee that your balance transfer request will be approved, and if it is approved, you’ll need to factor in the cost of the balance transfer fee , as well. Bankrate’s balance transfer calculator can help you know what to expect.

How to transfer a balance to a new Chase card

You must be approved for the new Chase balance transfer card of your choice before you can fill out a balance transfer request. Once approved, you can transfer your balance to your new card by following these steps:

  • Request a balance transfer from your old card. You’ll need to know the amount you want to transfer and make sure it won’t  exceed your credit limit . If you try to transfer an amount that’s greater than your credit limit, Chase will either  decline the transfer request or approve a smaller amount for transfer.
  • Provide Chase with any additional information they need. You’ll need to give them your old credit card’s account number, as well as the name of the card issuer.
  • Submit your balance transfer request. You’ll likely have to wait at least one week for Chase to approve your balance transfer.

If your card offers an intro balance transfer fee, you must typically transfer your balance within 60 days of account opening to qualify for it. After that, you may be subject to a higher balance transfer fee.

How to transfer a balance to an existing Chase card

If you want to transfer a balance to an existing Chase card, follow these steps:

  • Log in to your Chase account. You can do this online or via the mobile app.
  • Select the credit card and account that you want to transfer the balance over to. This is also a good opportunity to check for any balance transfer offers you may be eligible for.
  • Enter the details of your transfer. These details include the account number of the credit card you want to move a balance from and the amount you want to transfer. Don’t forget to factor in the balance transfer fee.
  • Submit your balance transfer request. You’ll have to confirm you have read the terms and conditions and follow the prompts to initiate the transfer to your Chase credit card.

If you prefer to transfer balances with help from a customer service representative, call the number on the back of your credit card instead to get started.

What to know after requesting a balance transfer with Chase

You can log in to your Chase account to see whether the balance transfer has taken place. Keep in mind it can take up to 21 days for Chase to process your balance transfer, so make sure to give it some time. While you wait, continue making on-time payments to all of your credit card accounts to avoid late fees and penalties.

Also, after the balance is transferred to your Chase card, make sure to check your old account to confirm that the full amount of the transfer has taken place. If your old account still has a small balance and you don’t pay your bill, you could face late fees and damage to your credit score.

Learn more:  6 steps to take after a balance transfer

Best Chase balance transfer credit cards

Chase slate edge.

The  Chase Slate Edge℠ comes with no annual fee and a 0 percent intro APR offer for 18 months on balance transfers and purchases (20.49 percent to 29.24 percent variable APR thereafter). Additionally, a 3 percent intro balance transfer fee (minimum $5) applies to transfers made within 60 days of account opening. After that, a 5 percent balance transfer fee (minimum $5) applies.

The card does not include any rewards or welcome offers. However, cardmembers are rewarded for responsible payment history: Each year that you charge $1,000 to your account and make consistent on-time payments, Chase will consider lowering the APR by 2 percent — a relatively rare perk in the credit card industry (additional terms apply).

Chase Freedom Unlimited

The  Chase Freedom Unlimited®  credit card is another  good option to consider . It offers a 0 percent intro APR offer on balance transfers and purchases for 15 months after opening your account (variable APR of 20.49 percent to 29.24 percent after). Balance transfers completed within the first 60 days are subject to a 3 percent intro balance transfer fee (minimum $5). After that period is up, a 5 percent balance transfer fee (minimum $5) will apply for each transfer.

This card also includes no annual fee, a solid rewards program and a welcome offer. You’ll earn 5 percent cash back on travel purchased through  Chase Travel , 5 percent cash back on Lyft purchases (through March 31, 2025), 3 percent cash back on dining and drugstore purchases and 1.5 percent cash back on all other purchases. As for the welcome offer, you’ll earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. You can also earn 5 percent cash back on combined gas station and grocery store purchases (excluding Target and Walmart) on up to $12,000 spent in the first year.

Chase Freedom Flex

The  Chase Freedom Flex℠ * is another smart choice for a balance transfer. It also comes with no annual fee and a 0 percent intro APR offer on balance transfers and purchases for the first 15 months (variable APR of 20.49 percent to 29.24 percent after). As with the Chase Slate Edge and Chase Freedom Unlimited, balance transfers completed in the first 60 days will include an intro balance transfer fee of 3 percent (minimum $5). Any balance transfers made after the first 60 days will be subject to a 5 percent balance transfer fee (minimum $5).

This card also comes with a welcome offer of $200 cash back after spending $500 within the first three months. The welcome offer also includes specialty rates of 5 percent cash back on combined gas station and grocery store purchases (excluding Target and Walmart) on up to $12,000 spent in the first year.

As for the card’s typical rewards program, you’ll earn 5 percent cash back on  activated bonus category purchases each quarter (on up to $1,500 in purchases per quarter, then 1 percent back). You’ll also earn 5 percent cash back on travel purchased through Chase Travel℠ , 5 percent cash back on Lyft purchases (through March 31, 2025), 3 percent cash back on dining and drugstore purchases and 1 percent cash back on all other purchases.

Learn more:  How to choose a balance transfer credit card

FAQs for Chase balance transfers

How long do balance transfers take, how often can you transfer a balance with chase, can you transfer a balance from one chase card to another, do chase balance transfers qualify for rewards, the bottom line.

If you want to consolidate high-interest credit card debt, transferring a balance to a Chase credit card with an intro APR offer could help you to save on interest for a limited time and pay down your debt faster.

However, before choosing a balance transfer card, be sure to compare all of the  best balance transfer offers on the market today. Some cards offer much longer intro APR periods than others, and you may be able to  find an intro offer for purchases , among other benefits.

*Information about the Chase Freedom Flex℠ has been collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer.

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Best Balance Transfer Credit Cards of 2024

What happens when my mortgage is sold? Dos and Don’ts

When a mortgage company sells your loan.

Lenders and investors buy and sell mortgages all the time, usually without any problems. So how do you prevent mishaps if this occurs?

  • Lenders sell loans for many reasons, but your loan terms don’t change
  • Your current lender must notify you of the change at least 30 days in advance
  • It will tell you where to send your payments and who to contact with questions

If you get a notice from a new servicer without notification from your current servicer, don’t send any money. Contact your current servicer. That’s how you avoid fraud.

What happens when my mortgage is sold?

Some home buyers face a big surprise after closing. They learn that their mortgage was sold. This may sound alarming. But it’s actually quite common. And it won’t affect the loan rate, terms or amount owed. Still, it’s natural to ask: What happens when my mortgage is sold?

Knowing why and how this occurs can calm your fears. While some of the details are complex, the bottom line is simple. This should not affect you financially. You’ll simply need to make your monthly payment to a different company.

Learn the lingo

It’s helpful to know the difference between commonly used terms. These include “originator,” “lender,” “owner,” and “servicer.”

The originator is the person who helped you apply for the loan. This person sent your application to the lender’s underwriting department. The lender (also known as the owner) is a company that approves, funds and owns the loan. The servicer is the company that manages the loan.

“The servicer collects and processes the borrower’s payment. It will manage communications with the borrower. It will pay taxes and insurance from escrows. And it will calculate monthly payment amounts,” says attorney Elizabeth A. Whitman .

She notes that, in some cases, the servicer is the lender. Or it may hire a separate company hired to manage the loan.

Why lenders sell or transfer mortgages

Keith Baker , Mortgage Banking Program coordinator and faculty at North Lake College, says around seven of 10 mortgage loans change hands. He adds that, when a mortgage loan closes and funds, the lender has four choices:

  • Keep the mortgage in its loan portfolio
  • Transfer the servicing to another servicer
  • Sell the loan to another company or investor
  • Both transfer servicing and sell the loan

Buyers of the loan on the secondary market can include Freddie Mac, Fannie Mae and Ginnie Mae. They can also include insurance companies, mortgage REITs (real estate investment trusts), the commercial mortgage-backed securities (CMBS) market, or Wall Street brokerage firms.

“Lenders often sell their mortgages to replace the funds used to make the loan. This allows them to make additional loans to home buyers,” says Baker. “It also reduces their exposure to risk, including asset-liability mismatch.”

An asset-liability mismatch occurs when, for example, the lender owns a lot of long-term debt (30-year mortgages), but retains short-term deposits (5-year CDs, for instance). It may sell some 30-year loans and buy 5-year loans to balance itself.

Selling your mortgage allows your lender to “receive an up-front cash payment instead of waiting for you to make payments,” Whitman says. “It improves their liquidity.”

What to expect as a borrower

The good news? A transfer or sale of your mortgage loan should not affect you.

“A lender cannot change the terms, balance or interest rate of the loan from those set forth in the documents you originally signed. The payment amount should not just change, either. And it should have no impact on your credit score,” says Whitman.

If your loan gets a new servicer, “You may experience a different approach to loan servicing. But it should not increase your obligations,” she adds.

What to do if you have a new servicer

Say your loan is sold but the servicer stays the same. If so, you typically won’t be notified. You will continue to make the same payments to the same source.

“Sometimes, a mortgage loan can be sold multiple times without the borrower’s knowledge if the servicer doesn’t change with the sale,” says Whitman.

If your loan is sold or transferred and the servicer changes, here’s what to expect and do:

  • Expect to receive two notices. One will come from your current servicer. The other will come from your new servicer. “Usually, a borrower’s current servicer must notify them no less than 15 days before the effective date of the transfer,” says Baker.
  • Name and address of the new servicer
  • When the current servicer will stop accepting your payments
  • The date the new servicer will begin accepting your payments
  • The date the first mortgage payment is due to the new servicer
  • Telephone numbers for the current and new mortgage servicer
  • Whether you can continue any optional insurance, like credit life or disability insurance, what action you must take to maintain coverage, and whether the insurance terms will change
  • A statement that the transfer will not affect any terms or conditions of your mortgage, except those directly related to the servicing of the loan. “For example, say your contract states that you were allowed to pay property taxes and insurance premiums on your own. The new servicer cannot demand that you establish an escrow account,” says Baker.
  • A statement explaining your rights and what to do if you have a question or complaint about your loan’s servicing.

Prepare to send your payment to the new servicer’s address. Thankfully, there’s a 60-day grace period after the transfer, Baker adds. During this time, you can’t be charged a late fee if you mistakenly send your payment to the old servicer.

What to do if you have a new lender

If your loan is sold to a new lender:

  • Expect to receive a separate notice from the new lender. This is due to you within 30 days of them taking ownership of the loan.
  • The name, address and telephone number of the loan’s new owner
  • The date the new owner takes possession of the loan
  • The person who receives legal notices and can resolve issues about loan payments
  • Where the transfer of ownership is recorded.

“Your new lender should file paperwork with your county real estate records. This will reflect the sale of the loan,” Whitman notes.

Other do’s and don’ts

In addition, Whitman suggests these steps:

  • If you have your payments automatically withdrawn from your bank account, confirm that those automatic payments will continue. And if not, ask for the necessary paperwork to sign up for that service with the new lender/servicer.
  • If you send payments automatically from your bank account (instead of the lender withdrawing them), update the payment information. Pay close attention to the effective date of the loan/servicing transfer.
  • If you mail payment checks, verify the new address and the new account number for the loan with the new lender/servicer.
  • A week or two after the first payment to the new lender/servicer, contact them to confirm that they received your payment. There is a grace period for misdirected payments. So use that time to ensure your payments are working smoothing again.
  • Never send payments to a new servicer/address until you’ve received a transfer/sale notice.
  • If in doubt, confirm that the transfer/sale is legit. If you received a transfer/sale notice from a new servicer but not your current one, contact the latter. “It is not unheard of for fraudsters to tell borrowers to redirect loan payments,” says Whitman.
  • Don’t fight the loan’s transfer or sale. There’s no way a borrower can prevent this from happening once a loan is active.
  • If you need a future loan, you can pick a lender that retains its own loans. “Only smaller, local banks typically have this business model,” Whitman notes.

When shopping for a future loan, read the mortgage servicing disclosure statement that the lender must provide. “This discloses whether the lender intends to service the loan or transfer it to another lender,” says Baker.

Erik J. Martin

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How a Loan Modification Could Help You Keep Your Home

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Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners .

Mortgage loan modifications can help homeowners who are having trouble making their mortgage payments or who have fallen behind on their loans. A loan modification lowers monthly payments to make them more manageable.

Loan modifications are only for borrowers who have missed mortgage payments or who have experienced a financial hardship, like a job loss, a death in the family or a natural disaster, that jeopardizes their ability to pay their mortgages. If you’re in this position, here’s what to know about getting a mortgage loan modification.

What is a loan modification?

A loan modification alters your current mortgage to make it more affordable. That could mean extending the length of the mortgage so that your payments are spread out over more time, lowering your interest rate or forgiving part of your principal.

A modification is different from a mortgage refinance . Refinancing entails replacing your loan with a new mortgage, while a loan modification changes the terms of your existing loan.

A loan modification also isn't the same as mortgage forbearance . With forbearance, you're temporarily allowed to skip payments or make lower payments while you're undergoing financial difficulty. Loan modification is permanent. Forbearance is often a step mortgage servicers or lenders will have borrowers go through before considering a loan modification.

» MORE: What to do if you can't pay your mortgage

Who can qualify for a loan modification?

Not everyone struggling to make a mortgage payment can qualify for a loan modification. In general, homeowners must either have missed mortgage payments or be in a financial situation where there's a high likelihood of missing a payment. Homeowners who are coming out of forbearance but unable to resume regular mortgage payments are also often eligible for loan modifications.

Financial situations that could qualify include the loss of a job, loss of a spouse or a disability or an illness that has affected your ability to repay your mortgage on the original loan terms.

Be wary of mail or online offers from companies offering to negotiate with your lender or servicer on your behalf. A better option is to reach out to a HUD-approved housing agency . These agencies are required to offer foreclosure prevention counseling for free, while settlement companies will charge for their services.

» MORE: Pandemic-related mortgage assistance programs

How to get a mortgage loan modification

If you are struggling to make your mortgage payments, contact your lender or servicer as soon as possible to ask about your options. Delaying will only make matters worse. Your application for a mortgage modification must be submitted at least 90 days before a scheduled foreclosure sale; otherwise, you give up your right to an appeal.

If you're anxious about contacting your lender about a loan modification, keep in mind that it's in your lender or servicer's interest to work with you. Foreclosure is a lengthy process that's costly for the lender, so they're better off if you're able to stay in your home.

The loan modification application process varies from lender to lender, but you'll almost always start by talking to a customer service representative or someone in their loss mitigation department. Be sure to document all contact you have with your lender or servicer — note dates and times, who you spoke with, and write down any specifics. If they'll email you information, so you have a paper trail, even better.

Your servicer may ask you for a letter describing your hardship or for proof of hardship. That might include pay stubs or tax returns documenting a loss of income or a divorce decree to show that your spouse is no longer contributing.

You should hear back from the servicer within 30 days. Make sure you're comfortable with how the loan will change and what your new payments will be before agreeing to the modification.

If you’re denied a loan modification, you can file an appeal with your mortgage servicer. You'll need to do so within 14 days of receiving the denial. A HUD-approved housing counselor can assist you — for free — with challenging the decision.

Types of loan modification

The loan modification you're offered will likely depend on the type of home loan you have. Conventional loans, which are held by Freddie Mac and Fannie Mae, have different modification programs from government-backed loans like FHA loans and VA loans. Here are the basics.

Conventional loan modification

If you have a conventional loan, you may be eligible for a Flex Modification from Freddie Mac or Fannie Mae. Depending on how much you owe on your home and what you're able to comfortably pay, your loan could potentially be extended for as long as 40 years — that means paying more total interest over time, but paying less out of pocket each month. You'll go through a trial period to make sure the new payments will work for you before the loan modification officially begins.

FHA loan modification

Loans backed by the Federal Housing Administration may qualify for a couple of loan modification options. The FHA has expanded its COVID-19 relief options to all homeowners, whether or not their hardship is pandemic-related.

The COVID-19 Advance Loan Modification changes your mortgage's terms to achieve at least a 25% reduction in principal and interest. If you're eligible, your servicer may simply mail you the documents to sign and return — another reason to stay on top of mortgage-related correspondence.

Another program, the COVID-19 Recovery Modification, adds any missed mortgage payments to the loan amount and extends the loan for up to 40 years at current interest rates. A separate Payment Supplement program can help cover costs of a higher interest rate, if applicable.

VA loan modification

The Department of Veterans Affairs offers a standard loan modification option for VA borrowers. A VA loan modification allows you to add your missed payments, as well as any legal expenses, to your loan amount, which is then reamortized — in other words, started over on a new schedule.

Are there disadvantages to loan modification?

A loan modification has tremendous upside, since it can help you avoid foreclosure and keep your home. But there are downsides to be aware of with a modification.

One potential consequence of a loan modification: It may be added to your credit report and could negatively impact your credit score. The resulting credit dip won’t be nearly as significant as a foreclosure’s effect on your credit, but it could affect your ability to qualify for other loans.

You'll need to be sure you want to stay in the home, as you'll have to establish a track record of timely mortgage payments before you can buy another home or refinance. After a loan modification, lenders may want to see a record of 12 or 24 on-time payments to determine your ability to repay a new loan.

Be aware that, depending on how your loan is modified, your mortgage term could be extended, meaning it will take longer to pay off your loan and will cost you more in interest. Modification programs that offer loans at current interest rates can also increase your payment if the interest rate you had was on the low side.

But for homeowners on the brink of losing their homes, the benefits of a loan modification can far outweigh the potential credit risks and extra interest.

On a similar note...

loan transfer to chase

Want To Buy a New Home and Keep Your Current Low Interest Rate? Try ‘Porting’ Your Mortgage

( Getty Images )

Want To Buy a New Home and Keep Your Current Low Interest Rate? Try ‘Porting’ Your Mortgage

High interest rates are one of the most significant hurdles buyers face when jumping into the housing market right now. As anyone who purchased a home in the last few years knows, interest rates have more than doubled since 2020. For a 30-year fixed-rate mortgage , you’re looking at an average interest rate somewhere between the mid-6% and +7%  as of late.

So if you need to move, you might feel financially overwhelmed by the prospect of giving up your low, locked-in interest rate for a new rate that could be twice as high.

Enter “mortgage porting,” the practice of transferring the terms of your existing mortgage over to a new property. But how exactly does it work, and what will you need to qualify? Here’s some expert advice on what you’ll want to know before you consider porting your mortgage.

What is porting a mortgage?

Porting a mortgage essentially means transferring your mortgage to a new house. This will include the current terms of your loan, such as the interest rate and payment schedule.

But you can’t simply take your loan and plop it onto your new home. Instead, porting a mortgage often involves reapplying for your current loan, even though you already qualified once.

The only catch? You have to find out whether you and your mortgage are eligible.

How to determine if your mortgage is eligible

The thought of saving tons of money over the life of a new loan is a game-changer if you’re currently shopping for a home and facing high interest rates. But make sure you can port your mortgage before diving too deeply into your new home search.

“Eligibility for porting a mortgage is varied—you never know what you’re gonna get,” says financial advisor James Allen , of Billpin . “Some lenders allow it, others don’t. And not all mortgages are portable.”

For example, most variable-rate mortgages (a type of loan where the rate is not fixed) can’t be ported at all.

Another thing that will affect your eligibility is the amount of your mortgage as it compares to the home you want to buy.

“You can’t port if you’re moving into a less expensive home and don’t require the entire existing mortgage,” says Dennis Shirshikov , of real estate investment company Awning.com .

However, you might be able to port your mortgage if you’re moving into a home with an asking price equal to or higher than your current home loan.

“If the mortgage you’ll need for the new property is larger, your lender may offer you a ‘blend and extend,’” says Allen. “It’s like mixing the old and new, where you end up with a rate that mixes your old and current rates.”

Are you eligible?

Another thing to consider is whether you, as a borrower, are eligible for porting.

“The standard requirement is an excellent repayment history and meeting your lender’s affordability criteria for the new property,” says Shirshikov.

Your lender will likely want you to complete an entirely new loan application, including  affordability checks and  a credit check for you and your co-applicant.

Some lenders may even impose additional conditions, such as asking you to top-up your mortgage (i.e., borrow against any equity you have in your home) if the new property is more expensive.

When porting is a good idea

Porting your mortgage makes sense if you secured more favorable loan terms in the past and won’t be able to replicate them without porting.

“Porting is most advantageous when your current mortgage rate is significantly lower than market rates,” says Shirshikov. “However, if the current market rates are lower or the same, it might be worth exploring a new mortgage instead.”

How to port your mortgage

The first step in porting your mortgage is talking to your existing mortgage team.

“Speak with your current lender to confirm portability and understand the process,” says Shirshikov. “Remember to consider all costs, including potential penalties or fees associated with porting, to make sure it makes sense financially.”

While lenders usually make eligibility decisions promptly, processing time can still take up to several weeks. So it’s a good idea to start the process early.

“The timeline depends on factors like the real estate market and your personal circumstances, but typically it aligns with the closing date of your new property,” says Shirshikov.

The final word

Before settling on porting your mortgage, be sure to shop around the market and confirm that your current interest rate is still the best one out there.

Depending on the kind of loan you need, the amount, and any other life circumstances that might have changed since you last took out a mortgage—there could be better rates on the market.

The bottom line? Porting a mortgage is about as much work as applying for a new one, so always make sure it’s a deal worth securing.

Larissa Runkle (@therealtorwriter) is a real estate copywriter and journalist living in Colorado.

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Sell my car, car research, sign in, should you transfer a car loan to another person, if you can no longer afford your monthly car payment, you might be wondering if you can transfer a car loan to another person. here's what you should know..

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Article QuickTakes:

  • Can you transfer a car loan to another person?
  • When is transferring a loan in your best interest?
  • What are the steps to transfer a car loan?
  • What kinds of fees are involved with transferring a loan?

Whether it's an economic setback or a personal emergency, car loans can become a significant financial burden. If a borrower can no longer afford their monthly car payment, they may be wondering if they can transfer a car loan to another person. Sometimes they have a vehicle they don't use as much as they thought they would. No matter the reason, transferring a car loan to another person isn't a simple process, but it is possible in some circumstances.

Can You Transfer Car Loan to Another Person?

Most lenders will not simply transfer a car loan from one borrower to another with the exact same payments, terms, and rates remaining on the original loan. Typically, when the registration and title go to a new owner, the lender has to be advised. Once they run a credit check to confirm that the new owner can make the payments, a new loan is issued using their credit score.

While most lenders frown upon auto loan assumptions, some lenders may allow a loan takeover under certain circumstances. Provided the new borrower fills out an application to see if they qualify to assume the responsibility of the vehicle and payments, they may essentially apply for a new loan.

When Is Transferring a Car Loan in Your Best Interest?

There are many reasons someone may want to transfer a car loan to another person, not all of which are financial. Some of these reasons might include:

  • You only needed the car for a finite period (for example, while in school) and no longer need it
  • You are moving overseas and don't have time to sell the car
  • You live in an area with great public transportation and don't use the car as much as you expected
  • You have a family member who needs a car and is willing to take over your payments
  • You want to purchase a cheaper car
  • You can't afford the monthly car payment  any longer
  • You are in danger of having the car repossessed

What Are The Steps to Transfer a Car Loan?

It's a good idea to carefully read your original loan agreement to see if there are any specific contract clauses or language related to or prohibiting auto loan transfers or loan assumption. Then, contact the current lender to explain the situation and see if they'll agree to transfer the loan to another person. Ask about the next steps, the minimum credit requirement and other criteria, and any restrictions or fees associated with a transfer of the loan.

If they do agree to transfer the car loan:

  • Fill out the paperwork. To complete the car loan transfer, the potential new owner will need to file a new loan application with the current lender. They'll need to go through the loan approval process (including a credit check) before they can be approved to assume your car loan
  • Transfer ownership. Once the new borrower is approved for the loan transfer, you'll need to transfer the title to their name as proof of ownership. Instructions for how to transfer the title to another owner should be printed on the back of the title. Otherwise, you'll both need to go to the department of motor vehicles (DMV) and fill out the forms to change the title officially. You'll need valid IDs and a bill of sale
  • Update registration and insurance. The new owner will need to register the car and insure it under their name before driving the car

If the lender does not agree to a loan transfer, you can:

  • Cosign. An easy way to transfer an auto loan is to have the new owner simply cosign when refinancing the auto loan. Then, the new owner would also be responsible for the loan payments. This could work especially well if you are transferring the auto loan to a family member or intend to reclaim the car at some future date. As the original borrower, however, you could still be on the loan as well and would be equally responsible if the new borrower missed payments or defaulted on the refinanced loan.
  • Sell the car . The new borrower will need to get a private party auto loan or a personal loan to buy the car from you. You pay off the current lender directly and transfer ownership to the new owner. You may have to pay early termination or pre-payment fees if you pay off your loan early.
  • Trade your car in . If you are just looking to lower your payments, you could trade in your car for a cheaper vehicle at the dealership — which essentially is an auto loan transfer. Avoid incurring negative equity or rolling the balance of your previous loan into a new car loan.

What Fees or Costs Are Associated With Transferring a Car Loan to Another Person?

Any time you take out a loan, there will be additional fees associated. Transaction fees, application fees, or closing fees could all be part of the loan process and would usually be covered by the new borrower. The lender could also charge a transfer or administration fee for transferring the loan.

If there were any late monthly payments, there may be a penalty or fee. Those will need to be paid off before the auto loan is transferred to the new borrower.

In addition, the new owner will need to register the vehicle with the state, which comes with a fee. State registration fees range from $10 to $180, depending on the county and state. The National Conference of State Legislatures provide a detailed state-by-state guide for vehicle registration fees.

Final Thought

Depending on the lender and the situation, it is possible to transfer an auto loan to another person, provided a new borrower is willing to work with your lender and has a great credit score. But the process can be complex. These tips should help if your lender says, "Yes, we will let you transfer your car loan to another person!"

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Traditional bank wire transfers

Money-transfer services, factors to consider, avoiding scams and fraud, how to send money internationally.

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  • You can send money to another country through a wire-transfer service or bank.
  • Pay attention to currency exchange rates and fees.
  • Wire-transfer services tend to be more cost-effective than traditional banks.

The best banks offer an easy way to send money abroad to family members or friends via a wire transfer.

An international wire transfer is done electronically and usually gets processed in a few days. They require certain bank information about the recipient to be completed.

Most banks or credit unions let you make international wire transfers, or remittances, for a fee. You decide how the recipient will receive the money and then pay a wire transfer fee — usually around $45 to $50 — to initiate the transfer.

There are a few financial institutions that have free international wire transfers. For example, Bank of America won't charge you any fees if you send money to a bank account in foreign currency , though you'll have to pay the exchange rate first. Chase also won't charge a fee for international wire transfers of $5,000 or more that are sent in foreign currency.

International wire transfers can take two to five business days, depending on the amount being transferred and where it's going.

Sending or receiving money internationally requires specific banking information, including:

  • Money (in US dollars or foreign currency) that will be transferred
  • The full name and address of the person receiving the money
  • The name of the recipient's bank and International Bank Account Number (IBAN)
  • A SWIFT code or Bank Identification Code (these codes verify the transaction, so this information is important)

Certain countries will require additional documentation. Australia, Canada, Great Britain, India, Mexico, and New Zealand are a few countries that will ask for supplementary codes. If you're sending money to someone who lives in one of these countries, you may want to reach out to the recipient or recipient's bank to get the information.

Money-transfer services such as MoneyGram or Western Union can be a simple and more affordable way to send money internationally with or to someone without a bank account . You can create an online account or visit a storefront and pay cash to set up a transfer. 

Alternatives include digital platforms, such as Xoom (a PayPal service) and Wise (formerly TransferWise), which use different payment processing methods that can result in lower fees than traditional banks.

Transfer fees

The World Bank reports that the global average cost to send money internationally is just over 6% of the transfer amount. Check out a few different services in addition to your bank to see which charges the lowest fees.

Exchange rates 

Verify a service's exchange rate before setting up an international transfer. The "mid-market exchange rate" is the rate big banks use to transfer money between currencies. Many money transfer services will charge this rate, plus a markup, which eats into the amount your recipient will get.

Transfer time

Some money-transfer services will let you expedite your transfer for an additional fee. However, time zones and the method of payment can affect how quickly your recipient gets the money. For example, if you send money from the U.S. to Europe on a Friday afternoon, it may be a few days until the transfer is complete.

The Federal Trade Commission says you should never wire money to someone you haven't met in person. A request to do so is usually a scam. Additionally, never wire money to a person who claims to work for a government agency or a salesperson who insists that wiring money is the only way to pay.

Sending money internationally FAQs

You may find lower fees with money-transfer services than traditional banks, but cost ultimately depends on the destination, transfer speed, and amount.

It depends on the service provider you use, the method of payment, and the amount. Money-transfer services are typically quicker than traditional banks.

Banks, credit unions , and money-transfer services set their own daily, monthly or per-transaction limits. Some have separate limits for different countries.

Use reputable services or your own bank, and always confirm your recipient's information before sending money internationally. The FTC also says you shouldn't wire money to someone you haven't met in person.

Money-transfer services like MoneyGram and Western Union have physical locations where you can pay for a transfer in cash.

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TIME Stamped: Personal Finance Made Easy

Personal Finance

How to sell a car when you still have a loan.

sell car with loan

Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created independently from TIME’s editorial staff. Learn more about it.

If you have a car you want to sell but have an outstanding auto loan, it’s still possible to sell it. However, there are some things you’ll need to consider before moving forward. For instance, the amount left on the loan and how the title will be transferred are among the important considerations.

Factors to consider before selling

Selling a car with an outstanding loan adds additional layers you’ll need to navigate before completing the sale. Here’s what you need to know.

The car’s value

One of the first and most important pieces of information is the car’s value. This is separate from your equity or how much you owe on the loan . Instead, the car’s value estimates how much money you might receive when selling the vehicle. You can find this through third parties like Kelley Blue Book and Edmunds.

Your car’s current value might be very different from the price you paid when you first acquired it. Most vehicles lose value as they age and have more miles on the odometer.

Your equity in the vehicle

How much equity you have will play a crucial role in the sale—especially whether you have positive or negative equity.

  • Positive equity: If you have positive equity, it means the vehicle is worth more than you owe. In this case, you’ll still have money left after paying the loan.
  • Negative equity: If you have negative equity, the vehicle is worth less than the amount you still owe. This means you’ll have to pay the difference when selling your car.

Positive equity is ideal since you will pocket some cash after the sale rather than paying out of pocket. However, it’s possible to sell your vehicle in either scenario.

Loan payoff amount

You will need to know your loan payoff amount—the full sum necessary to close the account and transfer the title to a new owner. This figure includes the remaining principal plus any interest and fees. Contact your lender to find out the full payoff amount.

State and local regulations

State and/or local regulations may exist around the sale of vehicles with outstanding loans. Contact your state DMV to ensure you are in full compliance with all regulations when selling your vehicle.

It’s important to maintain insurance coverage on the vehicle until the sale and transfer of ownership are complete . This will protect you against liability and other issues arising from a lack of insurance.

Options for selling a car with a loan

Even if a car has an outstanding loan, there are ways to sell it. Here are some of the best options.

Pay off the loan and sell

This is one of the simplest ways to sell a car with a loan. With this option, you pay off the entire remaining loan balance, obtain the title, and then sell the car. After receiving the title, you could sell it to a local dealer.

While this is an easy way to go, it requires you to have—or be able to get—enough cash to pay the loan. If you have negative equity in the vehicle, you’ll need to be prepared to cover the difference between the car’s value and what you currently owe.

Sell privately and coordinate the loan payoff

Another option is to find a private buyer and work with them and your lender to arrange the sale and pay off the loan. Again, the details will vary depending on your current equity in the vehicle.

However, the general idea is the buyer will pay the sale price to the lender, allowing you and the lender to release the title and transfer it to the buyer. If you owe more than the car is worth, you’ll also need to pay the lender the difference before the sale can be completed.

Trade-in at a dealership

If you are looking to get out of your loan because you want a new car, you can trade it in at a dealership. It’s generally possible to do this even if the car has an outstanding loan.

With this option, you trade in your car when purchasing a new vehicle, and the lender handles the loan payoff. This is perhaps the most convenient option, especially if you are in the market for a new vehicle. In addition, any equity you have in the car can typically be used as a down payment on the new vehicle. If you have negative equity, you can often roll it into a new loan .

However, keep in mind that, if you have negative equity in your current vehicle and roll it into a new loan, you’ll be taking out a larger loan on your new vehicle. In addition, the car’s worth may be valued lower in a trade-in than in a private sale. Consider this option only if you’re comfortable with a loan that will likely result in larger monthly payments and more interest paid.

Sell to a car-buying service

If you’re looking for a convenient way to sell your car with a loan, a car-buying service like Carvana may be an option. The process is generally quick and easy: You get a quote, and the company handles the loan payoff if you accept.

This is one of the easiest ways to sell a car, as you don’t need to find your own buyer. In addition, it’s not a problem if you have negative equity in your vehicle.

The biggest downside is the quote you receive will probably be lower than you could get selling to a private buyer. With these services, you pay for convenience by accepting a lower offer.

How to sell a car with a loan

Selling a car with a loan doesn’t have to be difficult. These tips will help ensure the sale goes through without any hiccups.

Communicate with your lender

First, reach out to your lender and ask about selling a car with an outstanding loan. Some lenders might let you sell the car and pay off the loan with the proceeds directly. On the other hand, some lenders may have a more complicated process. Ask your lender what its requirements are so you have this information in advance.

Handle the loan payoff

The loan payoff is one of the most crucial parts of selling a car with a loan. Depending on how you decide to sell, it might require careful coordination between you, the lender, and the buyer.

If you don’t already know the payoff amount, contact your lender and request it. Then, determine the best payoff method. For example, if you're selling privately, the buyer may be able to send payment directly to the lender for the remaining loan balance. If you have positive equity in the car, you’ll receive the difference between the amount the car is worth and the loan balance.

Alternatively, the buyer can send two payments: one to pay off the loan balance and one for your equity in the vehicle. For instance, if the remaining loan balance is $5,000 and you have $7,000 of equity, the buyer could send $5,000 to the lender and $2,000 to you.

Transfer the title

The title should be transferred to the new owner to reflect their ownership of the vehicle. However, understand that the title can only be transferred after the loan is fully paid off. Coordinate with your lender to determine how the title will be transferred to the buyer once the loan has been paid in full.

What happens to the loan when you sell your car?

When you sell a car with an outstanding loan, the loan doesn’t just disappear. There are often several steps to ensure the sale goes smoothly and the loan is paid off.

As mentioned, the loan will typically need to be paid off during the process, be it by a private buyer, dealer, or car-buying service. Once the loan is paid off, the lender will release the lien on the vehicle. This step is very important because the lien represents the lender’s interest in the vehicle as collateral for the loan. The title can’t be transferred until the lien is released.

Once the lien is released, the title is transferred to the new owner. The exact details of the title transfer may vary by state and lender. If you are making a private sale, you might need to receive the title from the lender and then transfer it to the buyer. With a dealership sale, the dealer may facilitate the process directly with the lender.

Tips for a successful sale

We’ve covered most of the key considerations for selling a car with a loan, but we have a few other tips that will help you ensure a successful sale.

Get out the word

Marketing your car effectively is necessary to get the best price, especially if you plan to sell to a private buyer. Use multiple platforms to advertise your car, such as online marketplaces, social media, and local classified sections. Provide clear, high-quality photos and a detailed description of the vehicle.

Be transparent with buyers

Transparency is important when communicating with potential buyers. Don’t try to hide the fact that the vehicle has an existing loan. If you find the right buyer and price the vehicle fairly, an existing loan shouldn’t be a deal-breaker. Clearly communicate with potential buyers how you will handle the loan payoff and title transfer.

Remember that all sales are negotiable, and you shouldn’t shy away from getting what your car is worth. Before communicating with a potential buyer, have a minimum number in mind. You can then negotiate with them, resolving not to accept any offers that are below your minimum.

You should also consider your car’s market value and the payoff amount. If you have negative equity, for instance, you may not be able to go as low as you could if you had positive equity. After all, having negative equity means you may need to pay out of pocket for the remaining amount. Thus, the lower the offer you accept, the more you may have to pay out of pocket.

TIME Stamp: Coordinate carefully

Selling a car with a loan is possible, but you’ll need to plan and coordinate carefully. First, know if you have positive or negative equity and the loan payoff amount. You have options like paying off the loan yourself, selling privately and facilitating the loan payoff, or trading in the vehicle at a dealership. However, it’s important to communicate clearly and transparently with the buyer and lender to ensure a successful sale and transfer of title.

Frequently asked questions (FAQs)

How do i sell a financed car with negative equity.

The main point is that the loan must be fully paid off before the title can be transferred. If you owe more than the car is worth, you’ll need to pay the difference out of pocket. For instance, if the car is worth $8,000 and you owe $10,000, you may need to pay the lender $2,000 before the title can be transferred to the new owner.

Can you transfer a loan to another person?

You generally cannot transfer a loan directly to another person. If the buyer wants to finance the purchase of the vehicle, they can take out a loan in their name and use the money to pay for the sale. That money will be used to pay off your loan, and the buyer will be left with a loan on which they will make monthly payments.

Can I sell my car with a loan?

Yes, it’s possible to sell your car with a loan. However, for the sale to succeed, the existing loan must be paid off in full before the lender can release the title to the new owner. This is true whether you are selling to a private buyer or a dealer.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

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How to use the chase sapphire reserve travel credit, you can earn up to $300 annually with this flexible and easy-to-use benefit..

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The Chase Sapphire Reserve® is loaded with luxury perks like airport lounge access , travel protections and the ability to earn transferrable travel rewards — but it also has a hefty $550 annual fee. Thankfully, you can recoup over half of that fee thanks to the card's easy-to-redeem travel credits, which can provide up to $300 of value every year.

If you've ever been tempted to sign up for the Chase Sapphire Reserve, now could be an excellent time to give in. Thanks to a limited-time bonus offer, new card members can earn 75,000 bonus points after spending $4,000 in the first three months from account opening. This bonus is 25% higher than the standard offer, making one of the best travel credit cards even better.

How to maximize the Chase Sapphire Reserve travel credit

How does the chase sapphire reserve travel credit work, what triggers the chase sapphire reserve travel credit, when does the chase sapphire reserve travel credit reset, alternate cards with travel credits, bottom line, chase sapphire reserve®.

Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025

Welcome bonus

Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,125 toward travel when you redeem through Chase Travel℠.

Regular APR

22.49% - 29.49% variable

Balance transfer fee

5%, minimum $5

Foreign transaction fee

Credit needed.

Terms apply.

Read our Chase Sapphire Reserve® review.

The Chase Sapphire Reserve's annual travel credit couldn't be any easier to get — simply use your card to make eligible travel purchases and the first $300 lands in your account as statement credits. Unlike many other cards with a similar benefit, you don't have to make these purchases through a specific site or rewards portal to earn the credit.

This card offers a generous return on travel spending, however, the first $300 in travel purchases won't earn points. Frankly, this is a small sacrifice for the opportunity to be reimbursed for over half of the card's annual fee. According to the card's terms, the statement credit will be posted to your account the same day as the eligible travel purchase posts.

Airfare and hotel bookings are just the beginning of what transactions qualify for this credit. These are some of the purchase categories that should count toward your $300 annual credit:

  • Car rental agencies
  • Cruise lines
  • Travel agencies
  • Discount travel sites
  • Campgrounds
  • Toll bridges and highways
  • Parking lots and garages

Whether a purchase triggers the travel credit depends on how the merchant codes the transaction. While this shouldn't be a common issue, it's possible certain travel services purchased as part of a packaged offer may not qualify for the credit.

You can add authorized users to your Sapphire Reserve account for $75 per person each year, and authorized user purchases will trigger the credit. However, there is still only a single travel credit per account, not per card. So if the primary accountholder spends $300 in travel on their card and an authorized user spends $300 in travel, only the first $300 in combined travel purchases will be reimbursed.

The Sapphire Reserve's travel credit resets every card member year — not the calendar year. If you want to know how much of your credit you've used, you can call the number on the back of your card or find the information easily online on your Chase Ultimate Rewards® account page.

The Platinum Card® from American Express is a leader when it comes to offering cardholders travel credits. However, the Amex Platinum's credits can require enrollment or activation, which puts a barrier between you and your credits that doesn't exist with the Sapphire Reserve. That said, you can earn well over $1,000 back every year with this card for purchases that include airline fees, digital entertainment, hotels, CLEAR membership and much more. Terms apply.

The Platinum Card® from American Express

Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.

See Pay Over Time APR

Credit Needed

Excellent/Good

See rates and fees , terms apply.

Read our The Platinum Card® from American Express review .

The U.S. Bank Altitude® Reserve Visa Infinite® Card has a higher annual credit and lower annual fee compared to the Sapphire Reserve. Every year, cardholders can take advantage of up to $325 in dining and travel credits, which covers all but $75 of this card's $400 annual fee. If you have the U.S. Bank Altitude Reserve card , it would be difficult not to fully use this credit every year.

U.S. Bank Altitude® Reserve Visa Infinite® Card

5X points on prepaid hotels and car rentals booked through the Altitude Rewards Center; 3X points on every $1 on eligible travel and mobile wallet spending

Earn 50,000 bonus points (worth about $750 in travel) after spending $4,500 within the first 90 days of account opening

22.24% to 29.24% (Variable)

3% of the amount of each transfer, with a $5 minimum

See  rates and fees , terms apply.

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

The Chase Sapphire Reserve has loads of luxury benefits and a pricey $550 annual fee to go along with these perks. However, it has an easy-to-use annual travel credit that allows card members to earn up to $300 back every card anniversary year for eligible travel purchases.

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Credit Cards

How to do a balance transfer with Capital One

Harrison Pierce

Allie Johnson

Allie Johnson

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Robin Saks Frankel

Robin Saks Frankel

Published 5:21 a.m. UTC May 14, 2024

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A balance transfer can be a cost-effective way to get out of credit card debt when used wisely. When you transfer a balance , you’re moving debt from one credit card to another. This can help you pay down your debt faster and save money on interest with a 0% introductory APR offer on a new credit card — or an offer on an existing card.

The best balance transfer cards with 0% APR will give you enough time to pay off your balance in full before you have to start paying interest. With some card issuers, this can buy you as long as 21 months to pay off your debt, though most Capital One 0% intro APR offers give you 15 months before interest kicks in.

Keep in mind that Capital One does not allow cardholders to transfer a balance from one Capital One card to another. So, the balance you wish to transfer should be on a card from another issuer — such as Citi, American Express or Chase, to name a few. 

Capital One allows both new and existing cardholders to transfer a balance to a Capital One card. The amount of your balance transfer cannot exceed the credit limit on your card, and you’ll need to factor in the balance transfer fee as well as any existing balance. So, if you want to transfer a $5,500 balance to a new Capital One card that charges a 3% balance transfer fee, you’ll need at least $5,665 in available credit on your chosen card. The tricky part is that you won’t know your new credit limit until after you apply and get approved for a new card.

Also, keep in mind that you won’t earn rewards on your balance transfer, and you’ll need to continue making on-time payments on your previous card until you get confirmation that your transfer is complete. To do a balance transfer , follow these steps. 

How to do a Capital One balance transfer for new cardholders

  • Check your credit. You want to make sure you’re likely to qualify for a card with a 0% APR balance transfer offer as these cards often require good to excellent credit. Keep in mind that a new card application will trigger a “ hard inquiry ” when the lender checks your credit, which could cause a minor dip in your credit score. But Capital One has a preapproval tool that lets you see if you’re likely to be approved with no hard inquiry.
  • Research Capital One cards with a 0% intro APR balance transfer offer. Be sure to compare factors such as the length of the introductory APR period, balance transfer fees and any perks and benefits the card offers. Then use the preapproval tool to check your chances.
  • Submit an application online. You might be able to request a balance transfer and enter the details of the card on which you’re carrying a balance while filling out your application. Many cards give you plenty of time to transfer a balance. For example, the Capital One Quicksilver Cash Rewards Credit Card * The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. will give you a 0% intro APR on purchases and balance transfers for 15 months, then a 19.99% to 29.99% variable APR. There is a 3% fee on each balance transfer in the first 15 months but no fee for amounts transferred at the purchase APR after the first 15 months. But the sooner you make the transfer, the more time you have to take advantage of the no-interest period to knock out your debt.
  • Verify that the payment has posted to your old credit card account. Keep making payments as normal until this happens. 
  • Work towards knocking out the debt. Aim to pay enough each month to clear the debt before the introductory period ends, if possible.

How to do a Capital One balance transfer for existing cardholders

  • Decide how much you want to transfer. To do this, list your debts and their interest rates. If you can’t transfer all of your high-interest debts, prioritize those with higher interest rates.
  • Log into your account. Select the card to which you want to transfer a balance, and click “I want to.”
  • Navigate to the “offers and upgrades” section. Then click “transfer a balance.”
  • Check to see if you have any offers. You might be eligible for a promotional APR or to get the balance transfer fee waived. Keep in mind that offers for existing customers may include a lower interest rate, but not necessarily the same 0% intro APR that may be used to entice someone to apply for a new card. If you see an offer you like, press “select offer.”
  • Choose how you would like to complete the transfer. You will likely choose the option “Transfer from another account.”
  • Enter the account information of the account from which you want to transfer your balance. Your account number is different from your credit card number. To determine your account number, you can contact your card issuer. Most account numbers are the digits that remain after you take out the first six digits and the final digit from your card number.
  • Enter the amount of the transfer. This is the dollar amount you’re looking to move.
  • Review the information and submit your request. Then, wait for the transfer to go through. This can take anywhere from three to 14 days with Capital One.
  • Once the balance has been transferred, start paying off your balance. Make and stick to a plan to pay off the balance within the introductory period so you can save on interest or avoid having to do another balance transfer with another fee in the future.

Alternatively, you can request a balance transfer over the phone by calling the Capital One customer service number on the back of your card.

Things to consider before you transfer a balance with Capital One

Before you try to transfer a balance, you should be sure you qualify for a balance transfer. Many of the top balance transfer 0% intro APR credit cards are geared toward applicants with good to excellent credit. If you have poor or fair credit, you may still be able to find a balance transfer card for which you can qualify, but the introductory APR period might be shorter or the interest may be higher. Capital One offers a preapproval tool so you can find out before applying if you’re likely to qualify for one of their balance transfer cards.

You should also be sure that transferring a balance is a smart financial move. Consider the amount you plan on transferring and how much interest you’re likely to pay over the life of the balance if you keep it on the current card. Compare that amount to the balance transfer fee and determine how much you’ll need to pay each month to wipe out your balance during the introductory period. Comparing these numbers, and making sure you can realistically pay off the balance before interest kicks in, may help you make your decision.

Frequently asked questions (FAQs)

You can transfer any amount up to the credit limit on your card. As long as the transfer amount, including balance transfer fees, is not higher than your credit limit, there is no maximum amount you can transfer. If you’re applying for a new balance transfer card, know that you won’t find out your credit limit until after you’re approved.

You can transfer balances from credit cards and certain types of loans — personal, student, and auto. You cannot transfer a balance from one Capital One card to another Capital One card.

It can take anywhere from three to 14 days to complete the transfer to your Capital One card. You will need to continue making payments on your previous account until the transfer is complete.

A balance transfer may be beneficial to your credit score as it can help you pay off your debt faster with less interest. However, if you apply for a new card to take advantage of an introductory balance transfer offer, you may see a temporary dip in your credit score due to a hard credit inquiry. Keep in mind that using balance transfers unwisely — for example, transferring a balance and then building up debt again on your old high-interest card — can have a serious detrimental effect on your credit score.

Capital One typically charges a fee of 0% to 3% of the transferred amount. The fee typically is 3%, but some customers may get an offer to have the balance transfer fee waived.

*The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Harrison Pierce

Harrison Pierce is a freelance writer and digital nomad that is passionate about all things personal finance and travel. While traveling full-time, he refined his love for writing and now enjoys working with various brands to tell stories and create meaningful content.

Allie is a journalist with a passion for money tips and advice. She's been writing about personal finance since the Great Recession for online publications such as Bankrate, CreditCards.com, MyWalletJoy and ValuePenguin. She's also written personal finance content for Discover, First Horizon Bank, The Hartford, Travelers and Synovus.

Robin Saks Frankel is a credit cards lead editor at USA TODAY Blueprint. Previously, she was a credit cards and personal finance deputy editor for Forbes Advisor. She has also covered credit cards and related content for other national web publications including NerdWallet, Bankrate and HerMoney. She's been featured as a personal finance expert in outlets including CNBC, Business Insider, CBS Marketplace, NASDAQ's Trade Talks and has appeared on or contributed to The New York Times, Fox News, CBS Radio, ABC Radio, NPR, International Business Times and NBC, ABC and CBS TV affiliates nationwide. She holds an M.S. in Business and Economics Journalism from Boston University. Follow her on Twitter at @robinsaks.

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loan transfer to chase

Liverpool's advantage in Kylian Mbappe loan chase revealed as PSG scramble for solution

Liverpool could be in pole position to complete a sensational loan deal for Kylian Mbappe, as PSG desperately try to resolve the France superstar’s future.

With PSG convinced that Mbappe has already agreed to join Real Madrid on a free transfer next summer, the Ligue 1 champions have made the 24-year-old something of an outcast – making him train away from the rest of the first-team squad.

Clearly, the club will not want to lose their most-prized asset on a free transfer – but selling a player they reportedly value at €200m (£172.9m) is far easier said than done.

Could Liverpool offer PSG a lifeline, though? According to the Daily Star , Mbappe’s representatives have held ‘discreet discussions’ with multiple Premier League clubs.

And among Mbappe’s entourage is none other than his own mother, Fayza Lamari – a Liverpool supporter.

The report adds that Mbappe has told his mother that he is ‘desperate’ to join Real but equally – unsurprisingly – doesn’t want to spend the 2023/24 season festering in the background at PSG.

It remains to be seen whether Real will make a move for Mbappe in the current transfer window – and PSG will want some sort of resolution sooner rather than later.

As such, sanctioning a loan departure involving a sizeable fee may be the best way forward for Les Parisiens.

Last month, they accepted a world-record €300m (£259.5m) bid from Al-Hilal – but Mbappe was not interested in a switch to the Saudi Pro League.

More Liverpool transfer stories

Liverpool transfer news is coming thick and fast as we head towards the final few weeks of the summer window.

The Reds have been chasing Romeo Lavia, but arch-rivals Manchester United could pip them to the Southampton midfielder .

Jurgen Klopp and co. might win the race for Celta Vigo and Spain midfield hotshot Gabri Veiga, though .

And Liverpool are also aiming to beat Chelsea to the signature of Brighton star Moises Caicedo .

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How to expedite the mortgage closing process

By Angelica Leicht

Edited By Matt Richardson

May 6, 2024 / 12:01 PM EDT / CBS News

New homes

Buying a home is an exciting milestone, but the mortgage process can be tedious and stressful. Not only do you have to find the right mortgage lender , but you also have to determine the best mortgage loan for your needs, which can be tricky in today's rate environment. After all, inflation has caused mortgage rates to skyrocket over the last couple of years. While rates were hovering near 3% in late 2021, the average 30-year loan rate is now well above 7%. 

In turn, other types of mortgage loans, like adjustable-rate mortgages (ARMs) , can be worth considering if you want to keep costs down , as the variable rates tied to these loans could mean future interest savings if mortgage rates decline. But as with any type of mortgage loan, ARM loans also have their downsides — as do other lower-rate options , like 15-year mortgage loans. Ultimately, though, it's important to put in the work, weigh your options and find the right mortgage loan at the right rate . 

But that's just one part of the mortgage loan process. There are lots of steps involved in buying a home with a mortgage, and, in turn, there are numerous potential delays that can occur and drag out closing . Luckily, there are also ways you can stay on track and potentially speed up the mortgage closing process. Here's what you should know.

Compare your best mortgage loan options and apply for a loan today .

There are a few ways you may be able to help speed up the mortgage closing process, including:

Use a knowledgeable real estate agent

An experienced real estate agent can provide valuable guidance throughout the mortgage loan process, as they are better prepared for what's to come, understand the roles of all the parties involved and know the typical timelines. Plus, having an agent who is proactive in following up and good at coordinating can make a big difference in keeping everything on track and getting to closing quickly.

Find out what mortgage loan rates you could qualify for here .

Respond quickly to lender requests

Your mortgage lender will likely need additional documentation from you at various points during the underwriting and loan processing steps. Be sure to respond promptly to any requests you get to avoid unnecessary delays. 

Keep your loan officer's contact information handy and make sure you have updated pay stubs, bank statements, tax returns or other financial documents on hand to provide as needed. The quicker you can provide the requested paperwork, the quicker your file can keep progressing, helping to expedite the process.

Be flexible on your closing date and time

While you'll select an ideal closing date when first applying for the loan, sometimes meetings need to be shifted due to circumstances beyond your control. Remaining flexible on exactly when closing takes place can help you circumvent unnecessary delays caused by busy schedules and tight timeframes.

Review closing documents beforehand

You'll receive your closing disclosure several days in advance. This document outlines the final loan terms, projected monthly payment and closing costs. Rather than waiting until closing to review this dense stack of documents for the first time, go through it carefully as soon as you receive it. This allows you to resolve any errors or discrepancies upfront rather than delaying closing.

Have cash ready to close

In addition to your down payment, you'll need to pay other costs at closing, like lender fees, title insurance, property taxes and prepaid items like homeowner's insurance. Once you receive a list of the official closing costs from your lender, obtain a cashier's check, certified funds or wire transfer for the total amount due. 

Don't wait until the last minute to get a cashier's check or transfer closing funds, either. Take care of this a few days before your scheduled closing date to avoid any payment delays that could postpone closing. Having the cash ready prevents last minute rushes or delays in funding.

Preemptively address any credit issues

Your credit will be run again just before closing, so avoid any credit issues that could derail the process. Don't open any new credit lines or loans, max out or miss payments on existing credit cards or make any major purchases that could impact your credit score or debt ratios. If any new credit issues arise, clear them up quickly and provide documentation to your lender as soon as possible.

Maintain consistent employment

Your mortgage lender approved you for your mortgage loan based on your current employment and income situation. So, try to avoid any employment changes like switching jobs or becoming self-employed in the final weeks leading up to closing, as this could raise red flags and require re-verification of your employment, delaying your closing date in turn.

Secure homeowners insurance before your closing date

You'll need a paid homeowner's insurance policy in place before closing. As soon as your purchase contract is accepted, contact insurance companies to shop rates and determine which one makes the most sense for you. And, once you're sure that the home purchase will be completed, secure the policy. Be sure to also provide the insurance binder proof to your lender well before closing so this isn't a last-minute holdup.

Coordinate power of attorney if necessary

If a spouse or co-borrower will be out of town or unable to physically attend the closing, make arrangements for power of attorney well in advance. Your lender likely has specific power of attorney requirements, so discuss this ahead of time so the proper documents are prepared and ready to be signed by closing.

Do an early final walk-through

Before heading to the closing table, conduct a final walk-through of the property as early as possible to ensure it is in the expected condition per your contract. That can give you extra time to resolve any unexpected issues and avoid closing delays in certain cases. Note, though, that in some circumstances, a delayed closing is still better than being stuck with repairs or headaches after the deal is sealed.

The bottom line

By taking a few proactive steps during the homebuying process, you can help facilitate a smoother mortgage closing process. And, while some closing delays are unavoidable, being organized, responsive and solution-oriented can prevent unnecessary headaches and keep things progressing toward your closing date.

Angelica Leicht is senior editor for CBS' Moneywatch: Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.

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COMMENTS

  1. Transitioning To Your Chase Mortgage

    We're here to help make your mortgage servicing transfer as smooth as possible. We recently mailed you a letter explaining what you can expect while your loan transitions to Chase, and we've also created this one-stop resource to help answer your questions. Welcome to Chase, we look forward to servicing your loan!

  2. Mortgage Service Transfer FAQs

    What does a service transfer mean to me? open. The servicing of your mortgage loan is transferring from Chase to another mortgage servicer. This means that this new servicer will process your payments, send monthly mortgage and year-end tax statements, notify you about any account updates and, if applicable, manage your escrow account.

  3. Transitioning To Your Chase Mortgage

    The servicing of your mortgage will transfer to Chase on this date. July 26. The day you'll be able to access your account on chase.com. Ways to pay your mortgage. Chase branch, by mail or by phone. Chase branch, by mail or by phone. You can make your mortgage payments online, at a Chase branch, by mail, or by phone. To see payments received ...

  4. Chase Pay Over Time and My Chase Loan: What They Are and ...

    Chase offers Chase Pay Over Time and My Chase Loan, two ways to pay down a large credit card purchase. But it may be worth seeking out other options. ... Look out for the balance transfer fee ...

  5. Can You Transfer A Mortgage?

    In most circumstances, a mortgage can't be transferred from one borrower to another. That's because most lenders and loan types don't allow another borrower to take over payment of an ...

  6. How Does a Mortgage Transfer Work?

    A mortgage can be transferred from one lender to another, from one servicing company to another and from one borrower to another. It is even possible for a borrower to transfer an existing mortgage from one property to another. Any of these transfers can take place without affecting the basic terms of the mortgage, such as the balance, interest ...

  7. Mortgage Servicing Transfers

    Mortgage servicing is the act of administering your mortgage from the time your loan closes until it's paid off. It's the job of the servicer to collect your payment and forward it to the investors in your mortgage. If you have an escrow account for real estate taxes, homeowners' insurance and (if applicable) mortgage insurance, they also ...

  8. How to Do a Balance Transfer With Chase

    KEY TAKEAWAYS. Balance transfers with Chase can be completed online or over the phone. It typically takes up to a week to process, though it can take as long as 21 days. Regardless of your credit limit, the maximum amount you can transfer is $15,000 within a 30-day period.

  9. How To Do A Balance Transfer With Chase

    If you want to transfer a balance to an existing Chase card, follow these steps: Log in to your Chase account. You can do this online or via the mobile app. Select the credit card and account that ...

  10. Can You Transfer A Mortgage To Someone Else?

    A mortgage is considered "assumable" if the loan agreement allows the original borrower to transfer their loan to someone else. In this case, the buyer of the home would simply take over the ...

  11. Transition FAQ

    Please watch for important communications about upcoming account transitions sent from First Republic, J.P. Morgan and/or Chase. Effective, May 25, 2024, First Republic deposit accounts will transition to JPMorgan Chase. View our Deposit Accounts FAQ for more information. Other First Republic accounts or features may transfer at different times ...

  12. How to Do a Chase Balance Transfer

    Click "Pay & transfer" from the main menu, then select "Card balance transfers.". Select the card you want to transfer a balance to from the drop down menu. If you have a "card to card transfer" offer, you'll see the amount available to transfer to your Chase card under "Your available transfer types.". Note that when ...

  13. How to do a Chase balance transfer

    Go to the main menu. Choose "pay & transfer" and then "card balance transfers". Select the credit card you want to transfer the balance to. Select a balance transfer offer. Verify your ...

  14. How to Transfer Money From One Bank to Another

    Steps to transfer money from one bank to another. To get started, you'll need to set up a relationship between the two accounts you have at different banks — the one that will send money and ...

  15. Online Banking

    Chase online lets you manage your Chase accounts, view statements, monitor activity, pay bills or transfer funds securely from one central place. To learn more, visit the Banking Education Center . For questions or concerns, please contact Chase customer service or let us know about Chase complaints and feedback .

  16. How To Do A Balance Transfer With Chase

    Fill out your card application online or in-person at a branch. Select Yes when asked if you would like to transfer a balance. Provide any relevant information required about the other account ...

  17. What happens when your mortgage is sold?

    If your loan is sold to a new lender: Expect to receive a separate notice from the new lender. This is due to you within 30 days of them taking ownership of the loan. Review the notice carefully ...

  18. What Is a Mortgage Loan Modification?

    A loan modification alters your current mortgage to make it more affordable. That could mean extending the length of the mortgage so that your payments are spread out over more time, lowering your ...

  19. How to Transfer a Car Loan to Another Person

    3. Update title and insurance. Once the new loan is approved, it's time to transfer the title to the new owner. Depending on your state's regulations, the title may go to the lender instead of the new owner. Updating the title typically requires a trip to the DMV with valid IDs and the bill of sale information pertaining to the sale.

  20. Transition FAQ

    First Republic accounts will transfer to JPMorgan Chase over time. We'll always notify you in advance of transferring your accounts. Until your deposit accounts have been transferred, you can continue to use the same First Republic online banking sites, apps, checks, account numbers, routing numbers, ATM and debit cards, PINs and customer ...

  21. Want To Buy a New Home and Keep Your Current Low Interest Rate? Try

    For a 30-year fixed-rate mortgage, you're looking at an average interest rate somewhere between the mid-6% and +7% as of late. So if you need to move, you might feel financially overwhelmed by ...

  22. Should You Transfer a Car Loan to Another Person?

    Transfer ownership. Once the new borrower is approved for the loan transfer, you'll need to transfer the title to their name as proof of ownership. Instructions for how to transfer the title to another owner should be printed on the back of the title. Otherwise, you'll both need to go to the department of motor vehicles (DMV) and fill out the ...

  23. Sending Money Abroad: Methods, Tips, and Best Practices

    Pay attention to currency exchange rates and fees. Wire-transfer services tend to be more cost-effective than traditional banks. The best banks offer an easy way to send money abroad to family ...

  24. How to Sell a Car When You Still Have a Loan

    Pay off the loan and sell. This is one of the simplest ways to sell a car with a loan. With this option, you pay off the entire remaining loan balance, obtain the title, and then sell the car ...

  25. How to Use the Chase Sapphire Reserve Travel Credit

    The Chase Sapphire Reserve's annual travel credit couldn't be any easier to get — simply use your card to make eligible travel purchases and the first $300 lands in your account as statement ...

  26. How to do a balance transfer with Capital One

    Select the card to which you want to transfer a balance, and click "I want to.". Navigate to the "offers and upgrades" section. Then click "transfer a balance.". Check to see if you ...

  27. Liverpool's advantage in Kylian Mbappe loan chase revealed as PSG ...

    Liverpool transfer news is coming thick and fast as we head towards the final few weeks of the summer window. The Reds have been chasing Romeo Lavia, but arch-rivals Manchester United could pip ...

  28. How to expedite the mortgage closing process

    Keep your loan officer's contact information handy and make sure you have updated pay stubs, bank statements, tax returns or other financial documents on hand to provide as needed. The quicker you ...

  29. Transfer Money Between Accounts

    Here's how: Sign in to the Chase Mobile ® app and tap "Pay & Transfer". Tap "Transfer" and then choose "Account or Brokerage Transfer". Enter the amount. Choose the accounts you want to transfer from and to. Enter the transfer date and add an optional memo. Tap "Transfer" and confirm. Return to video catalog.

  30. JPMorgan is buying NYCB loans partly to help smaller bank's turnaround

    JPMorgan Chase & Co.'s move to acquire a $5 billion loan portfolio from New York Community Bancorp Inc. marks an effort to provide needed capital to one of its commercial-banking clients while ...