How to Do a Balance Transfer
How to Do a Balance Transfer (in 4 Steps)
Looking to lower your interest rate and reduce monthly payments? A balance transfer could help. Easily move the balance on your current credit card to a new or existing Navy Federal Credit Card.
What You'll Need
- Name and address of the other financial institution (Navy Federal accounts are excluded)
- Your account number at that financial institution
- The amount to transfer
Why Transfer Your Balance?
A balance transfer involves moving the debt from one or more credit card accounts to a single credit card. This way, you can focus on what you still owe, consolidated into just one account, with one interest rate. Balance transfers are usually done to help consolidate payments and can also lead to a lower interest rate, which could save you money in the long run.
How to Transfer a Balance With Mobile Banking
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Step 1
In order to perform a balance transfer with mobile banking, first sign in to your account.*
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Step 2
From your Accounts Screen, select the card you’d like to transfer your balance to.
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Step 3
Tap "Manage Card" and then select "Balance Transfer" in the Maintenance section.
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Step 4
Follow the on-screen instructions to complete your transfer.
How to Transfer a Balance With Online Banking
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Step 1
In order to perform a balance transfer with online banking, first sign in to your account.
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Step 2
On the Transfers tab, click the box in the lower right of the screen that says Make a Credit Card Balance Transfer.
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Step 3
Follow the on-screen instructions to complete your transfer.
Next Steps
It can take at least 2 weeks for a balance transfer to go through. During that time, continue making payments on your old card to avoid any late fees or delinquency. Finally, decide what you want to do with your old card. Keeping an available line of credit open and not using it may positively impact your credit utilization and as a result, positively impact your score. If you think you may be tempted to rack up more charges on the card, it might be best to close the account.