Balance Transfers

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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

Text, A balance transfer is a great tool to save money on interest and pay off credit card debt faster. Look for a card without balance transfer fees. $0 Woman with question mark over her head. Text, Ask yourself, what's the rate once the promo ends? Calendar with 6 months, 12 months, 15 months. Text, At Navy Federal Credit Union, you'll never pay more than 18 percent, our top rate. Conquer your debt with a balance transfer. Navy Federal Credit Union. Army, Marine Corps, Navy, Air Force, Coast Guard, Veterans. Navy Federal Credit Union. As of February 1, 2019, rates range from 8 point 2 4 percent A P R to 18 percent A P R, are based on product type and creditworthiness, and will vary with the market based on the U.S.Prime Rate. A T M cash advance fees, None if performed at a Navy Federal branch or A T M. Otherwise, 50 cents per domestic transaction or 1 dollar per foreign transaction. 49 dollar annual fee for Visa Signature Flagship Rewards. This video is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation. N.F.C.U. Copyright 2019, Federally insured by N.C.U.A.

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

Step 1

In order to perform a balance transfer with mobile banking, first sign in to your account.*
Step 2

From your Accounts Screen, select the card you’d like to transfer your balance to.
Step 3

Tap "Manage Card" and then select "Balance Transfer" in the Maintenance section.
Step 4

Follow the on-screen instructions to complete your transfer.

How to Transfer a Balance With Online Banking

Step 1

In order to perform a balance transfer with online banking, first sign in to your account.
Step 2

On the Transfers tab, click the box in the lower right of the screen that says Make a Credit Card Balance Transfer.
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.

Balance Transfer FAQs

What is a balance transfer?

A balance transfer is when you move the balance of one or multiple credit cards or other loans to a new or existing credit card account. It’s a smart way to save money on interest, consolidate payments and pay off credit card debt sooner.

Should I consider a balance transfer?

If you’re looking to save on interest, lower your monthly payments or consolidate payments, it’s worth looking into a balance transfer. This may be a helpful move, allowing you to pay off debt more quickly and take control of your finances.

Will transferring a balance affect my credit score?

That depends on a few factors. Applying for a new credit card will result in a hard inquiry on your credit report, which can lower your score temporarily. Adding a new card will affect your overall length of credit history, which could also temporarily lower your score. On the other side, a new card with a new line of credit can reduce your overall credit utilization, positively impacting your score.

What if I don't have a Navy Federal Credit Card?

If you're a member but don’t have a Navy Federal Credit Card, check out our credit card offers and apply for a card that fits your needs. When completing the application, simply select the Balance Transfer option.

Visit MakingCents to learn more about balance transfers.