Steps to Transfer Your Credit Card Balance

The thing about credit card debt is that it can quickly spiral out of control if left unchecked, with interest charges piling up month after month. The longer you take to pay it off, the harder it becomes to break free from the cycle.

A balance transfer can offer relief by moving your outstanding balance to a credit card with a lower or 0% interest rate for a set period. This can help you manage repayments more effectively and pay off your debt faster — so long as you stay disciplined with payments and avoid new charges.

Before applying, compare balance transfer offers to find one with a low processing fee and a repayment tenure that suits your financial situation. Below are some of the best options available — check out SingSaver’s best balance transfer credit cards for more.

With your balance transfer card in hand, here’s how to get started.

The first step in transferring your credit card balance is to initiate a request with the issuer of the new card. Essentially, you’ll be asking to move your existing debt to the new card with a lower or 0% interest rate. Keep in mind that issuers have specific guidelines on what types of debt can be transferred.

Here are the common ways to request a balance transfer:

• Online: Most credit card issuers allow you to apply for a balance transfer through their online banking platform. You’ll typically need to provide details such as the name of your current issuer, the outstanding balance, and the account number of the debt you wish to transfer. Some credit cards even let you request a balance transfer during the application process, before your new card is approved.

• Phone: You can also contact your new card issuer directly to request a balance transfer. Have all the necessary details on hand, including the debt amount and account information, to ensure a smooth process.

In some cases, you may receive balance transfer cheques from your issuer, offering promotional interest rates. These can be used to pay off outstanding balances on other credit cards. However, always review the terms and fees before using them to avoid unexpected charges.

After submitting your balance transfer request, your new card issuer will process the transfer and settle the outstanding amount with your previous lender. During this period, it's important to continue monitoring both accounts to ensure that the transfer is successful and no payments are missed.

Once approved, the transferred amount — along with a balance transfer processing fee (typically 1% to 5% of the transferred sum) — will appear as an outstanding balance on your new credit card. Since issuers don’t always send notifications once the transfer is complete, be sure to check your accounts and confirm that your previous balance has been cleared. If the full amount isn't transferred, continue making payments on your old card to avoid late fees or penalties.

>> READ: Best balance transfers in Singapore

Once your outstanding balance has been successfully transferred, you’ll need to start making repayments based on the terms of your new credit card.

If your card offers a promotional 0% interest rate on balance transfers, you can take advantage of interest-free repayments during this period. However, once the promotion ends, standard interest rates will apply to any remaining balance — though you won’t be charged retroactive interest like some deferred interest plans on store cards.

While some may consider transferring their balance again to extend their interest-free period, the processing fees (typically 1% to 5%) can add up, making this an unsustainable strategy. To maximise savings, aim to clear your debt within the promotional period while staying on top of other financial commitments.

>> Use SingSaver’s Credit Card Balance Transfer Calculator to compare options and find the best deal for your needs.