When it comes down to it, there really aren’t any “instant balance transfer” credit cards out there.
Sure, there are instant approval credit cards that allow you to transfer credit card balances, but they still take quite a bit of time (how long do balance transfers take?).
Even if you are approved for a balance transfer credit card within minutes, the amount of time it takes for the balance transfer credit card issuer to make a balance transfer payment could be several weeks.
Nowadays, most credit card issuers will give you a quick, if not, “instant” answer, once you fill out an application online. Typically, they’ll let you know you’ve been approved within minutes.
However, you may not know what your credit limit will be, or perhaps what the introductory APR and associated promotional time period will be.
Instant Qualification, But Terms Still Being Worked Out
This is the hard reality of the credit card industry – they want to provide you with instant approvals, but often they need to do some digging to see exactly what you qualify for.
That’s why many credit card balance transfer offers say things like up to 15 months, or as low as 0% APR. They advertise the best terms to draw in as many customers as possible, but your actual terms will vary based on your credit history and other personal information.
To ensure you qualify for that 0% APR balance transfer, make sure you credit is good shape, and apply for balance transfers and other forms of credit sparingly.
If you apply too often, credit card issuers will be more reluctant to accept you, and if they do, they may give you a reduced balance transfer limit, or balance transfer APR that is far from optimal.
Long story short, balance transfers take time, so be sure to continue making payments on your old credit card(s) to avoid a missed payment.
It’s much too common that a cardholder assumes their balance will be paid off, and forget to make even the minimum payment. Next thing you know they’ve got a late payment, or worse, a credit score ding.
And don’t expect the new credit card issuer to accept responsibility for not executing a balance transfer before your minimum payment due date. You’ll simply be out of luck.
Tip: If you are looking for instant gratification, consider a balance transfer check, which you’ll receive in the mail. These can be cashed or used to pay for things immediately.
