Credit Card Transfers

Overview: Credit Card Transfers
Credit card transfers migrate funds from one card to a bank account or another credit card. These transfers can occur to help distribute debt obligations, pay for purchases, obtain a better rate on outstanding credit card debt or even fund vacations, education or other activities. Some transfers are offered through checks sent from credit card companies to existing cardholders, while some are made as part of a new card solicitation. Fixing balance transfer errors may require personal investigation and contacting financial institutions for correction.
Step 1
Read all documentation for your credit card transfer. Details may be explained in fine print, but it is essential to read all information prior to making a balance transfer to ensure you understand the process, fees and requirements. If you are unsure of any element of the process or offer, contact the financial institution offering the transfer for clarification.
Step 2
Fill out all transfer documents clearly. Transposed numbers or illegible writing can cause funds to be deposited in incorrect accounts or may delay your transfer request.


Step 3
Keep detailed records of your transfer. Note the date you sent the transfer request, the total amount transferred and the time limits and requirements for promotional interest rates. Transfers that require a new credit card approval may take awhile to process, so ensure you maintain minimum payments on your current credit card to prevent late fee or fines.
Step 4
Contact the credit card company that offered the transfer. If the offer was from your existing credit card company, contact the customer service number listed on the back of your card. Call the customer sales number listed on your original transfer solicitation for new credit offers. Discuss your transfer problem and discover reasons for any delays or missing transfer payments.
Step 5
Respond to transfer notices. Most credit card companies will send a written transfer notification once the process is complete. Review all your credit card accounts to find the source of any problems. Review the account where the funds originated to see the new debt total and look at the account where the funds were deposited to ensure accuracy. Report any discrepancies to the new creditor.
Step 6
Escalate transfer issues to managers. Request an escalation of your credit card transfer problem to a manager after discussing your issue with first line customer service agents if no resolution occurs. Keep a record of all your contacts and send a written request to the company for resolution.
Step 7
Check your credit reports. Ensure balance transfer errors are not reflected on your credit report. Initiate a dispute with the credit bureaus for any errors you find.