 TITLE: How Long Does a Credit Card Balance Transfer Take? CONTENT: How Do Balance Transfers Work?\n------------------------------\nIf you're wondering how balance transfers work, you're probably looking to move some of your high interest debt to a card with a lower interest rate. This is a common debt consolidation strategy and could help you save a significant amount of money in interest.\nCredit card companies don't all approach balance transfers the same way. Some companies complete balance transfers electronically, while others issue balance transfer checks directly to you, the account holder, which you then mail to the cards you're paying off. Some credit card issuers may also allow you to transfer your debt from a student loan, a personal loan, an auto loan or a home equity line of credit.\nAmerican Express says that it typically takes anywhere from five to seven days for a transfer to be completed, but adds the process can take up to six weeks. Decisions about balance transfers are sent through the mail.\nDiscover says it typically processes balance transfers in seven days, or 14 days on new accounts. Discover also mentions that if the creditor needs to be paid by a check instead of electronically, the process can take even longer. The company recommends filling out a balance transfer application online to shorten the process.\nFor cards that operate on the Visa or Mastercard networks, the length of time for a balance transfer varies by the financial institution issuing the card. Capital One, for example, says that it usually takes three to 14 days for a transfer, but the time period depends on whether the transfer takes place electronically or by mail.\nFurthermore, most credit card issuers will impose a balance transfer fee, typically 3% to 5% of the amount transferred.\n> Find balance transfer credit cards in Experian CreditMatch™. END