Most banks stopped offering balance transfers in 2020 because of the economic crisis triggered by the coronavirus outbreak. Balance transfers began to return to the market by 2021, and the 10 largest credit card companies all have 0% intro APR balance transfer offers now.
You can check out WalletHub’s editors’ picks for the best balance transfer credit cards to learn more about the leading offers currently on the market. But remember that just because balance transfers are being offered does not guarantee you will be approved for one. There are plenty of instances where your request may be denied.
Why Balance Transfer Requests Get Denied
One reason why an issuer will reject a balance transfer request is that your approved credit limit is lower than the amount you wanted to transfer. Issuers may either reject the balance transfer entirely or approve your request for a lesser amount, up to the card’s allowed credit limit.
Other common reasons for balance transfer denial include having a low credit score or limited disposable income, missing the balance transfer offer’s deadlines, and attempting to transfer a balance to another card from the same issuer. Some balance transfer offers with an intro APR are only good for a certain number of days after you open the account, so be sure to familiarize yourself with the offer’s terms before you transfer a balance.
Finally, remember that while banks offer balance transfers as a service to their customers, they can just as easily suspend or discontinue offers based on the state of the economy or their own financial interests.
This answer was first published on 05/22/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
