Here’s What Happens When You Have Two Balance Transfer Cards at the Same Time

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Most people think of balance transfers as a one-card move. Find a 0% intro APR card, transfer your debt, pay it down. Simple enough.

But what if your balance is $8,000 and the card you qualify for only offers a $5,000 credit limit?

That’s where two balance transfer cards enter the picture — and it’s more common than most people realize. Here’s exactly what happens when you go that route.

Your credit score takes a short-term hit

It is possible to have multiple balance transfer cards at the same time and hold multiple 0% intro APR offers simultaneously, provided you have good credit to qualify for both.

But two applications means two hard inquiries on your credit report, plus two new accounts lowering your average account age. You’ll almost certainly see your score dip temporarily.

Here’s the thing though: if carrying high-interest balances is costing you $200+ a month in interest, a temporary credit score dip is a small price to pay.

If you can qualify for long 0% intro APR offers, the math almost always favors the move.

Look through today’s best balance transfer cards and learn what you qualify for.

You can split a large balance across two cards — with limits

Each card has its own transfer limit, usually tied to your approved credit limit.

If you’ve got $8,000 in debt and one card approves you for $5,000, a second card might be able to cover the rest.

One critical rule: you can’t transfer a balance between two cards from the same issuer. Chase won’t let you move a Chase balance to another Chase card. Citi won’t let you move a Citi balance to another Citi card.

This is important when evaluating 0% intro APR offers and choosing the best cards for your situation.

What the savings actually look like

Let’s say you’re carrying $8,000 in debt at 22% APR and making $400 in monthly payments. At that pace, it would take you about 26 months to pay it off, and cost you roughly $2,056 in interest along the way.

Now let’s say you qualify for two balance transfer cards, each offering 0% intro APR for 21 months.

If you split the debt evenly with a $4,000 balance transfer to each card, and $200 in monthly payments toward each, here’s what that looks like:

There are still balance transfer fees to consider. A 5% fee on $8,000 works out to be $400 in total.

But still, this strategy would save over $1,650 in interest and get you out of debt five months earlier.

Our Foolish take

The two-card balance transfer strategy isn’t complicated. But it will take a high credit score to qualify and requires a little upfront organization. Remember to apply strategically (avoid the same issuer for both), and point as much extra cash toward the balances as you can each month.

The biggest thing that can derail your strategy: two cards means two due dates and two minimum payments. Miss one, and you could lose your 0% intro rate completely — which undoes a lot of the benefit. Set up autopay on both cards the day they arrive and don’t rely on memory.

If you’re ready to explore your options, check out today’s best balance transfer cards and find the right fit for your situation.

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