What is a Balance Transfer and how does it work?
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What is a Balance Transfer and how does it work?
A Balance Transfer is a credit card transaction where you use one credit card to pay off what you owe on another credit card or loan in exchange for a lower interest rate and to consolidate monthly bills.
Things to Consider:
- How much lower is the APR for the card you plan to transfer the balance to?
- Find out if there is a fee for the credit card you are moving the balance to. These can range from 0% - 5% of the balance being transferred.
How it Works:
- Provide your account information for the card with the balance you want to transfer to your Golden 1 credit card.
- You can do more than one balance transfer at a time but cannot exceed your credit limit.
- Any debt being paid off needs to be in the name of the individual requesting the balance transfer.
- Golden 1 will pay the amount you request to transfer to your previous credit card. This process could take up to 30 days.
- Continue making payments on your old credit card until you see the balance transfer transaction has cleared.
- Payments will now be due to your Golden 1 credit card. Please refer to your most recent statement for payment amount and due date.
How to do a Balance Transfer with Golden 1
Click the option below to expand the details.
Online Banking
- Sign into Online Banking.
- In the top navigation menu, click Manage Cards.
- Select your credit card from the Switch or Add Card drop-down list.
- Select Balance Transfer.
Mobile Banking
- Sign into the Mobile Banking app on your device.
- Select Cards from the bottom menu navigation.
- Swipe through the card carousel to select your credit card.
- Select Balance Transfer.
Convenience Check
On occasion Golden 1 will mail convenience checks to credit cardholders with a promotional offer. You can use these checks as payment to other lenders which will
then shift the balance to your Golden 1 credit card. We cannot issue convenience checks upon request.
In Branch or Over the Phone
You can complete a balance transfer at a Golden 1 branch or by calling us at 1-877-GOLDEN1 (1-877-465-3361). A Balance Transfer Authorization form will need to be completed and will allow you to transfer a balance from another credit card company or loan.
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