Credit card balance transfer

Your BMO credit card can accept a balance transfer from other United States U.S. credit cards issuers.

Balance transfers can affect your credit score in various ways. Firstly, opening a new credit card for a balance transfer might lead to a temporary dip in your credit score due to the inquiry and the new credit account. Secondly, how you manage the balance transfer, such as making timely payments and reducing the transferred balance, can influence your score positively. Lastly, your credit utilization rate, which considers the balance transferred relative to your credit limit, plays a role in your credit score. So, lower utilization is generally better for your score.

You can visit TransUnion for more on how your credit score works.

Most balance transfers are completed within 30 business days, but some occasionally take longer. It’s important to keep making minimum payments to your creditor until the balance transfer is confirmed as complete.

Tip: If you’re making a balance transfer, make sure that the details from the account number that you’re transferring from are accurate.