If you get a Capital One balance transfer credit card, you may use it to transfer balances from credit cards, student loans, personal loans and car loans issued by other lenders. The process is easier if you have an existing balance transfer credit card from Capital One because you'll need to apply for one otherwise. Show
If you transfer a balance to a card with a 0% APR offer, you pay no interest charges until the end of the promo period. Depending on the amount you transfer, you may end up saving a tidy sum. Bear in mind that the approval of your balance transfer request depends on multiple factors, such as your credit score and payment history. If Capital One rejects your balance transfer request, you may consider turning to other alternatives such as personal loans. On This Page:
MoneyGeek’s Takeaways  Balance transfer credit cards from Capital One let you earn rewards or cash back. You need to pay a balance transfer fee when you use Capital One's 0% APR offer. Capital One balance transfer cards are made available to people with excellent credit. How Does a Capital One Balance Transfer Work?Begin the process by looking at what different Capital One balance transfer cards have to offer and choose one after taking your specific needs into account. Then, consider the amount(s) of the balances you’d like to transfer to your Capital One card, keeping in mind any limits Capital One may communicate to you. The information you need to provide when you submit your balance transfer request includes the name, account number and payment address of the creditor in question, as well as the amount you wish to transfer. Depending on whether Capital One processes your balance transfer request online or by mail, the transfer may take anywhere from three to 14 days. While Capital One processes your transfer immediately upon approval, it may take up to 10 business days for the payment to get to your other creditor. >>More: What Happens to an Old Credit Card After a Balance Transfer?Know How Much You OweIt's important to select the cards you want to transfer balances from and determine the amount you qualify to transfer in advance. If you have balances on cards with high APRs, you should try to transfer those first. Remember that you cannot transfer more than the amount for which you are eligible. You also need to account for the balance transfer fee because it will add to the total amount. Choose a Balance Transfer Credit CardNarrowing down on a suitable Capital One credit card for balance transfers requires paying attention to more than just the intro APR offer. For instance, aspects such as rewards and new cardholder offers may also have a bearing on your selection.
Request Balance TransferPeople who plan to get new Capital One balance transfer cards need to wait for their card applications to be approved before they may begin the balance transfer process. Remember that those with excellent credit stand to get the best ongoing APRs. Once you get your new card, you may initiate the balance transfer process online or by calling the number on the back of your card. No matter how you request a balance transfer, you need to provide the same information. This includes the name of the credit card issuer, the credit card number and the amount you wish to transfer. If you wish to carry out multiple balance transfers on the same card, you need to provide details of each card from which you want to transfer a balance. >>More: How Long Does a Credit Card Balance Transfer Take?Prepare a Payment ScheduleThere is no mandated Capital One payment plan you need to follow when you carry out a balance transfer other than making the minimum monthly payment. However, you should consider formulating a plan and schedule to pay off the entire balance during the promo period. If you can manage to do this successfully, you will pay no interest charges. If you think you might not be able to pay off the entire amount before the end of the promo period, paying off as much as you can is the way to go. Remember that the consequence of having an outstanding balance when the promo period ends is that you need to start paying interest charges that accrue at the card's regular balance transfer APR. MONEYGEEK EXPERT TIP Don't forget to account for balance transfer fees when creating a payment schedule. For example, if you transfer $6,000, your total outstanding balance at the start, including the 3% balance transfer fee, would be $6,180. More: How to Transfer a Credit Card Balance to Another CardCapital One’s Best Balance Transfer Credit CardsThere is more to Capital One balance transfer cards than their intro 0% APR offers. Depending on the card you get, you may expect to earn rewards or cash back. You might also qualify to earn an early spend bonus.
Quicksilver Rewards CardThe Quicksilver Rewards Card offers a one-time early spend cash bonus of $200 if you spend $500 on purchases within the first three months. You earn unlimited 1.5% cash back on all purchases. This card does not charge annual fees. VentureOne Rewards CardThe early spend bonus that comes with the no-annual-fee VentureOne Rewards Card lets you earn 20,000 bonus miles by spending $500 on purchases in the first three months. Making hotel and rental car bookings through Capital One Travel comes with 5x miles per dollar. All other purchases earn 1.5x miles per dollar. SavorOne Rewards CardThe no-annual-fee SavorOne Rewards Card offers 8% cash back on purchases made through Capital One Entertainment as well as on tickets purchased through Vivid Seats. You earn 3% cash back on entertainment, dining and popular streaming services purchases as well as at grocery stores. You also stand to earn an early spend cash bonus of $200 if you spend $500 on purchases within the first three months. How Much You Can Save With a Balance TransferHow much money you may save when you carry out a balance transfer depends on multiple factors, including the intro APR, the duration of the intro APR offer, a card's regular APR and how long you take to pay off the transferred balance in full.
MONEYGEEK EXPERT TIP If you get a balance transfer card that earns rewards, you may end up unintentionally paying interest on your purchases. Some banks apply payments in excess of the minimum due to the 0% APR promo offers instead of your regular purchases. Contact your bank to ensure that they apply the payments appropriately. — Lee Huffman, credit card expert at BaldThoughts.com What to Know Before Requesting a Balance Transfer With Capital OneIt's important to understand the intricacies of carrying out a balance transfer to a Capital One credit card. That way, you can avoid surprises down the road.
Understanding how credit card debt works and sticking to responsible financial habits can help you get rid of your existing debt. Carrying out a balance transfer may help accelerate the process and result in savings too.
Pros and Cons of Doing a Balance TransferCarrying out a balance transfer with Capital One comes with its share of pros and cons, and it's important to understand both before deciding to move forward. Key Takeaways Pros
Cons
What if My Balance Transfer Request Is Denied?If you do not find success with your Capital One balance transfer request, you may consider looking at other alternatives. If you plan to consolidate debt from multiple credit cards, a personal loan might work well for you. A cash advance, on the other hand, is best left for emergencies. If you're facing financial hardship, getting on a debt management plan might be the way to go.
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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate
as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available. Does Capital One offer balance transfers to existing customers?Yes, Capital One does offer balance transfer deals to existing customers from time to time. Existing cardholders can check to see if they're eligible for a balance transfer offer by signing into their account on the Capital One website or mobile app.
Do balance transfers hurt your credit?A balance transfer can affect your credit score, depending on 1) if you open a new card to transfer a balance and 2) what you do once your balances have been transferred. If you simply move your balances around on your existing cards, your credit score likely won't be impacted.
Why am I not getting any balance transfer offers?Balance transfer qualification requirements and available offers. Balance transfer cards typically require good credit or excellent credit (scores 670 and greater) in order to qualify. While having a credit score in that range helps your qualification odds, it doesn't guarantee you'll be approved.
Can you negotiate balance transfer?One common way to negotiate for a transfer balance fee is to mention your good payment history as well as your credit score to the lender. In this case, the credit card company might be willing to reduce or even waive the balance transfer fee entirely. In most cases, banks do not agree to waive balance transfer fees.
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