Everything You Need to Know About Capital One Balance Transfers

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.

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.

• How Does a Capital One Balance Transfer Work?
• Capital One’s Best Balance Transfer Credit Cards
• How Much You Can Save With a Balance Transfer
• What to Know Before Requesting a Balance Transfer
• Pros and Cons of Doing a Balance Transfer
• What if My Balance Transfer Request Is Denied?

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?

It'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.

Narrowing 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.

People 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?

There 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.

More: How to Transfer a Credit Card Balance to Another Card

There 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.

The 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.

The 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.

The 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 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.

It'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.

• Capital One offers balance transfer cards to individuals with excellent credit.
• You may initiate the balance transfer process online or over the phone.
• While you might qualify for a Capital One credit card, there is no guarantee that your balance transfer request will be approved.
• Capital One lets you transfer balances from credit cards, personal loans, car loans and student loans issued by other lenders.
• A card-to-card transfer is not possible between Capital One credit cards.
• The balance transfer process may take up to 14 days.
• You need to keep making payments toward the old account until the balance transfer is complete and there is no outstanding balance.
• At the end of the promo period, any outstanding balance starts accruing interest at the card's regular APR.
• Balance transfers do not earn cash back, reward points or miles.
• You can avoid paying interest on purchases even if you carry out a balance transfer by making Interest Saver payments — which include all balances not covered under the balance transfer promotion — before each due date.

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.

• Compare different balance transfer cards across parameters such as duration of intro APR offers, balance transfer fees, annual fees and added perks.
• Create a payment plan to pay off the transferred amount before the promo period ends.
• Pay well before the due date to avoid late fees and penalty APRs.
• Don't add to your debt before you pay off what you already owe.

Carrying 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.

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.

• Personal loan. If you look at the personal loans vs. credit cards comparison, you'll notice that the former tend to come with lower ongoing APRs. Personal loans also tend to come with higher credit limits, which makes them ideal for consolidating all your existing credit card debt.
• Cash advance. While using a cash advance from one credit card to make a payment toward another is possible, it's best avoided. This is because any amount you withdraw starts accruing interest from the word go, and there's a good chance you'll also need to pay cash advance fees. You may consider getting a cash advance to make a credit card payment if it involves avoiding a steep late fee — and only if you're sure you can pay off the entire cash advance amount in a few days.
• Debt management plan. Getting on a debt management plan might work well for you if you're going through tough financial times. It involves working with a nonprofit credit counseling agency — ideally, one that's accredited by the National Foundation for Credit Counseling. The agency negotiates with your unsecured lenders for lower interest rates and the possible waiving of late fees. Once on a debt management plan, you need to make a single payment to your agency each month.