Everything You Need to Know About Capital One Balance Transfers
A Capital One credit card balance transfer can lead to savings in interest charges, and you also stand to earn cash back/rewards on purchases.
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.
On This Page:
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.
Know How Much You Owe
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.
Choose a Balance Transfer Credit Card
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.
0% introductory APR
0% balance transfer cards from Capital One charge no interest on balance transfers for a predetermined time period, thereby giving you the ability to save money on interest charges. Any outstanding balance that remains at the end of the promo period starts accruing interest at the card's regular APR for balance transfers.
Long introductory APR
The duration of the intro APR offer typically requires your attention because it may vary from one card to the next. However, the intro 0% APR offer that's made available through all current Capital One balance transfer cards stays in place for the first 15 months. With other card providers, this duration typically varies from 12 to 20 months.
Low ongoing APR
If you feel you need more time to repay your transferred balance/s than made available through Capital One's 0% balance transfer cards, opting for a card with a low ongoing APR might be the way to go. In this scenario, you benefit through a low APR until you pay off your transferred balance(s) completely. What you need to remember is the APR that Capital One assigns to your card depends on your creditworthiness and other factors. Some of the Capital One cards with the lowest possible APRs include the Spark Cash Select Card for Excellent Credit, the VentureOne Rewards Card, the Quicksilver Rewards Card and the SavorOne Rewards Card.
Low or no balance transfer fees
If you're looking for credit card offers with 0% interest and no balance transfer fees, you'll need to check what other issuers have to offer. If you use a 0% APR offer to transfer a balance or more to a Capital One card, you'll need to pay 3% of the transferred amount as fees. If you carry out a transfer in the absence of any promotional APR, you pay no balance transfer fees. The latter might work in your favor if you plan to transfer a balance to a card with a low ongoing APR.
Request Balance Transfer
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.
Prepare a Payment Schedule
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.
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.
Capital One’s Best Balance Transfer Credit Cards
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.
- Capital One Quicksilver Rewards
Best cash back rewards credit card for everyday spending
- Good-ExcellentCredit Needed
- $0Annual Fee
- 1.5% Cash BackRewards Rate
- 1.5xRewards Rate on Dining
- 1.5xRewards Rate on Online Shopping
- Capital One VentureOne Rewards
The best travel rewards card with no annual or foreign transaction fees
- Good-ExcellentCredit Needed
- $0Annual Fee
- 1.25 Miles per $1Rewards Rate
- 1.25xRewards Rate on Air Travel
- 1.25xRewards Rate on Entertainment
- Capital One SavorOne Rewards
A great no-annual-fee card that comes with rewards
- Good-ExcellentCredit Needed
- $0Annual Fee
- 3% Cash Back*Rewards Rate
- 3xRewards Rate on Entertainment
- 2xRewards Rate on Groceries
Quicksilver Rewards Card
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.
VentureOne Rewards Card
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.
SavorOne Rewards Card
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 You Can Save With a Balance Transfer
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.
- How Much You Will Pay With Your Current Credit CardHow Much You Will Pay When You Transfer Your Balance
Current outstanding balance: $8,000
Regular APR: 19.99%
Monthly payment: $450
Time required to pay off the balance: 22 months
Total amount to pay: $9,565.60
Balance transfer amount: $8,000
Balance transfer fee: 3%
Intro APR: 0% for 15 months
Regular APR: 19.99%
Monthly payment: $450
Time required to pay off the balance: 18 months
Total amount to pay: $8,295.40
Total savings: $1,270.20
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 One
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.
Pros and Cons of Doing a Balance Transfer
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.
- Save money on interest charges.
- Pay off your debt sooner.
- Transfer debt from different forms of credit.
- Get a card with rewards and other benefits.
- Possibility of improving your credit score.
- Need excellent credit to get a Capital One balance transfer card.
- No guarantee of your balance transfer request's approval.
- 0% APR offer is valid for the first 15 months.
- Need to pay 3% of each transferred balance as fees.
- A late or returned payment may result in a penalty APR and/or termination of the 0% APR offer.
- Possibility of accumulating more debt and worsening your credit score.
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.
- 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.
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Other Questions About Capital One Balance Transfer
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About the Author
- Capital One. "Learn About Balance Transfer Credit Cards." Accessed May 9, 2022.
- Capital One. "Learn how to transfer balances to your Capital One card." Accessed May 9, 2022.
- National Foundation for Credit Counseling. "NFCC.org." Accessed May 10, 2022.
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