Capital One balance transfers: how, best deals

If you have credit card debt that needs to be consolidated, transferring your balance to Capital One can help you reach your credit goals. You might even be able to save money on interest with a low introductory offer on a new card. Transferring a balance does not come without costs, so it’s important to know what those costs are and whether transferring a balance makes sense in your situation.

How to make a balance transfer with Capital One

There are several ways to transfer your balance to a Capital One credit card. This is slightly different for new cardholders compared to existing Capital One cardholders.

Existing Capital One Cardholders

If you would like to transfer your balance to an existing Capital One account, you can apply through your online account. Here’s where to find it:

• After logging into your account, go to “Map Details”.
• In the “I want” drop-down menu, find “Transfer balance”.
• Click Select Offer.
• Enter the account name, account number, and billing address of the creditor you wish to transfer your debt from.
• Enter the amount of debt you wish to transfer to your Capital One account.
• Click Submit.

You can also contact support at the phone number on the back of your card if you would like to initiate a balance transfer.

New Capital One Cardholders

Balance transfers can occur at the time of application for new Capital One cardholders. Before applying for a new Capital One card, it would be helpful if you had information about the debt you wish to transfer, such as:

• Exact account name
• Account number
• Billing address for the lender
• The amount you want to transfer

Adding this information at the time of application can help you get a balance as soon as your new account is opened, giving you access to the full zero interest period.

Please be aware that existing Capital One cardholders can apply for another Capital One card product if they are interested in the initial offer of 0% APR on balance transfers. Not every card offers a low starting bet, so be sure to choose one that does.

What You Should Know About Capital One Balance Transfer Before Applying

Transferring your balance to a new Capital One card can help you consolidate debt, but it comes with a cost. Here’s what you need to know before you decide to transfer your balance to a Capital One credit card.

• The balance transfer fee applies to the 0% APR initial offer. This means that you will pay a fee for transferring your balance. Once your balance has been transferred, you will not be charged any interest for the duration of your introductory offer. For example, for the Capital One Quicksilver Cash Rewards Credit Card, Capital One VentureOne Rewards Credit Card, and Capital One SavorOne Cash Rewards Credit Card, this amount is 3% of the total balance (or $10, whichever is greater). For example, if you transfer $1,000, this fee will be $30.
• The amount transferred to your Capital One card will not earn any rewards. You only earn points, miles or cashback for purchases made with the card, not for balance transfers or cash withdrawals.
• Low introductory offers require excellent credit for the best chance of approval. You can still get approved for a credit card with less than excellent credit, but you most likely won’t be able to qualify for cards with solid balance transfer offers. Balance transfers will be subject to the card’s variable annual interest rate (over 26.99%) after the end of the introductory period. On the other hand, there is usually no balance transfer fee when the balance is transferred at a higher rate.
• The balance on your Capital One card will increase. When you complete a balance transfer, you are likely to expect higher charges on your card. Your credit usage may also change. Credit usage is part of your credit score, and if it gets too high, your credit score will drop.
• You will need to make sure you pay your original creditors until they receive payment for the balance transfer.
• You cannot transfer balance from one Capital One card to another. Balance transfers are only allowed from other credit issuers.

How to improve your chances of getting a balance transfer approved

Many of the best balance transfer offers require excellent credit. To improve your chances of getting approved for a Capital One credit card, you need to take steps to improve your credit score.

• Pay bills on time. Your credit history is the biggest determining factor in your credit score. If you can, pay on time everytime. If you struggle with this aspect, try automating payments and your bill will be sky high before you know it.
• Reduce your credit utilization rate. Using less than 30% of the credit available to you is ideal and will result in a better outcome.
• Keep your accounts with the longest history. Part of your credit score is determined by the length of your credit history. You may want to keep your old credit cards and bank accounts.
• Diversify your debt. You don’t want all your debts to be on credit cards. Installment loans, such as auto loans, are a good way to establish a long history as a reliable borrower.
• Open new accounts with caution. A large number of inquiries on your credit report may lower your score slightly.

Top Capital One Balance Transfer Offers

While you can transfer your balance to any Capital One card with sufficient balance, there are several Capital One cards that offer 0% initial APR on balance transfers.

Capital One VentureOne Rewards Credit Card

The Capital One VentureOne Rewards Credit Card is a secure no-year bonus card that offers 0% initial annual income on balance transfers and new purchases for the first 15 months (from 14.99% to 24.99% with a variable APR after this). Other benefits include:

• Welcome bonus of 20,000 miles if you spend $500 within the first three months of opening an account.
• 5X miles on hotels and car rentals booked through Capital One Travel and 1.25X miles on every purchase every day

Capital One Quicksilver Cash Rewards Credit Card

The Capital One Quicksilver Cash Rewards Credit Card is another no-annual fee card from Capital One that offers 0% APR on purchases and balance transfers for 15 months (from 14.99% to 24.99% with variable APR thereafter ). The main difference between this card and VentureOne is that Quicksilver refunds money, not miles. Other benefits of this card include:

• $200 welcome bonus after you spend $500 in the first three months.
• Unlimited 1.5% cashback on everything you buy

Capital One SavorOne Cash Rewards Credit Card

The Capital One SavorOne Cash Rewards credit card offers a starting rate of 0% per annum on purchases and balance transfers for 15 months (from 14.99% to 24.99% with a variable annual interest rate thereafter). Like the other two options, this card has no annual fee and is designed to reward food, entertainment, streaming, and grocery purchases. Some of the card’s features include:

• 3% refund on purchases at restaurants, entertainment, popular streaming services and grocery stores (excluding supermarkets such as Walmart and Target), 1% refund on all other purchases, and 8% refund on purchases at Vivid Seats until January 2023.
• $200 cash bonus after you spend $500 within three months of opening an account.

Dan Rafter has covered personal finance for over 15 years in publications ranging from The Washington Post and Chicago Tribune to Wise Bread, HSH.com and MoneyRates.com. His work has also been published online by Motley Fool, Fox Business, Huffington Post, Christian Science Monitor and Time.