How to do a balance transfer with Capital One
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If you’re looking for an easy way to pay off credit card debt without paying interest, signing up for a balance transfer credit card is often a good idea. And if you’re interested in completing a balance transfer with Capital One, here’s how you can get started — along with some of the best Capital One cards with balance transfer offers to consider.
How to do a Capital One balance transfer
Note that you can’t transfer a balance from one Capital One card to another Capital One card. You can only transfer a balance from another credit card issuer — like Discover or Citi — to a Capital One card.
How to do a balance transfer with an existing card
If you already have a Capital One credit card that’s eligible for a balance transfer, here’s how to complete a balance transfer online:
- Log in to your Capital One account.
- Locate and click on the credit card account you want to use for the balance transfer.
- Go to the drop-down menu and select “Transfer a balance.” You’ll then be taken to a screen that outlines your current balance transfer offer, including how much you’ll pay in interest (if any), whether you’ll be charged a balance transfer fee and any associated time limitations.
- Next to the balance transfer offer you’re interested in, click “Select Offer.”
- Then, you’ll see a screen that asks you to enter the name, account number and payment address of the other issuer, along with the amount of the transfer. Note that the amount of your transfer cannot exceed the amount you’re approved for in the offer.
How to do a balance transfer with a new card
Alternatively, if you’re interested in opening a new Capital One card with a 0 percent intro APR offer, you can also complete a balance transfer during the application process. After you’ve been approved for your desired card, you’ll be asked if you have any balances to transfer. You’ll then enter the same information mentioned above in step 5.
How long does it take to process a balance transfer with Capital One?
According to Capital One, balance transfers will be processed immediately once they’re approved, but it can take about 10 business days to process with the other issuer.
Remember that the balance on your original credit card will continue to accrue interest until the requested balance transfer is processed. After your balance transfer is finished, check the account from which you transferred the balance to see if there is any outstanding interest that needs to be paid off. Note that it could take up to 30 days for the interest to appear on your account.
Likewise, unless the balance transfer process completes before your next credit card payment is due, the card issuer will still expect payment from you — and it can penalize you with late fees if you miss it.
Will a balance transfer hurt your credit score?
It depends. Adding a top balance transfer credit card to your wallet increases the amount of credit you have, but it doesn’t change the amount of credit you’re using. This is because your credit utilization ratio — which is the amount of credit you have available to use compared to the amount of credit you’re actually using — makes up a significant portion of your credit score.
The good news is that if you transfer a balance to a credit card and then pay that balance off, your credit score will likely improve. However, if you open a balance transfer credit card, transfer a balance and charge new debt to your credit cards before paying that transferred balance off, your credit utilization ratio could get worse, and your credit score could go down. Likewise, if you never pay off your balance and keep transferring it from card to card, your credit score is unlikely to improve.
Keep in mind that balance transfers, like most aspects of credit card management, are only worth it when used responsibly.
Best Capital One cards for a balance transfer
Credit card issuers frequently update their balance transfer offers, with many eliminating these offers throughout the year and then reinstating them later. Here are some of the best Capital One Cards with a 0 percent intro APR offer right now:
Capital One Quicksilver Cash Rewards Credit Card: Best for flat cash back
The Capital One Quicksilver Cash Rewards Credit Card offers an introductory 0 percent APR on purchases and balance transfers for 15 months, followed by a variable APR of 19.74 percent to 29.74 percent. There’s also a balance transfer fee of 3 percent, which is on the lower end of the balance-transfer-fee range (typically 3 percent to 5 percent).
The card also comes with some perks like no annual fee, an unlimited 1.5 percent cash back on all purchases and the chance to earn a $200 cash bonus after spending $500 within three months of account opening.
Capital One SavorOne Cash Rewards Credit Card: Best for bonus cash back
The Capital One SavorOne Cash Rewards Credit Card also includes a 0 percent intro APR on purchases and balance transfers for 15 months (followed by a 19.74 percent to 29.74 percent variable APR), along with a balance transfer fee of 3 percent. This card also comes with the same welcome bonus ($200 cash back after spending $500 within three months of account opening (Offer not available)) and no annual fee.
The SavorOne earns 3 percent cash back on dining, entertainment, popular streaming services and grocery stores (excluding superstores like Walmart and Target), plus 1 percent back on all other purchases. You can also earn 5 percent cash back on hotel and rental car bookings through Capital One Travel and 8 percent cash back on Capital One Entertainment purchases.
Capital One VentureOne Rewards Credit Card: Best for beginner travel
Like the other Capital One cards mentioned, the Capital One VentureOne Rewards Credit Card also offers a 0 percent intro APR on purchases and balance transfers for 18 months (followed by a 19.74 percent to 29.74 percent variable APR (Offer not available)). It also includes a balance transfer fee of 3 percent and no annual fee.
Unlike the other Capital One cards mentioned (which are cash back cards), the VentureOne is an entry-level travel rewards card. It offers a flat 1.25X miles on all purchases and 5X miles on hotels and rental cars booked through Capital One Travel. You’ll also be able to earn a welcome bonus of 40,000 miles (worth $400) once you spend $1,000 on purchases within the first three months of account opening (Offer not available).
The bottom line
If you’re ready to pay down high-interest credit card debt, transferring your balance to a new Capital One card with a 0 percent intro APR offer makes sense. The problem? Zero percent intro APR offers can be temporary, so be sure to check periodically for new offers or changes to existing offers.