If you’re looking for an easy way to pay off excess credit card debt without paying interest, a balance transfer is often a good idea. As of late 2021, Capital One does not currently have any zero-interest offers for balance transfers; however, you can still transfer a balance to a Capital One card if you choose.
Should I transfer a balance to a Capital One card?
You may want to consolidate your credit card debt, or you may have opened a new Capital One card and want to move over the balance to help you better keep track of your payments. Regardless of your reasons, you may want to know first whether a balance transfer will hurt your credit score.
Good news: If you transfer a balance to a credit card and then pay that balance off, your credit score is very likely to improve. In fact, if you open a new credit card to take advantage of a 0 percent introductory APR period on balance transfers, your credit score might even start improving right away.
This has to do with what’s called a credit utilization ratio, which is the amount of credit you have available to use compared to the amount of credit you’re actually using. Adding a balance transfer card to your wallet increases the amount of credit you have, but it doesn’t change the amount of credit you’re using, so your credit utilization ratio could go down and your credit score could go up.
However, if you open a balance transfer credit card, transfer a balance and then charge new debt to your credit cards before paying that 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.
Balance transfers, like most aspects of credit card management, are only worth it when used responsibly. Keep this in mind as you decide whether to use a balance transfer to a Capital One card as you continue to pay off credit card debt.
How do I make a Capital One balance transfer online?
You can’t transfer a balance from one Capital One card to another Capital One card. You can, however, transfer a Chase balance, a Discover balance or a balance from another credit card issuer to a Capital One card.
Here’s how to complete a balance transfer with Capital One:
Step 1: Log in to your Capital One credit card account dashboard.
Step 2: Locate the credit card you want to use for the balance transfer and click “View Account.” Then, look for the menu option “I Want To,” which should be located in the middle right of your screen next to a gear icon.
Step 3: Click “I Want To.” You’ll be taken to a second menu that includes a list of new options. Find and click “Transfer a balance.”
Step 4: You’ll be taken to a screen that outlines your current balance transfer offer, including how much you’ll pay in interest, whether you’ll be charged a balance transfer fee and any time limits associated with either the interest or fees. Click “Select Offer” to get a new menu labeled “Choose an Option.” From there, select “Transfer a Balance.”
Step 5: If you have two-factor authentication set up, you’ll be asked to confirm your identity before you continue. At this point, you’ll see a screen that asks you to enter the account number of the account from which you’re transferring the balance, as well as the amount of the transfer.
How long does it take Capital One to process a balance transfer?
According to Capital One, balance transfers take about 10 business days to process.
It’s important to remember that until your requested balance transfer processes, it may continue to accrue interest on the original credit card. 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. 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.
What are the best cards for a Capital One balance transfer?
Credit card providers frequently update their balance transfer offers, with many eliminating these offers throughout the year and then reinstating them later. As of late summer 2021, no Capital One credit cards offered 0 percent introductory interest rates on balance transfers. Until this changes, you’re better off looking for balance transfers from other credit card providers.
You should check back often, though: Capital One could bring balance transfers back. You won’t know if you don’t check.
Capital One Quicksilver Cash Rewards
The Capital One Quicksilver Cash Rewards Credit Card sometimes offers introductory balance transfer APRs. As of the August 2021, though, the card is not offering an intro APR on balance transfers.
However, Capital One has eliminated its balance transfer fee if you transfer your balance at the standard balance transfer APR of 15.49 percent to 25.49 percent variable, (it may have a 3 percent fee with a promotional APR offer, when available).
The card does come with some perks: You’ll earn unlimited cash back of 1.5 percent on each purchase you make. If you charge $500 in purchases within three months of opening your account, you’ll earn a one-time $200 cash bonus.
Capital One SavorOne Cash Rewards Credit Card
The Capital One SavorOne Cash Rewards Credit Card doesn’t currently have an introductory balance transfer offer. In the past, this card has featured 0 percent APR on balance transfers for 15 months. Keep an eye out to see if Capital One brings this offer back.
It’s possible to earn a steady stream of cash back with this card. The SavorOne card is a bonus category cash back card that earns an unlimited 3 percent cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1 percent on all other purchases.
Capital One Spark Cash Select
The Capital One Spark Cash Select wasn’t offering 0 percent interest on balance transfers as of late summer 2021, either. On the bright side, the business credit card has eliminated its balance transfer fee.
This is another rewards card, offering 1.5 percent cash back on every purchase you make. You’ll also earn a $500 cash bonus if you spend $4,500 on purchases within the first three months of opening your account.
If you’re ready to pay down your high-interest-rate credit card debt, transferring your balance to a new card that offers a 0 percent introductory interest rate for a limited time makes sense. The problem? Not all credit card providers provide these 0 percent offers at all times. As of late summer 2021, Capital One is not providing 0 percent interest on balance transfers with any of its cards. If you’re looking to transfer your credit card debt to another card, then, it makes sense to look at a different financial institution, at least until Capital One brings back 0 percent interest transfers again.
See related: How to do a balance transfer with Citi