How To Do a Balance Transfer With Capital One
Key takeaways:
- Balance transfer cards can help you pay down existing debt faster while saving you hundreds to thousands of dollars in interest charges.
- Capital One offers a few cards with 0% intro APRs on balance transfers for up to 15 months*.
- When you transfer a balance to a Capital One card, you’ll be subject to a balance transfer fee.
- You can’t transfer a balance from one Capital One card to another Capital One card.
If you feel weighed down by high-interest credit card debt, a balance transfer credit card with an interest-free period can help bring some relief. Capital One offers credit cards with 0% intro APRs on balance transfers* for more than a year. A balance transfer allows your monthly payments to go toward the principal, rather than interest charges.
We’ll walk you through the steps needed to move your existing debt to a Capital One card — whether you’re opening a new Capital One credit card account or have an existing account.
What you need to know before getting started
Prior to initiating the balance transfer, you should establish a plan to pay off your debt before the introductory period ends. Otherwise, you’ll be subject to interest charges on your remaining balance — which may defeat the purpose of transferring the balance in the first place.
Tip
You should also know that you can’t earn rewards on balance transfers. That said, when transferring a balance, it’s best to focus on paying down the debt within the interest-free period rather than racking up rewards.
How to do a balance transfer with Capital One
The steps you’ll need to take to complete a Capital One balance transfer will vary slightly depending on if you’re transferring a balance to a new Capital One card or an existing one. Either way, you should be prepared to provide the following information before getting started:
- The amount you want to transfer
- The name and payment address of the other creditor
- The account number for the account you want to transfer your balance from
How to do a Capital One balance transfer for new applicants
Once you research the balance transfer offers available from Capital One, choose the balance transfer card that best fits your needs. Then, follow these steps to apply for the card online:
- On the application page, you’ll need to enter information about yourself, including your name, birthdate, Social Security number (SSN) and citizenship status. Hit continue.
- On the next page, enter your residential address, email address and primary phone number. Hit continue.
- Then, enter your employment status, occupation, annual income and the amount of your monthly rent or mortgage, and answer whether or not you have any bank accounts.
- At the bottom of the page, you’ll see the following optional question: “If offered, do you plan to transfer any balances from other non-Capital One credit cards?” Select “Yes,” then hit continue and complete the application process.
- Once you’re approved for the card, the balance transfer offer may be available to you 10 days after your account is opened.
How much can I transfer?
The total amount you’re allowed to transfer (including any applicable fees) cannot exceed your card’s credit limit. Note that this information will be included with your balance transfer offer.
How to do a Capital One balance transfer for existing cardholders
If you’re an existing Capital One cardholder, you need to first check to see if you’ve been given a balance transfer offer from Capital One. Follow these steps:
- Log in to your Capital One account here.
- If you’re eligible for a balance transfer, it’ll appear on the “Offers” page.
- You can then request the balance transfer online or by calling the number on the back of your card.
What if my account doesn’t show a balance transfer offer?
If your account states that there are no balance transfer offers currently available for you, you can check back at a later time to see if any offers become available. Capital One periodically updates accounts with different offers.
Otherwise, you can apply for a new Capital One credit card with an intro APR on balance transfers.
How long does a balance transfer take from Capital One
Balance transfers typically take between three and 14 days — depending on whether Capital One can complete your request electronically or by mail.
You should continue making credit card and loan payments until you confirm the transferred payment has been received by the other creditor. And if you wish to close those existing accounts, you’ll need to contact the other lender directly.
What types of debt can you transfer?
The following types of debt are eligible to transfer:
- Credit card balances from non-Capital One cards
- Personal loans
- Student loans
- Auto loans
Note that transfers between credit cards issued by Capital One are not permitted. This includes cards branded with Bass Pro Shops CLUB, Cabela’s, Kohl’s, Sony, GM, BuyPower Card, Union Plus, Walmart and Teamster Privilege.
Capital One balance transfer offers
Capital One currently offers several credit card products that allow balance transfers, but only a select few offer 0% intro APRs on balance transfers* for more than a year:
- Capital One VentureOne Rewards Credit Card: APR of 0% intro on balance transfers for 15 months, then a 19.49% - 29.49% (Variable) APR. Balance transfer fee applies (see rates & fees).
- Capital One Savor Cash Rewards Credit Card: APR of 0% intro on balance transfers for 15 months, then a 19.49% - 29.49% (Variable) APR. Balance transfer fee applies (see rates & fees).
- Capital One Quicksilver Cash Rewards Credit Card: APR of 0% intro on balance transfers for 15 months (Balance transfer fee applies), then a 19.49% - 29.49% (Variable) APR (see rates & fees).
Is a Capital One balance transfer a good idea?
If you have a large amount of high-interest credit card debt, a balance transfer credit card can be a useful tool to help you save** on interest charges while paying down your balance.
Plus, a balance transfer card allows you to consolidate multiple balances to a single monthly payment, making it easier to keep up with your monthly bills.
**Savings vary depending on account usage and payment behavior.
Frequently asked questions
No, you cannot transfer a balance from one credit card to another from the same issuer.
No, balance transfers do not earn rewards.
The amount you transfer (including fees) cannot exceed your card’s credit limit.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.