To do a balance transfer with Capital One, new applicants can just complete the balance transfer portion of a Capital One credit card application. Existing cardholders can request a balance transfer online or by calling customer service at the number on the back of their card.
Capital One balance transfers usually take 3-14 days days to process. In the meantime, continue to make payments on your original debt in order to avoid any late fees and possible damage to your credit score.
How to Do a Balance Transfer with Capital One (New Applicants)
Open the application for the Capital One balance transfer card you want to apply for.
Enter the account number for your existing balance.
Enter the amount you want to transfer.
Include standard application info such as your name, Social Security number, and annual income.
Submit the application.
How to Do a Balance Transfer with Capital One (Existing Cardholders)
Log in to your Capital One account.
Select “Transfer a Balance” from the “I Want To...” menu.
Click “Select Offer.”
Enter the account number(s) and the amount(s) you’d like to transfer.
Verify your information is correct and submit the application.
Key Things to Know About Capital One Balance Transfers
Capital One accepts balance transfers from other issuers’ credit cards, along with personal loans, student loans and auto loans. Capital One does not allow balance transfers from other Capital One credit accounts. Using a balance transfer calculator can be a big help.
Finally, there is a balance transfer fee only if the card has a promotional intro balance transfer APR deal. For balance transfers at the card’s regular transfer APR, there is no transfer fee. Make sure to take this into account, too.
You can do a balance transfer to a Capital One credit card from other credit cards, personal loans, student loans and auto loans. However, you cannot transfer a balance from one Capital One account to another. In addition, the total amount of the transfer, including fees, cannot exceed your card’s available credit.
It’s only a good idea to do a balance transfer to a Capital One credit card if that card has a low introductory APR on balance transfers. As of October 2020, that’s a feature that’s rare among Capital One credit cards. However, even if your card does not have a low introductory APR to begin with, there are reports that some customers have received targeted offers for low rates when going to the balance transfer option in their accounts.
You can do a Capital One credit card balance transfer by signing in to your account and choosing the balance transfer option. You will have to provide the account number, payment address and the name on the card from which you want to transfer.
Capital One's balance transfer fee is 3% in the case of cards with a 0% transfer intro APR, and 0% for cards with a regular APR (roughly between 15%-26%).
Please note, that your transferable amount cannot be higher than your credit limit, and tht a transfer can take up to 10 business days. Also, you cannot transfer a balance from one Capital One card to another.
The best way to do a balance transfer is to apply for a new credit card with a low balance transfer APR and low fees. If your balance transfer credit card application is approved, the new card's issuer will pay your original creditor for the amount transferred. You will then owe that amount, plus a … read full answerbalance transfer fee of 0% - 3%, to the balance transfer card's issuer. If you repay the full amount of your balance transfer before the new card's high regular APR takes effect, you could save a lot of money on finance charges and get out of debt sooner.
Keep in mind that balance transfers can take a while to process, as long as six weeks in some cases. So it's important to keep making payments to your original creditor until the transfer goes through. Otherwise, you risk late fees and credit score damage.
How to do a balance transfer:
Check your credit score. Balance transfer credit cards with 0% APRs usually require good credit or better for approval. Knowing your score will make it easier to compare relevant credit card offers.
Find the best balance transfer card for you. Compare cards based on their balance transfer APRs, balance transfer fees, and annual fees. Also, consider how much you can afford to pay each month. Using a balance transfer calculator can help.
Apply for your balance transfer card. Fill out the application with your personal and financial information, including the section of the application for requesting a balance transfer. Provide the account number and the amount you want to transfer to make the request. It's best to ask for a balance transfer when you apply because promotional 0% APR periods start as soon as the account opens.
Keep making payments. Keep up payments to your original creditor until the balance transfer goes through, or you could be marked as past-due. You will be credited for any payments made during this period after the transfer gets processed.
Receive a decision: The issuer may allow you to transfer the full amount that you request or offer to transfer part of the balance instead. Or, your balance transfer request could be denied, depending on your creditworthiness and available funds. It may take a few weeks to get a decision.
Pay the rest of the balance. Try to pay off a transferred balance before your new credit card's low introductory APR expires. A high regular rate will apply to any balance remaining at that time. If you still have a balance on your original account, continue repaying that as well.
It's also good to note that you can transfer multiple balances to the same credit card. But that can lead to paying a lot in balance transfer fees and interest, if you're not careful.
Now that you've learned how to do a balance transfer, you're on your way to saving money on interest and getting out of debt. For more tips and info, check out WalletHub's in-depth balance transfer guide.
Balance transfers don’t hurt your credit score directly, but transferring a balance can indirectly cause credit score damage. When you apply for a balance transfer credit card, for example, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score.
If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you to rack up more debt than you can afford to repay. Both of those things can hurt your credit score.… read full answer
So, the act of transferring a balance itself won’t affect your credit, but it will indirectly alter several key components of your credit profile, from utilization to the age of your accounts. These changes might lower your score a bit in the short term. But over time, interest savings and the ability to pay off your debt faster should make transferring a balance a net positive for your credit score.
How Balance Transfers Can Help or Hurt Your Credit Score
Credit Inquiries Hurt: If you apply for a new balance transfer card, the resulting hard inquiry will likely cause a slight dip in your credit score for up to 12 months.
Lower Account Age Hurts: Adding a new balance transfer card will reduce the overall age of your accounts, which can have a slight negative impact on your score.
Increased Utilization Hurts: Keep an eye on how the transfer affects your account’s credit utilization. Making a transfer will usually add 3%-5% to your debt due to balance transfer fees. If your utilization is over 30% of your credit limit, that’s not good for your score.
Missed Payments Hurt: If you don’t continue to make payments to your original creditor while the balance transfer is being processed, your credit score will suffer. Balance transfers can take up to three weeks, or be completed in just a few days, after you make a request or apply for a card.
Reduced Utilization Helps: If you leave your old credit card(s) open, adding a new card will reduce your utilization ratio across all accounts, assuming no additional spending. The utilization on the card you transferred the balance from will drop, and it will increase on the card you transferred the debt to.
Low Interest Helps: Balance transfer cards often have 0% introductory APRs. This gives you the chance to pay off your balance faster, since the full amount of your payments will go to the principal rather than interest. This is good for your score long-term.
Less Debt Helps: A balance transfer can help you reduce your debt load. That’s important because how much debt you owe is a key ingredient in your credit score. The less, the better, since people with little-to-no debt are in a more stable position financially.
Balance transfers won’t hurt your credit by themselves. But they affect other elements of your credit that could bring your score down a little temporarily. Still, the benefits will outweigh the negatives in the long run, as long as you plan to repay most, if not all, of your balance during your card’s low introductory APR period.
Where people get into trouble is trying to use a balance transfer to support unsustainable spending habits, thinking 0% balance transfer credit card offers are always available. They’re not, and learning that the hard way is a very expensive mistake. So make sure to use a balance transfer calculator to make a payment plan.
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