Capital One balance transfer checks are no longer a thing.
To complete a balance transfer, call the customer service number on the back of your credit card to speak with a customer service representative. Provide the credit card number of your card with the balance, as well as the amount of your balance you want to transfer and Capital One will make the payment for you.
Capital One used to offer balance transfer checks as an alternative way to perform a balance transfer. You could mail a check that accessed the card’s credit line to the issuer of the old debt. Once the check processed, the debt to the old issuer was paid off and the balance appeared on the Capital One card instead. Capital One balance transfer checks followed the exact same terms as the cards whose credit lines they accessed. They’re no longer available, though.
You can transfer a balance to a Capital One credit card at any time, as long as that balance is not coming from another Capital One credit card or loan. Just sign into your account on Capital One’s website (or the Capital One mobile app), navigate to “More Account Services” and select “Transfer a Balance.” At this point, you may even receive a few different combinations of introductory APRs and balance transfer fees to pick from.… read full answer
For example, a Capital One balance transfer offer for an existing customer might include a choice between options like these:
0% for 12 months with a 2% transfer fee
3.99% for 24 months with no transfer fee
Current purchase APR with no transfer fee
However, there’s no guarantee that you will receive special transfer terms for an existing Capital One credit card. And 0% balance transfer promotions for new applicants only last for a certain number of months from the date of account opening. So there’s a good chance you’ll wind up paying interest on your transferred balance at the card’s high regular rate. And you’re unlikely to save money that way.
Balance transfer checks are checks that draw funds from a credit card’s credit line, rather than from a checking account. Credit card balance transfer checks can be used to pay part or all of the balance on another credit card or loan when the lender will not accept payment with a credit card directly. When you use a balance transfer check, the credit card’s standard balance transfer fee and balance transfer APRs usually apply. … read full answer
How long it takes to finalize the transfer depends on how long it takes the check to process. Plus, there are a few more things you should know about credit card transfer checks if you want to use them right.
Here’s how balance transfer checks work:
What they are: Checks that let you transfer a balance from a lender that won’t accept credit card payments.
How to get them: Credit card companies sometimes send balance transfer checks to cardholders in the mail. You may have to call to request them. In some cases, balance transfer checks may not be available. For example, Chase does not give them to new cardholders, and Amex does all balance transfers online.
Interest rates: Balance transfer checks are subject to a card’s standard interest rates. There may be a 0% introductory APR for balance transfers, after which the remaining balance accrues interest at the card’s regular APR.
Fees: Standard balance transfer fees, which can be as high as 3% to 5%, apply to balance transfer checks. There is no additional fee for using a balance transfer check in most cases.
Other types of credit card checks: Convenience checks allow purchases or cash advances using funds from your credit line. Expect a cash advance fee and expensive interest that starts accruing immediately.
The best credit cards for balance transfer checks are simply the best balance transfer credit cards overall from issuers that offer the checks. That’s because balance transfer checks use a card’s standard balance transfer rates and fees.
Some good card choices include Wells Fargo Visa Platinum, Discover it Balance Transfer and Citi Simplicity. They offer long 0% APR periods, low fees or both.
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