Paddy Sullivan, WalletHub Credit Card Advisor
You can do a Capital One Platinum balance transfer through your online account, or by calling the number on the back of your card. Keep in mind that your Capital One Platinum account may not always be eligible for balance transfers. You can always check for eligibility and any existing offers through your online account.
It is also worth noting that you cannot use balance transfers to pay off another credit card or loan issued by Capital One. And the total amount of your transfer, including any applicable fees, cannot exceed the amount for which you are eligible. This can be found within your balance transfer offer.
Here’s what you need to know about the Capital One Platinum balance transfer:
- Eligibility: Not all Capital One Platinum accounts are eligible for balance transfers. You can check online to see if you are eligible to transfer a balance to your Capital One Platinum card. Accounts must be open for at least 10 days before requesting a transfer.
- How to do it: Either log in to your online account or call the customer service number on the back of your credit card to speak with a representative.
- Balance transfer APR: If eligible, balance transfers can either accrue interest at the regular transfer APR of 29.99% (V) (based on the specifics of your credit), or other promotional offers will be made available to you through your online account.
- Balance transfer fee: $0 at this Transfer APR. For balances transferred at the card’s promotional transfer APR, the balance transfer fee will be 3% of the transferred amount.
Keep in mind that a balance transfer typically takes 3-14 days, depending on whether your request can be completed electronically or by mail. So, continue to make payments to your current creditor(s) until the balance transfer posts to your account.
If you’d rather not wait on a Capital One Platinum balance transfer offer, there are other issuers offering some of the best balance transfer credit cards, with long 0% introductory APR periods. It’s also worth using a balance transfer calculator to see how much a balance transfer could end up saving you.
Capital One Platinum Credit Card
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