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 26.99% (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.
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.… read full answer
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.
Technically, you cannot pay a Capital One credit card with another credit card. In other words, you cannot enter a credit card account number to pay your bill the same way you would with your bank account number. There are a couple of ways, however, where you can indirectly use a credit card to pay your Capital One credit card bill: Cash Advances and Balance Transfers.… read full answer
A cash advance is when you use your credit card to withdraw money at an ATM, just like with a debit card. You can then use those funds to pay your Capital One credit card. You can also request a convenience check, which looks like a regular check that you can deposit to your bank account. Once the check clears, the amount of the check is charged to your credit card.
Neither approach is a good idea. For starters, cash advances are an expensive transaction. You’ll be charged at fee of 3% to 5% of the transaction amount, along with any ATM user fees. A convenience check would spare you the ATM fee, but it is still considered a cash advance, and all other fees and interest rates would apply.
A cash advance is also subject to a portion of your credit limit, usually 20%. That’s 20% of your total credit limit, so if you have other charges on your card, that will reduce your cash advance limit even further.
Where the real expense kicks in is with the high interest rates. Expect to pay a higher rate than what you’re currently paying. The interest starts to accrue as soon as the transaction occurs, and is not waived by a grace period or a 0%. If you don’t pay off the entire cash advance balance, a new wave of interest – at the Cash Advance rate – will pile on top of current balance, along with any previously accrued interest.
A transfer balance is the more sound option, as long as you pay attention to the terms. Ideally, would want to transfer your Capital One credit card balance to a balance transfer card with an you introductory 0% interest rate. You’ll pay no interest on the amount transferred for a specified number of months, but you’ll likely pay a transfer fee of 3% to 5% of the total transaction. You cannot, however, transfer a balance from one Capital One credit card to another.
The amount you can transfer is capped by your total credit limit, so how much available credit your have will determine how much you’ll be able to transfer. Be sure to factor the transfer fee into your balance transfer amount. Also, using up too much of your credit limit will raise your debt-to-credit ratio and will negatively affect your credit score.
If you’re transferring a balance to a card with a 0% interest rate, make sure you’re aware of when the 0% rate expires and what the new interest rate will be. If you don’t pay off the entire balance transfer by the end of the introductory period, any unpaid balance will be charged at the regular interest rate.
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.
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