The Capital One Quicksilver balance transfer offer is a 0% APR for 15 months with a 3% balance transfer fee and a $0 annual fee. Any balance remaining after the 15-month mark will accrue interest at Quicksilver’s regular APR: 16.24% - 26.24% (V), depending on creditworthiness. Capital One Quicksilver’s 0% balance transfer offer is only available to new applicants with good credit or higher, so a minimum score of 700.
The Capital One Quicksilver Card compares well with the best balance transfer credit cards, at least in terms of its introductory APR and annual fee. Its balance transfer fee is the main thing preventing the Quicksilver card from being truly elite. For example, the Amex EveryDay card and Chase Slate both offer $0 fees for balance transfers made in the first 60 days.
Capital One Quicksilver is a very good all-around credit card, though, bringing much more than balance transfer appeal to people’s wallets. Quicksilver also offers a 0% APR on new purchases for 15 months, a $150 bonus for spending $500 within 3 months of opening an account, and unlimited 1.5% cash back on all purchases.
A balance transfer does not affect your credit score directly. Balance transfers aren’t flagged on your credit reports, and credit scoring companies don’t specifically factor them into their evaluation criteria. However, a balance transfer can lead to changes in your financial profile that will affect your credit score.
For example, a balance transfer can lead to a high … read full answercredit utilization rate. Generally, you’ll want to use up less than 30% of a card’s credit limit. A balance transfer can wind up consuming much more than that, which isn’t great for your credit score.
In the best-case scenario, you’ll transfer your balance to a card with a credit limit much higher than the amount you need to transfer as well as pay off the original credit account in full. Then, the transferred balance won’t max out your new card, and you’ll be able to bring your old card’s utilization to zero.
Making payments on time is a crucial part of both maintaining a good credit score and using a balance transfer to your credit score’s advantage. Paying off the balance that you transfer and avoiding unnecessary debt in the future will also positively affect your credit score.
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