How much is the Capital One VentureOne balance transfer APR?

A balance transfer APR is the interest rate an issuer charges on debts moved to a credit card from another loan or credit card. Many balance transfer offers include an introductory 0% APR that lasts for a specified number of months, usually 6 to 21 months. Once an introductory balance transfer APR expires, any remaining balance accrues interest at the card’s regular balance transfer APR. This interest accrues daily, and is calculated by multiplying the day’s ending balance by the balance transfer APR and then dividing that number by 365.… read full answer

The balance transfer APR is one of a number of different credit card APRs. A credit card will also include separate APRs for purchases and cash advances. In many cases, there’s also a penalty APR for late payments.

When comparing balance transfer credit cards, it’s important to look at more than just the introductory balance transfer APR. Applicants should also consider the card’s regular APR, along with its transfer fee and annual fee. It’s important to consider how long it will take to repay the transferred debt, too.

What is the balance transfer APR on popular credit cards?

• 0% balance transfer APR for 18 months: Citi Simplicity® Card - No Late Fees Ever. 3% (min $5) transfer fee. 14.74% - 24.74% (V) regular APR.
• 0% balance transfer APR for 14 months: Discover it® Cash Back. 3% intro balance transfer fee and up to 5% fee on future balance transfers. 11.99% - 22.99% Variable regular APR.
• 0% balance transfer APR for 12 billing cycles for any balance transfers made in the first 60 days: Bank of America® Cash Rewards credit card. 3% (min $10) balance transfer fee. 13.99% - 23.99% Variable regular APR.
• 3.25% (V) balance transfer APR for 36 months: SunTrust Prime Rewards Credit Card. $0 balance transfer fee. 11.24% - 21.24% (V) regular APR.

In most cases, you will need a good credit score or better to qualify for a credit card with a low balance transfer APR. Issuers will also review other information, such as your credit history, income, employment status, payment history and debt level.

Balance transfer cards can help qualified borrowers reduce the cost of existing debt and pay off what they owe faster than they would otherwise. Here’s how it works: A borrower uses a balance transfer credit card to pay off some or all of a credit card or loan balance owed to another bank or credit union. This effectively transfers the borrower’s payment obligation, meaning he or she now owes the balance to the issuer of the balance transfer credit card, which may offer lower finance charges.… read full answer

For a balance transfer card to work to perfection, it must offer low enough rates and fees for long enough that the borrower can repay the transferred balance before a high regular APR takes effect. Most credit cards allow balance transfers. But certain offers are classified as “balance transfer credit cards” because they have relatively low APRs and fees on transfers.

In most cases, you will have the option of requesting a balance transfer when you apply for a new credit card. You should be able to submit a request with an existing account, too, as long as you aren’t already carrying a big balance from month to month. But certain account terms, like 0% intro APRs and $0 transfer fees, may only be available for a limited time after account opening. And some credit cards don’t allow balance transfers at all. You can learn more about how the process works below.

Here’s how balance transfer cards work:

1. You request to move a balance to a new credit card.
2. The issuer considers your request and approves it if they think you are creditworthy.
3. The new issuer pays the original lender for the approved transfer amount.
4. Your balance moves to the new card, and any applicable balance transfer fee is added to the principal of the balance you’re transferring.
5. You must pay at least the minimum amount required by the due date for each billing period to keep your account in good standing. Interest may apply immediately, unless the card has a 0% introductory APR, in which case the regular APR will kick in after it expires.

When you’re comparing balance transfer offers, it’s worth calling your current credit card’s issuer to see what it can offer. Say that you plan on doing a balance transfer unless you get a lower interest rate. Your rate may not be reduced to 0%, but even a slight APR reduction will help you save while your application for a 0% transfer is being processed.

For more information, check out WalletHub’s balance transfer guide.