How do I make a Capital One Venture One balance transfer?

Your Capital One VentureOne credit limit will be at least $2,000. That’s the bare minimum, but it could be more. Capital One VentureOne has no disclosed maximum credit limit. How much you’re approved for will depend on a combination of your credit history, income, and existing financial obligations.

You aren’t necessarily locked into your first Capital One VentureOne credit limit forever. Three months after opening your account, you could be eligible to request a credit line increase if you’ve paid on time so far. But there are no guarantees. There is, however, a bit more information you should know.… read full answer

Capital One VentureOne Credit Limit Info:

• All approved applicants for VentureOne get a credit limit of at least $2,000.
• Some online posts from users have claimed they were approved for limits of $20k and above.
• To be approved for Capital One VentureOne, you need good-to-excellent credit. That means a credit score of 700 or above.
• Capital One recommends that VentureOne applicants never have defaulted on a loan or been more than 60 days late in the past year. You should also have an existing credit card with a limit of $5,000+ that’s been open for at least three years.

• You can request a credit limit increase when your Capital One VentureOne account has been open for three months. After that, you can request an increase every six months.
• To be approved for a VentureOne credit limit increase, you need to make on-time monthly payments to all your creditors. You should also be paying more than the minimum with VentureOne.

The $2,000+ that you’ll get as your Capital One VentureOne credit limit compares decently well to other popular credit cards for people with good credit. For example, the Capital One Venture credit limit is $5,000+, the Citi Double Cash limit is $500+, and the Chase Freedom credit limit is $500+.

Balance transfers don’t hurt your credit score directly, but transferring a balance can indirectly cause credit score damage. When you apply for a balance transfer credit card, for example, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score.

If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you to rack up more debt than you can afford to repay. Both of those things can hurt your credit score.… read full answer

So, the act of transferring a balance itself won’t affect your credit, but it will indirectly alter several key components of your credit profile, from utilization to the age of your accounts. These changes might lower your score a bit in the short term. But over time, interest savings and the ability to pay off your debt faster should make transferring a balance a net positive for your credit score.

You can use WalletHub’s free credit score simulator tool to get a sense of how a balance transfer might affect your credit score.

How Balance Transfers Can Help or Hurt Your Credit Score

• Credit Inquiries Hurt: If you apply for a new balance transfer card, the resulting hard inquiry will likely cause a slight dip in your credit score for up to 12 months.
• Lower Account Age Hurts: Adding a new balance transfer card will reduce the overall age of your accounts, which can have a slight negative impact on your score.
• Increased Utilization Hurts: Keep an eye on how the transfer affects your account’s credit utilization. Making a transfer will usually add 3%-5% to your debt due to balance transfer fees. If your utilization is over 30% of your credit limit, that’s not good for your score.
• Missed Payments Hurt: If you don’t continue to make payments to your original creditor while the balance transfer is being processed, your credit score will suffer. Balance transfers can take up to three weeks, or be completed in just a few days, after you make a request or apply for a card.
• Reduced Utilization Helps: If you leave your old credit card(s) open, adding a new card will reduce your utilization ratio across all accounts, assuming no additional spending. The utilization on the card you transferred the balance from will drop, and it will increase on the card you transferred the debt to.
• Low Interest Helps: Balance transfer cards often have 0% introductory APRs. This gives you the chance to pay off your balance faster, since the full amount of your payments will go to the principal rather than interest. This is good for your score long-term.
• Less Debt Helps: A balance transfer can help you reduce your debt load. That’s important because how much debt you owe is a key ingredient in your credit score. The less, the better, since people with little-to-no debt are in a more stable position financially.

Bottom Line

Balance transfers won’t hurt your credit by themselves. But they affect other elements of your credit that could bring your score down a little temporarily. Still, the benefits will outweigh the negatives in the long run, as long as you plan to repay most, if not all, of your balance during your card’s low introductory APR period.

Where people get into trouble is trying to use a balance transfer to support unsustainable spending habits, thinking 0% balance transfer credit card offers are always available. They’re not, and learning that the hard way is a very expensive mistake. So make sure to use a balance transfer calculator to make a payment plan.

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.

Fortunately, there are plenty of 0% balance transfer credit cards from other issuers for you to consider.