You can make a Capital One VentureOne balance transfer when you apply for the card or later after you’ve opened an account, either online or by phone (1 800-227-4825). If you’re transferring a balance using the Capital One website or mobile app, find the “I Want To …” menu near the top of the page. Under “Offers and Upgrades,” select “Transfer a Balance” and click “Select Offer.” Provide the amounts you’d like to transfer and the account numbers for each creditor. If you’re requesting a balance transfer by phone, the customer service representative will walk you through the process. New applicants can choose to transfer a balance if approved for a card. Just click “Yes” on the optional balance transfer question on the application and fill in the required information.
A balance transfer allows you to move existing debt to a different card, preferably at a reduced interest rate. But with VentureOne, this may not be the case. The card does not have an introductory 0% balance transfer APR. That means each balance you transfer will immediately accumulate interest at the VentureOne Card’s regular APR of 15.49% - 25.49% (V). There is no balance transfer fee, though. And VentureOne periodically offers promotional balance transfer APRs to its existing customers, either by mail or online. Terms depend on the cardholder’s credit standing.
If you do a CapitalOne VentureOne balance transfer, continue to make payments to your current creditor(s) until the balance transfer posts to your account. Balance transfers can take from 3 to 14 business days to process (up to 3 weeks for new accounts).
You should do a balance transfer if it will save you money, based on your current interest rate, the balance transfer credit card you can expect to qualify for, and the monthly payment amount that you can afford. The point of doing a balance transfer is to make debt less expensive and easier to pay off. So you should not do a balance transfer if your credit isn’t good enough to get a card with a low balance transfer APR and fee, or if you won’t be able to pay off most of the transferred balance before the card’s regular APR takes effect. Most balance transfer credit cards require at least good credit for approval and have high regular rates.… read full answer
To decide whether you should do a balance transfer, as well as which credit card is best for the job, use a balance transfer calculator. There are lots of numbers to crunch when considering a transfer, including introductory balance transfer APRs, regular APRs, balance transfer fees and annual fees. It’s hard to take everything into account without some help. You can also check for pre-approval from several issuers to see which cards you have the best chance of getting.
Doing a balance transfer means using a new credit card to pay down existing debt from another credit card or loan. A transfer should save you money on interest and enable you to pay off your debt faster. But if you’re not careful, you could wind up with even more debt and a higher interest rate than you started with.
You have moderate debt: The best balance transfer cards have minimum credit limits of $500 - $1,000, but will offer higher credit limits to people with higher credit scores. If you have a lot of debt, you may only be able to transfer part of what you owe.
You take fees into account: Balance transfers cost you a percentage of the total debt transferred, usually 3% to 5%. That fee gets added to your balance on the new card. So the balance plus the fee must be less than or equal to your credit limit on the new card. A few cards do not charge a transfer fee.
You have a payoff plan: Figure out what monthly payments you’ll need to make to pay off the balance by a target date. Aim to pay in full before any low intro APR period ends, given that regular rates are often above 20%.
You have a separate credit card for new purchases: When you charge a new purchase to a balance transfer card, it’s subject to the card’s purchase APR. And there’s not always a low intro APR for purchases, even when a card offers 0% balance transfers.
If you decide that you should do a balance transfer, make sure to shop around for the best offer. Take a look at the best balance transfer credit cards and compare their terms to see which one fits your needs.
Once you do a balance transfer, you may be tempted to apply for another balance transfer card when the introductory APR on your current card expires. That may sound like a good plan to avoid paying interest, but it’s easy to rack up more debt than you can afford. Plus, 0% APR balance transfers aren’t always available.
The best balance transfer credit card is not one-size-fits-all. The answer depends on how much you owe, how quickly you’ll be able to repay it and what your credit score is. Those factors will tell you which cards are attainable and help you figure out how much each will save you. But we can certainly point you in the right direction.… read full answer
WalletHub’s editors compared hundreds of credit cards based on their balance-transfer appeal. In the end, five cards in particular stood out. None of them charge annual fees. Most of them require at least good credit for approval. And you can get the rest of the particulars below.
Here are the best balance transfer credit cards:
Balance Transfer Fee
Citi Simplicity® Card - No Late Fees Ever
0% for 18 months
3% (min $5)
14.74% - 24.74% (V)
Comerica Bank Visa® Platinum Card
0% for 20 months
3% (min $5)
13.49% - 23.49% (V)
Wells Fargo Platinum card
0% for 18 months on qualifying balance transfers
3% intro for 120 days, then up to 5% (min $5)
16.49% - 24.49% Variable
Bank of America® Cash Rewards Credit Card for Students
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.